Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h −0.006%

Price spread now: Aster against Nado−0.059%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 7 days+0.064%+$6 · spread now −0.059%, 7d avg −0.010%

Together, before fees+0.048%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.049% cheaper against Nado than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,728.3	0.0100	pay 0.0012% / 1h	2m 45s	$13.8M	$104.8M	50x
Short	Aster ETHUSDT	2,726.7	0.0077	get 0.0077% / 8h	3h 02m	$252.4M	$842.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Nado. 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 NadobpFee AsterbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$4.92
Price spread: −0.059% → −0.010%: −$4.88
Slippage, 4 orders: −$0.59
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$25.38
Costs to cover: 0.156%
Break-even: never at this rate

Slippage from Nado: live order book, 1 min ago; Aster: live order book, 1 min ago.

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 Nado live order book, 1 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.3 bp −$530	13.1 bp −$6,566
Sell Aster live order book, 1 min ago	0.02 bp	4.2 bp −$4	4.3 bp −$43	5.1 bp −$506	10.9 bp −$5,433

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	−0.0335%	43m	2,727.4	−0.033%	$290K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.8	+0.128%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,726.2	−0.076%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727	−0.050%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.9	+0.131%	$816K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,727.7	−0.023%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.1	−0.045%	$28.0M	—	200x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,726.7	−0.059%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0035%	8h	2,726.6	−0.064%	$2.36B	$4.40B	150x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,726.6	−0.063%	$179K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,727.5	−0.030%	$186K	$785K	50x	as long as short
SunX ETH-USDT	+0.0056%	8h	2,725.4	−0.105%	$955K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0062%	8h	2,727.3	−0.038%	$376.9M	$575.0M	100x	as long as short
Aster ETHUSDTshort	+0.0077%	8h	2,726.7	−0.059%	$252.4M	$842.9M	200x
Aevo ETH-PERP	+0.0080%	1h	2,724	−0.159%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0082%	8h	2,726.8	−0.055%	$1.67B	$10.73B	100x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,727	−0.049%	$1.55B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,726.8	−0.056%	$6.32B	$15.96B	150x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,726.8	−0.056%	$264.2M	$63.9M	150x	as long as short
ApeX Omni ETHUSDT	+0.0091%	1h	2,728.3	−0.001%	$8.7M	$31.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0092%	1h	2,729.4	+0.039%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,727.2	−0.043%	$112.0M	$437.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.6	+0.011%	$23.4M	$104.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,731.1	+0.103%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,728.9	+0.021%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0098%	1h	2,726.7	−0.059%	$54.3M	$187.8M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.4	−0.070%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.4	+0.004%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,728.3	long leg	$13.8M	$104.8M	50x
Hyperliquid ETH	+0.0100%	1h	2,728.9	+0.021%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.1	−0.007%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.2	−0.041%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.5	−0.029%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.003%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	−0.050%	$3.33B	$8.98B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.7	−0.058%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.2	−0.078%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730	+0.060%	$134.8M	$322.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729	+0.025%	$183.6M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.5	+0.043%	$158.8M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.9	+0.095%	$21.0M	$72.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.1	+0.029%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.4	+0.003%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.8	−0.056%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728	−0.010%	$40.9M	$30.1M	15x	as long as short
Kalshi KXETHPERP	+0.0104%	8h	2,728.2	−0.004%	$6.4M	$688.1M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.2	−0.077%	$30.6M	$73.7M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.4	−0.034%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,727.8	−0.020%	$50.5M	$4.28B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0146%	1h	2,728.1	−0.008%	$258.4M	$202.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,727.5	−0.030%	$82.8M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,728.7	+0.013%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,726.3	−0.074%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,732.2	+0.141%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,726.9	−0.051%	$281.7M	$174.5M	150x	as long as short