Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.026%

Price spread now: dYdX against Katana Perps+0.011%7-day average +0.034% · you sell dearer than you buy

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

Long on Katana Perps Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.265%+$26 on $10k

Price spread, last 7 days+0.096%+$10 · spread now +0.011%, 7d avg +0.034%

Together, before fees+0.360%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.023% cheaper against Katana Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.034%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.265%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,785.3	0.0100	pay 0.0100% / 8h	44m 54s	$479K	$2.7M	50x
Short	dYdX ETH-USD	2,785.6	0	get 0.0000% / 1h	44m 54s	$12.8M	$45.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$20.96
Price spread: +0.011% → +0.034%: −$2.28
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$37.04
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; dYdX: live order book, 4 min ago. 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 dYdX live order book, 4 min ago	4.49 bp	11.1 bp −$11	16.6 bp −$166	19.5 bp −$1,946	36.7 bp −$18.3K

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 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	2,785.7	+0.015%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,784.5	−0.027%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	−0.122%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,786.1	+0.029%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,781.5	−0.138%	$8.9M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,785.2	−0.004%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0011%	1h	2,783.6	−0.062%	$29K	$22K	20x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,785.6	+0.011%	$12.8M	$45.9M	50x
Phoenix ETH	+0.0003%	1h	2,783.6	−0.061%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,785	−0.012%	$22.5M	—	200x	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	+0.0016%	8h	2,782.7	−0.092%	—	$17.4M	—	as long as short
Phemex ETHUSDT	+0.0020%	8h	2,784	−0.045%	$271.3M	$68.9M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,782.2	−0.112%	$1.71B	$11.93B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.9	−0.013%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0041%	8h	2,783.9	−0.049%	$257.7M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0063%	1h	2,784.3	−0.036%	$184K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,783	−0.082%	$5.1M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0067%	8h	2,782	−0.118%	$1.60B	$2.63B	500x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,782.3	−0.108%	$2.11B	$3.11B	150x	as long as short
Binance ETHUSDT	+0.0070%	8h	2,782.6	−0.097%	$6.45B	$17.30B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,783.1	−0.078%	$3.31B	$9.61B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,782.3	−0.107%	$423.5M	$740.0M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,785.1	−0.009%	$60.4M	$4.62B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,782.4	−0.103%	$2.52B	$4.64B	150x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,784	−0.047%	$55.4M	$229.1M	40x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,784.3	−0.036%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,784.6	−0.024%	$116.3M	$496.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,785.9	+0.020%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,784.9	−0.013%	—	$42.0M	500x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,785.2	−0.004%	—	$1.1M	50x	as long as short
Nado ETH-PERP	+0.0097%	1h	2,784.6	−0.025%	$14.4M	$118.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,785.7	+0.014%	$16.0M	$10.3M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,785.3	long leg	$479K	$2.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,786.2	+0.032%	$3.21B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,786.1	+0.028%	$31.4M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,784.3	−0.036%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,786	+0.024%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	−0.039%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783.4	−0.067%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,783.3	−0.073%	$147.8M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782.1	−0.116%	$182.1M	$781.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,782	−0.119%	$161.7M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,781.5	−0.136%	$21.5M	$58.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,785.7	+0.014%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,785.4	+0.005%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,786.6	+0.045%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,784.9	−0.013%	$976K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,781.7	−0.128%	$32.7M	$77.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.8	−0.017%	$86.9M	$333.4M	100x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,785.6	+0.011%	$8.4M	$683.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,786.9	+0.057%	$32.7M	$12.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0138%	1h	2,785.9	+0.020%	$258.9M	$223.0M	50x	as long as short
BloFin ETH-USDT	+0.0190%	8h	2,783.9	−0.051%	$285.6M	$195.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,784.5	−0.028%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,785.7	+0.014%	$271K	$1.5M	20x	as long as short