Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.016%

Price spread now: Ondo Perps against Derive−0.014%220s7-day average −0.076% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.135%+$13 · spread now −0.014%, 7d avg −0.076%

Together, before fees+0.081%+ Points / potential airdropOndo Perps: Active · farm board+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.063% dearer against Derive than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.076%. The two prices were read 220 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,732.5	0.0100	pay 0.0013% / 1h	44m 54s	$40.6M	$29.1M	15x
Short	Ondo Perps ETH-USD.P	2,732.1	0.0100	get 0.0013% / 1h	44m 54s	$2.7M	$16.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee Ondo PerpsbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.076%: $6.26
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$4.74
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Ondo Perps: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Derive no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

Derive and Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0112%	43m	2,732.6	+0.003%	$277K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0097%	8h	2,731.6	−0.032%	$280.3M	$177.8M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.3	−0.043%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0076%	8h	2,731.2	−0.046%	$263.2M	$63.8M	150x	as long as short
HTX ETH-USDT	−0.0019%	8h	2,730.9	−0.060%	$1.05B	$1.21B	200x	as long as short
Phoenix ETH	−0.0012%	1h	2,733	+0.019%	$807K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.6	−0.031%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.7	+0.007%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732.2	−0.010%	$6.7M	$672.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.2	−0.009%	$264.7M	$218.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0006%	8h	2,731.5	−0.036%	$2.32B	$4.31B	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.7	−0.030%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,732.2	−0.010%	$191K	$883K	50x	as long as short
ApeX Omni ETHUSDT	+0.0069%	1h	2,732.1	−0.013%	$8.4M	$31.2M	100x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,731.4	−0.039%	$54.4M	$182.5M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,731.5	−0.036%	$1.66B	$10.74B	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,732.8	+0.010%	$239K	$1.4M	20x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,731.9	−0.022%	$252.2M	$849.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,731.9	−0.022%	$383.5M	$576.3M	100x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,731.7	−0.030%	$6.32B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,732	−0.017%	$1.57B	$2.55B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,732.2	−0.009%	$112.6M	$401.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.4	+0.035%	$23.7M	$95.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.8	+0.011%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729	−0.126%	$4.9M	$195K	20x	as long as short
SunX ETH-USDT	+0.0097%	8h	2,730.8	−0.060%	$941K	$10.7M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.7	−0.028%	$499K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.7	+0.083%	$15.4M	$7.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.1	−0.051%	$14.2M	$100.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.4	+0.070%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.5	+0.001%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,732.1	−0.014%	$2.7M	$16.6M	25x
Arcus ETH-USD	+0.0100%	1h	2,732	−0.019%	$1.6M	$15.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.6	−0.031%	$3.28B	$8.24B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.9	−0.022%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,731.1	−0.050%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.9	−0.022%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731	−0.052%	$131.5M	$316.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.5	−0.071%	$185.8M	$685.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.4	−0.038%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.5	+0.001%	$21.0M	$70.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.2	+0.027%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.4	−0.003%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,731.1	−0.050%	$176K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,759.5	+0.989%	$20K	$23K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,732.5	long leg	$40.6M	$29.1M	15x
Bulk ETH-USD	+0.0100%	1h	2,730.8	−0.061%	$162.8M	$334.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.9	−0.058%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.1	−0.015%	$82.0M	$309.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,731.2	−0.046%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.5	+0.002%	$46.5M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732.5	+0.001%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0174%	1h	2,730.6	−0.069%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,733.7	+0.044%	$32.2M	$11.2M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,736.2	+0.136%	$117K	$19.5M	52x	as long as short