Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0503%/8h= −55.0% APRpaid last 24h −0.042%

Price spread now: Perpl against HTX−0.006%7-day average +0.029% · you buy dearer than you sell

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

Long on HTX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now −0.006%, 7d avg +0.029%

Together, before fees+0.158%+ Points / potential airdropPerpl: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Perpl is 0.035% cheaper against HTX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.087%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.087% in total (about 4.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ETH-USDT	2,750.6	0.0056	pay 0.0056% / 8h	6h 24m	$1.07B	$1.21B	200x
Short	Perpl ETH	2,750.5	−0.0447	pay 0.0040% / 43m	29m 01s	$312K	$6.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against HTX. 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 HTXbpFee PerplbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$105.56
Price spread: −0.006% → +0.029%: −$3.51
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$134.88
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 5 min ago; Perpl: 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 HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.1 bp −$710	10.9 bp −$5,435
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 54 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 ETHshort	−0.0447%	43m	2,750.5	−0.006%	$312K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,750.7	+0.002%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.6	−0.001%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750.9	+0.011%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	+0.079%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.5	+0.105%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.007%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751	+0.014%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,751.3	+0.024%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,751.8	+0.042%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,751.8	+0.041%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDTlong	+0.0056%	8h	2,750.6	long leg	$1.07B	$1.21B	200x
Aster ETHUSDT	+0.0070%	8h	2,751.7	+0.037%	$253.0M	$856.9M	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,751.7	+0.040%	$379.9M	$607.5M	100x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,751.6	+0.035%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,751.4	+0.029%	$6.37B	$16.22B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.6	−0.073%	$4.9M	$168K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.5	+0.066%	$59.1M	$4.35B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,752	+0.049%	$3.39B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,751.5	+0.032%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,751.7	+0.038%	$113.1M	$443.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.1	+0.090%	$24.9M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,750.4	−0.010%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,755.8	+0.187%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.6	−0.001%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750	−0.023%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.4	+0.100%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.4	+0.066%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.5	+0.033%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.8	−0.031%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,751	+0.013%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751	+0.013%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	+0.096%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	+0.036%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,751.8	+0.041%	$160.0M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.1	+0.089%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.5	+0.068%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,751.5	+0.031%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.7	+0.002%	$181K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.7	+0.003%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,752.6	+0.072%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.5	−0.006%	$965K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751.2	+0.020%	$54.8M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.2	+0.021%	$267.5M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.042%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,750.9	+0.010%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.6	−0.002%	$30.5M	$73.6M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,752.5	+0.068%	$7.8M	$674.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0150%	1h	2,752.6	+0.070%	$258.5M	$199.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,753.6	+0.108%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,755.3	+0.170%	$251K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.5	−0.005%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,750.9	+0.009%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.1	+0.054%	$89.5M	$316.6M	100x	as long as short