Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.012%

Price spread now: Aevo against OKX−0.076%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on OKX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now −0.076%, 7d avg −0.050%

Together, before fees+0.015%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aevo is 0.026% cheaper against OKX than usual: you would sell low and buy high (spread −0.076% now, against its 7-day average of −0.050%). If the spread goes back, that is −$3 on $10k: about 3.3 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.001% in total) that is about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,747	0.0053	pay 0.0053% / 8h	5h 58m	$1.70B	$10.62B	100x
Short	Aevo ETH-PERP	2,744.9	0.0080	get 0.0010% / 1h	58m 59s	$4.9M	$159K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now −0.076%Rate

Funding earned: $5.6
Price spread: −0.076% → −0.050%: −$2.64
Slippage, 4 orders: −$20.8
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$43.84
Costs to cover: 0.468%
Break-even: 61.8 days

Slippage from OKX: live order book, 5 min ago; Aevo: 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 OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$568	7.4 bp −$3,708
Sell Aevo live order book, 5 min ago	6.59 bp	21.9 bp −$22	29.7 bp −$297	43.2 bp −$4,322	doesn't fit

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 ETH	−0.0112%	43m	2,747.1	+0.004%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.8	+0.031%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,747.5	+0.020%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.2	+0.010%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.052%	$847K	$2.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.6	+0.058%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.3	+0.012%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,748	+0.038%	$183K	$981K	50x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,746.1	−0.032%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAPlong	+0.0053%	8h	2,747	long leg	$1.70B	$10.62B	100x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.9	−0.002%	$369.1M	$600.1M	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,747	+0.002%	$252.6M	$842.8M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.8	+0.030%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERPshort	+0.0080%	1h	2,744.9	−0.076%	$4.9M	$159K	20x
MEXC ETH_USDT	+0.0083%	8h	2,746.9	−0.004%	$1.58B	$2.50B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,746.5	−0.016%	$6.39B	$15.80B	150x	as long as short
HTX ETH-USDT	+0.0085%	8h	2,746.8	−0.006%	$1.06B	$1.18B	200x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,746.6	−0.015%	$8.7M	$31.2M	100x	as long as short
Bullet ETH-USD	+0.0094%	1h	2,746.8	−0.006%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,747.4	+0.017%	$113.0M	$430.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.8	+0.068%	$24.7M	$103.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.9	−0.038%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748.2	+0.043%	$58.6M	$4.28B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.3	+0.159%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.3	+0.012%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.1	+0.004%	$13.9M	$107.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749	+0.074%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.7	+0.063%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747	+0.001%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.3	−0.060%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748	+0.038%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,747.1	+0.003%	$3.39B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747.1	+0.005%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.5	−0.018%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.013%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	−0.004%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.055%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.2	+0.009%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	+0.038%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.8	+0.031%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.7	+0.028%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.9	+0.072%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.5	−0.018%	$963K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747	+0.001%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.3	+0.013%	$267.5M	$65.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.027%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.5	−0.016%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,747.7	+0.028%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0110%	1h	2,748.3	+0.050%	$258.9M	$195.8M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,747.8	+0.031%	$7.9M	$670.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,749.6	+0.097%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,747.9	+0.035%	$88.1M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,746.6	−0.012%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,746.9	−0.003%	$250K	$1.4M	20x	as long as short