Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0280%/8h= +30.6% APRpaid last 24h +0.082%

Price spread now: Orderly against Hotstuff−0.045%7-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 Orderly

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. Orderly is 0.045% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 13 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff ETH-PERP	2,741.1	−0.0080	get 0.0010% / 1h	53m 58s	$5K	$1K	50x
Short	Orderly PERP_ETH_USDC	2,739.9	0.0200	get 0.0200% / 8h	3h 53m	$32.2M	$11.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.045%Rate

Funding earned: $58.72
Price spread: −0.045% → 0.000%: −$4.49
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $43.24
Costs to cover: 0.110%
Break-even: 1.8 days

Slippage unknown: Hotstuff: no order-book sample; Orderly: 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 Orderly no order-book sample	—	—	—	—	—

Hotstuff and Orderly: 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	2,738.9	−0.080%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERPlong	−0.0080%	1h	2,741.1	long leg	$5K	$1K	50x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738.5	−0.095%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741.1	+0.001%	$10.7M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,741.9	+0.029%	$6.7M	$680.3M	4.9x	as long as short
Phoenix ETH	0.0000%	1h	2,739.6	−0.055%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738.6	−0.092%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,737.4	−0.135%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0033%	1h	2,738.1	−0.109%	$179K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.8	−0.047%	$187K	$817K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0042%	8h	2,738	−0.112%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0049%	8h	2,738.6	−0.090%	$2.37B	$4.37B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,739	−0.076%	$260.0M	$198.6M	50x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,738.8	−0.083%	$380.4M	$574.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,738.7	−0.088%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0079%	8h	2,737.5	−0.130%	$265.7M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,738.4	−0.099%	$251.2M	$842.6M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,738	−0.114%	$113.0M	$430.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.2	−0.068%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,742.4	+0.049%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735.3	−0.210%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,734.2	−0.252%	$117K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,738.6	−0.091%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,738.6	−0.090%	$6.36B	$15.90B	150x	as long as short
SoDEX ETH-USD	+0.0098%	1h	2,737.6	−0.128%	$54.5M	$187.6M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746	+0.177%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.4	−0.026%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	−0.104%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.6	−0.054%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.4	+0.047%	$32.0M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.2	−0.033%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.8	−0.011%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.052%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.6	−0.128%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.7	−0.087%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.7	−0.161%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.096%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.9	−0.118%	$184.2M	$669.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	−0.086%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738.6	−0.090%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	−0.044%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.1	−0.038%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.2	−0.033%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,738.9	−0.081%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.9	−0.045%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,736.9	−0.155%	$959K	$11.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,737.8	−0.120%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.6	−0.016%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,738.6	−0.091%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,738.9	−0.081%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,738.4	−0.098%	$83.6M	$315.4M	100x	as long as short
Orderly PERP_ETH_USDCshort	+0.0200%	8h	2,739.9	−0.045%	$32.2M	$11.7M	100x
Reya ETHRUSDPERP	+0.0215%	1h	2,737.4	−0.133%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	+0.007%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0395%	8h	2,741.5	+0.013%	$283.7M	$176.1M	150x	as long as short