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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:00 UTC+0.0090%/8h= +9.8% APRnext payment +$0.11 per $10,000 · paid last 24h −0.008%
Price spread now: Injective against gTrade (Gains Network)+0.068%55s7-day average +0.056% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$680.676% of the position
Long on gTrade (Gains Network)Short on Injective
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.033%+$3 on $10k
Price spread, last 4 days (all we have)−0.299%−$30 · spread now +0.068%, 7d avg +0.056%
Together, before fees−0.266%−$27 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.056%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LonggTrade (Gains Network) ETH/USD2,731.2L +0.0007% / S −0.0006%pay 0.0001% / 1h26m 02s$28.0M—200x
ShortInjective ETH/USDC PERP2,733.10.0096get 0.0012% / 1h26m 02s$117K$22.5M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective against gTrade (Gains Network). Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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

Profit calculator

Funding earned
$18.82
Price spread: +0.068% → +0.056%
$1.2
Slippage, 4 orders
−$60.56
Fee gTrade (Gains Network): 3.5 bp × 2 orders
−$7
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
−$47.56
Costs to cover
0.676%
Break-even
24.7 days
Slippage from gTrade (Gains Network): virtual book (oracle venue), 3 min ago; Injective: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy gTrade (Gains Network) virtual book (oracle venue), 3 min ago0.53 bp4.0 bp −$44.1 bp −$415.0 bp −$5008.9 bp −$4,454
Sell Injective live order book, 3 min ago15.89 bp43.6 bp −$4445.9 bp −$45946.2 bp −$4,618doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0335%43m2,731.8+0.019%$297K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,732.5+0.046%$5K$1K50xas long as short
HTX ETH-USDT−0.0011%8h2,729.2−0.074%$1.06B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,731.1−0.004%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,739+0.284%$821K$2.9M25xas long as short
dYdX ETH-USD+0.0004%1h2,732.8+0.057%$10.7M$42.0M50xas long as short
gTrade (Gains Network) ETH/USDlongL +0.0007% / S −0.0006%1h2,731.2long leg$28.0M—200x
Bullet ETH-USD+0.0026%1h2,730.7−0.019%$178K$1.7M20xas long as short
BingX ETH-USDT+0.0033%8h2,730.5−0.027%—$1.14B—as long as short
Bybit ETHUSDT+0.0039%8h2,730.1−0.042%$2.37B$4.37B150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0048%1h2,732.6+0.050%$186K$816K50xas long as short
KuCoin ETHUSDTM+0.0067%8h2,730.2−0.037%$379.9M$573.6M100xas long as short
Deribit ETH-PERPETUAL+0.0069%1h2,731.7+0.018%$259.5M$200.2M50xas long as short
SunX ETH-USDT+0.0070%8h2,731.1−0.005%$957K$11.2M100xas long as short
OKX ETH-USDT-SWAP+0.0076%8h2,730.3−0.036%$1.67B$10.73B100xas long as short
Aster ETHUSDT+0.0081%8h2,730.6−0.024%$250.8M$841.0M200xas long as short
ApeX Omni ETHUSDT+0.0085%1h2,737.8+0.239%$8.7M$31.2M100xas long as short
Phemex ETHUSDT+0.0085%8h2,731.20.000%$264.8M$65.1M150xas long as short
Aevo ETH-PERP+0.0088%1h2,729.4−0.066%$4.9M$155K20xas long as short
Binance ETHUSDT+0.0089%8h2,730.3−0.033%$6.34B$15.92B150xas long as short
MEXC ETH_USDT+0.0091%8h2,730.5−0.027%$1.55B$2.57B500xas long as short
SoDEX ETH-USD+0.0094%1h2,730.6−0.023%$54.4M$187.7M40xas long as short
Lighter ETH+0.0096%1h2,730.9−0.011%$112.5M$433.2M50xas long as short
Lighter RH ETH+0.0096%1h2,732.3+0.040%$23.4M$104.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,732.3+0.039%—$31.0M500xas long as short
Injective ETH/USDC PERPshort+0.0096%1h2,733.1+0.068%$117K$22.5M52x
Katana Perps ETH-USD+0.0100%8h2,731.8+0.021%$506K$3.3M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,733.8+0.095%$15.6M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,731.9+0.026%$13.8M$104.5M50xas long as short
Hyperliquid ETH+0.0100%1h2,732.8+0.057%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,733.2+0.071%$31.8M$333.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,731.5+0.010%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.6+0.052%$1.5M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,736.4+0.190%$170.3M$327.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,730.6−0.025%$3.33B$8.89B200xas long as short
Bitget ETHUSDT+0.0100%8h2,730.4−0.031%$2.07B$2.73B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,730.6−0.024%$15.2M$40.3M50xas long as short
Variational Omni ETH+0.0100%8h2,729.6−0.059%$133.3M$321.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,734.7+0.125%$184.0M$670.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,734.6+0.125%$159.1M$86.9M50xas long as short
StandX ETH-USD+0.0100%1h2,735.1+0.142%$21.1M$69.3M40xas long as short
Vest ETH-PERP+0.0100%1h2,732.9+0.060%—$844K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.1+0.068%$11.2M$9.3M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,731.4+0.007%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,732.6+0.052%$41.2M$29.9M15xas long as short
Extended ETH-USD+0.0104%1h2,729.7−0.057%$30.6M$73.1M50xas long as short
RISEx ETH/USDC+0.0107%1h2,732.5+0.045%$5.6M$11.8M25xas long as short
Aftermath Perps ETHUSD+0.0109%1h2,735.2+0.145%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0119%8h2,732.2+0.036%$6.5M$684.1M4.9xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,731.2−0.002%$50.9M$4.28B50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,731.2−0.002%$83.2M$315.1M100xas long as short
Orderly PERP_ETH_USDC+0.0195%8h2,733.1+0.069%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0210%1h2,730.8−0.015%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,733.4+0.078%$244K$1.4M20xas long as short
BloFin ETH-USDT+0.0365%8h2,732+0.028%$282.9M$174.9M150xas long as short