Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Katana Perps against Hotstuff−0.182%117s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Katana Perps

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 airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Katana Perps is 0.182% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.182% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 3.4 days of funding at the current rate (+$5 a day). The two prices were read 117 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	Hotstuff ETH-PERP	2,742.5	−0.0080	get 0.0010% / 1h	49m 21s	$5K	$1K	50x
Short	Katana Perps ETH-USD	2,737.5	0.0100	get 0.0100% / 8h	4h 49m	$514K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Hotstuff. 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 HotstuffbpFee Katana PerpsbpOrdersPrice spread, now −0.182%Rate

Funding earned: $37.76
Price spread: −0.182% → 0.000%: −$18.23
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $10.72
Costs to cover: 0.088%
Break-even: 5.0 days

Slippage unknown: Hotstuff: no order-book sample; Katana 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Hotstuff and Katana 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 exchanges

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
Hotstuff ETH-PERPlong	−0.0080%	1h	2,742.5	long leg	$5K	$1K	50x
Hibachi ETH/USDT-P	−0.0056%	1h	2,742.2	−0.010%	$231K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,735.5	−0.255%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,738.3	−0.153%	$816K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,737.5	−0.182%	$7.4M	$656.2M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,737.9	−0.168%	$264K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.3	−0.300%	$33.0M	—	200x	as long as short
Bybit ETHUSDT	+0.0047%	8h	2,736.4	−0.222%	$2.37B	$3.77B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,739.2	−0.120%	$183K	$910K	50x	as long as short
ApeX Omni ETHUSDT	+0.0062%	1h	2,739.1	−0.124%	$8.2M	$25.0M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0068%	1h	2,736.4	−0.222%	$267.1M	$180.5M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,735	−0.275%	$1.67B	$9.00B	100x	as long as short
dYdX ETH-USD	+0.0083%	1h	2,736.8	−0.208%	$15.2M	$42.4M	50x	as long as short
KuCoin ETHUSDTM	+0.0091%	8h	2,739.1	−0.123%	$378.1M	$433.5M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,736.9	−0.205%	$113.6M	$382.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738	−0.166%	$23.5M	$93.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,737.9	−0.168%	—	$23.3M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735	−0.273%	$4.9M	$250K	20x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,737.5	−0.182%	$514K	$3.5M	50x
Nado ETH-PERP	+0.0100%	1h	2,735.9	−0.241%	$14.7M	$93.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.3	−0.080%	$3.14B	$1.67B	25x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,737	−0.200%	$254.6M	$702.1M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.5	−0.181%	$32.0M	$322.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,736.3	−0.228%	$6.40B	$13.68B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737.9	−0.168%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.3	−0.116%	$1.6M	$14.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.8	+0.047%	$163.0M	$315.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.7	−0.246%	$3.26B	$7.61B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,737.6	−0.178%	$1.60B	$2.29B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.5	−0.255%	$2.11B	$2.26B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,734.4	−0.294%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,737.3	−0.189%	$15.0M	$35.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.7	−0.138%	$133.6M	$273.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.1	−0.125%	$184.3M	$557.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.4	−0.114%	$159.2M	$69.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.8	−0.026%	$21.1M	$76.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.1	−0.123%	—	$316K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.9	−0.131%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,735.8	−0.244%	$176K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.3	−0.300%	$20K	$7K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.1	−0.198%	$40.8M	$25.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.1	−0.271%	$943K	$8.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,739.6	−0.106%	$61.7M	$121.7M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.6	−0.253%	$1.05B	$992.6M	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,737.1	−0.199%	$262.6M	$56.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.3	−0.299%	$30.2M	$63.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,741	−0.055%	$30K	$8K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.2	−0.195%	$47.5M	$3.87B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0121%	1h	2,736.1	−0.235%	$82.4M	$265.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0145%	1h	2,736.7	−0.210%	$7.3M	$854K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,737.2	−0.193%	$32.3M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0342%	1h	2,739.2	−0.121%	$5.7M	$10.4M	25x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,735.7	−0.247%	$284.9M	$146.7M	150x	as long as short
Paradex ETH-USD-PERP	+0.0446%	8h	2,739	−0.129%	$15.8M	$6.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0477%	1h	2,743.2	+0.026%	$118K	$25.2M	52x	as long as short