Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against edgeX−0.019%7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · Hotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,728.4	0.0100	pay 0.0050% / 4h	3h 54m	$185.6M	$683.6M	100x
Short	Hotstuff ETH-PERP	2,727.9	−0.0080	pay 0.0010% / 1h	54m 57s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against edgeX. 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 edgeXbpFee HotstuffbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$37.8
Price spread: −0.019% → 0.000%: −$1.94
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$53.74
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 4 min ago; Hotstuff: 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 edgeX live order book, 4 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.0 bp −$504	6.2 bp −$3,104
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	−0.0447%	43m	2,726.3	−0.077%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,727.9	−0.019%	$5K	$1K	50x
Phoenix ETH	−0.0015%	1h	2,728.7	+0.010%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.7	−0.065%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,725.4	−0.111%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.4	−0.074%	$6.7M	$672.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.1	−0.050%	$264.5M	$219.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.7	−0.063%	$32.9M	—	200x	as long as short
HTX ETH-USDT	+0.0039%	8h	2,726.9	−0.058%	$1.05B	$1.22B	200x	as long as short
SunX ETH-USDT	+0.0045%	8h	2,726	−0.090%	$953K	$10.7M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0075%	8h	2,728.9	+0.017%	$2.32B	$4.32B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,729	+0.021%	$1.66B	$10.74B	100x	as long as short
01 Exchange ETHUSD	+0.0080%	1h	2,726.3	−0.078%	$191K	$884K	50x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,730.8	+0.086%	$242K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,729.4	+0.036%	$383.8M	$576.3M	100x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,729.6	+0.044%	$252.2M	$850.7M	200x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,726.3	−0.077%	$8.4M	$31.2M	100x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,729.4	+0.036%	$3.30B	$8.20B	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,729.9	+0.054%	$1.57B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,729.3	+0.032%	$6.31B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.5	−0.034%	$112.1M	$400.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729	+0.022%	$23.6M	$95.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,728.2	−0.008%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.1	−0.159%	$4.9M	$191K	20x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,726.7	−0.064%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.5	−0.107%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.5	+0.003%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.7	−0.100%	$14.1M	$103.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730	+0.058%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.1	−0.084%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.8	−0.133%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.9	−0.091%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.049%	$161.7M	$337.0M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.8	+0.051%	$2.11B	$2.76B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,728.6	+0.006%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.1	−0.013%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.3	−0.041%	$131.3M	$315.9M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,728.4	long leg	$185.6M	$683.6M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725.7	−0.102%	$158.4M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.3	+0.032%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.9	−0.021%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,724.7	−0.137%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.5	−0.072%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.2	−0.081%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.119%	$40.6M	$29.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.7	−0.063%	$54.3M	$182.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,727.6	−0.030%	$262.8M	$64.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.6	+0.006%	$30.4M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,727.3	−0.042%	$81.8M	$310.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.6	+0.007%	$46.6M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,726.5	−0.072%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0144%	8h	2,726.8	−0.060%	$282.7M	$177.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0176%	1h	2,725.2	−0.120%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,728.2	−0.008%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,725.2	−0.118%	$117K	$19.3M	52x	as long as short