Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Derive against Katana Perps+0.249%221s7-day average +0.055% · you sell dearer than you buy

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−0.385%−$38 · spread now +0.249%, 7d avg +0.055%

Together, before fees−0.342%−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.193% dearer against Katana Perps than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of +0.055%. The two prices were read 221 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	Katana Perps ETH-USD	2,726.1	0.0100	pay 0.0100% / 8h	7h 31m	$498K	$3.6M	50x
Short	Derive ETH-PERP	2,732.9	0.0100	get 0.0013% / 1h	31m 57s	$40.6M	$29.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Katana Perps. 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 Katana PerpsbpFee DerivebpOrdersPrice spread, now +0.249%Rate

Funding earned: $0.04
Price spread: +0.249% → +0.055%: $19.32
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: $9.56
Costs to cover: 0.098%
Break-even: from the start

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

Katana Perps and Derive: 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
BloFin ETH-USDT	−0.0174%	8h	2,727	+0.033%	$280.2M	$176.7M	150x	as long as short
HTX ETH-USDT	−0.0128%	8h	2,724.6	−0.056%	$1.05B	$1.21B	200x	as long as short
Perpl ETH	−0.0112%	43m	2,726.1	+0.001%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.5	−0.022%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0075%	8h	2,724.4	−0.063%	$2.31B	$4.29B	150x	as long as short
SunX ETH-USDT	−0.0047%	8h	2,724.8	−0.047%	$940K	$10.6M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,732	+0.216%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.3	−0.029%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728	+0.071%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.1	0.000%	$6.7M	$669.7M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,726	−0.003%	$264.1M	$219.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.4	−0.025%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0016%	8h	2,725.1	−0.036%	$3.27B	$8.27B	200x	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.7	+0.204%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,725.9	−0.007%	$194K	$888K	50x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,731.4	+0.195%	$237K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,725	−0.040%	$54.3M	$182.4M	40x	as long as short
Aster ETHUSDT	+0.0075%	8h	2,725.3	−0.031%	$252.2M	$842.1M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,724.7	−0.052%	$1.65B	$10.62B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,726	−0.005%	$4.9M	$195K	20x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,724.7	−0.052%	$382.5M	$565.0M	100x	as long as short
Binance ETHUSDT	+0.0086%	8h	2,724.8	−0.047%	$6.30B	$16.00B	150x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,724.6	−0.056%	$1.56B	$2.56B	500x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,724.8	−0.047%	$175K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,725.8	−0.012%	$112.4M	$402.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727	+0.032%	$23.6M	$96.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.6	+0.055%	—	$30.4M	500x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,726.1	long leg	$498K	$3.6M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.5	+0.161%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.6	+0.017%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.2	+0.041%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.2	+0.040%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.9	−0.007%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.3	+0.008%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	+0.121%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725	−0.040%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,724.3	−0.065%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.7	−0.050%	$15.1M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.8	+0.171%	$132.0M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731	+0.180%	$185.8M	$683.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.8	+0.209%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.1	+0.073%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.6	+0.053%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,723.5	−0.095%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,732.9	+0.249%	$40.6M	$29.2M	15x
Phemex ETHUSDT	+0.0100%	8h	2,725.3	−0.029%	$262.6M	$63.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,723.6	−0.091%	$30.5M	$70.6M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,725.7	−0.014%	$81.8M	$309.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,730.3	+0.156%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,726.1	−0.002%	$45.9M	$4.22B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,726.7	+0.023%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0172%	1h	2,724	−0.076%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0183%	8h	2,727.3	+0.045%	$32.1M	$10.9M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,735	+0.326%	$117K	$21.0M	52x	as long as short
Bluefin ETH-PERP	+0.1713%	1h	2,725.9	−0.007%	$20K	$23K	25x	as long as short