Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0037%/8h= −4.0% APRpaid last 24h −0.002%

Price spread now: HTX against Nado+0.031%7-day average −0.015% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Nado Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.074%−$7 · spread now +0.031%, 7d avg −0.015%

Together, before fees−0.093%+ Points / potential airdropNado: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.047% dearer against Nado than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of −0.015%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,769.4	0.0100	pay 0.0012% / 1h	48m 52s	$14.5M	$117.7M	50x
Short	HTX ETH-USDT	2,770.3	0.0063	get 0.0063% / 8h	7h 48m	$1.08B	$1.31B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$7.74
Price spread: +0.031% → −0.015%: $4.65
Slippage, 4 orders: −$0.93
Fee Nado: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$23.01
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Nado: live order book, 5 min ago; HTX: live order book, 5 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, 5 min ago	0.18 bp	4.2 bp −$4	4.9 bp −$49	6.9 bp −$694	14.5 bp −$7,236
Sell HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.1 bp −$714	11.1 bp −$5,553

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	+0.035%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,769.7	+0.009%	$285K	$6.6M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.1	+0.025%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.4	+0.035%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,770	+0.021%	$168K	$1.2M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772.4	+0.107%	$878K	$3.7M	25x	as long as short
Phemex ETHUSDT	−0.0003%	8h	2,770.5	+0.037%	$269.8M	$68.0M	150x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770	+0.021%	$12.7M	$45.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,770.8	+0.049%	$8.2M	$689.2M	4.9x	as long as short
ApeX Omni ETHUSDT	0.0000%	1h	2,767.7	−0.061%	$8.7M	$32.8M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.5	+0.039%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0010%	1h	2,769.8	+0.013%	$183K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0018%	1h	2,770.7	+0.046%	$55.2M	$228.8M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,771	+0.056%	$1.71B	$11.72B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,770.4	+0.034%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0037%	1h	2,771	+0.056%	$31K	$24K	20x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,770.4	+0.036%	$256.5M	$966.2M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.3	+0.066%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,770	+0.020%	$6.47B	$17.08B	150x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,769.5	+0.004%	$1.62B	$2.62B	500x	as long as short
HTX ETH-USDTshort	+0.0063%	8h	2,770.3	+0.031%	$1.08B	$1.31B	200x
BingX ETH-USDC	+0.0066%	8h	2,769.5	+0.002%	—	$17.5M	—	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,769.7	+0.010%	$2.10B	$3.04B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,769.8	+0.014%	$3.30B	$8.92B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.4	+0.070%	$60.5M	$4.55B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,769.5	+0.002%	$420.5M	$731.8M	100x	as long as short
Vest ETH-PERP	+0.0089%	1h	2,769.9	+0.015%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770.7	+0.045%	$115.2M	$456.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772	+0.091%	$25.2M	$109.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.6	+0.006%	$15.9M	$9.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.8	+0.013%	$487K	$2.9M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,769.4	long leg	$14.5M	$117.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,772.4	+0.107%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.4	+0.037%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.9	+0.055%	$2.51B	$4.57B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.008%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.7	+0.044%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	+0.040%	$170.6M	$266.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.5	+0.040%	$15.3M	$42.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	−0.023%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	+0.060%	$181.9M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.6	+0.114%	$161.3M	$87.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.8	+0.013%	$21.4M	$59.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.8	+0.013%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.3	+0.032%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.7	+0.118%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.5	+0.001%	$972K	$13.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.9	−0.019%	$32.5M	$77.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.6	+0.042%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,772.1	+0.097%	$93.4M	$331.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,773.2	+0.135%	$32.6M	$12.0M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,772.3	+0.102%	$259.1M	$216.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,771	+0.058%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,770.7	+0.045%	$287.6M	$191.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,769.7	+0.011%	$7.3M	$1.2M	25x	as long as short