Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.019%

Price spread now: OKX against edgeX−0.009%51s7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.197% of the position

Long on edgeX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 7 days+0.039%+$4 · spread now −0.009%, 7d avg +0.026%

Together, before fees−0.082%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.035% cheaper against edgeX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.026%). Swap the legs. The two prices were read 51 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	edgeX ETHUSDC	2,734.1	0.0100	pay 0.0050% / 4h	20m 40s	$183.9M	$671.3M	100x
Short	OKX ETH-USDT-SWAP	2,733.9	0.0071	get 0.0071% / 8h	4h 20m	$1.67B	$10.71B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$6.05
Price spread: −0.009% → +0.026%: −$3.47
Slippage, 4 orders: −$0.73
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$29.25
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; OKX: live order book, 4 min ago.

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	0.02 bp	4.8 bp −$5	4.9 bp −$49	5.1 bp −$510	6.6 bp −$3,305
Sell OKX live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$601	7.8 bp −$3,885

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	2,732.7	−0.052%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	+0.003%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.6	+0.018%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.4	−0.063%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.042%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,732.8	−0.048%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735	+0.032%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.4	−0.062%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0008%	1h	2,732	−0.077%	$178K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0043%	1h	2,735	+0.030%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0046%	8h	2,731.4	−0.100%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDT	+0.0052%	8h	2,732.7	−0.052%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0061%	8h	2,733.3	−0.028%	$2.39B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,732.3	−0.068%	$380.0M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAPshort	+0.0071%	8h	2,733.9	−0.009%	$1.67B	$10.71B	100x
Phemex ETHUSDT	+0.0074%	8h	2,731.9	−0.082%	$265.6M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,733.3	−0.030%	$251.0M	$842.5M	200x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,732.5	−0.059%	$54.4M	$187.6M	40x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,733.5	−0.024%	$6.35B	$15.86B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,732.5	−0.061%	$1.55B	$2.56B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,733.6	−0.020%	$112.9M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.8	+0.026%	$23.4M	$106.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.9	−0.043%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.7	−0.163%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.8	+0.099%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.6	−0.054%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.8	−0.085%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.2	−0.068%	$13.7M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.9	+0.065%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	+0.010%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.052%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.9	−0.046%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.5	−0.022%	$3.34B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.6	−0.019%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.8	−0.084%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.5	−0.097%	$133.7M	$325.4M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,734.1	long leg	$183.9M	$671.3M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.9	+0.027%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.3	+0.007%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.7	−0.014%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734	−0.004%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,732.2	−0.070%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.7	−0.014%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.4	−0.100%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	+0.026%	$164.8M	$300.4M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.7	−0.087%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.5	−0.022%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,734.7	+0.020%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0127%	1h	2,733.9	−0.007%	$260.1M	$195.7M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,732.5	−0.059%	$6.8M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,734.4	+0.010%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,731.8	−0.085%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.1	−0.038%	$83.3M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,735.3	+0.042%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,732.1	−0.073%	$282.3M	$175.5M	150x	as long as short