Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.018%

Price spread now: Nado against OKX+0.047%7-day average +0.021% · 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−$170.174% of the position

Long on OKX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$4 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.047%, 7d avg +0.021%

Together, before fees−0.019%+ Points / potential airdropNado: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Nado is 0.026% dearer against OKX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,742.7	0.0038	pay 0.0038% / 8h	6h 41m	$1.68B	$11.09B	100x
Short	Nado ETH-PERP	2,744	0.0100	get 0.0012% / 1h	41m 22s	$13.9M	$113.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.047%Rate

Funding earned: $13.02
Price spread: +0.047% → +0.021%: $2.64
Slippage, 4 orders: −$0.4
Fee OKX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$1.74
Costs to cover: 0.174%
Break-even: 7.9 days

Slippage from OKX: live order book, 3 min ago; Nado: live order book, 3 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, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$605	8.1 bp −$4,041
Sell Nado live order book, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.6 bp −$559	13.1 bp −$6,570

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	2,744.6	+0.069%	$311K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,745.9	+0.117%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,744.5	+0.066%	$5.5M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0055%	1h	2,752	+0.339%	$8.8M	$31.7M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.7	+0.037%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.7	+0.147%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745	+0.083%	$10.8M	$42.0M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0002%	1h	2,744	+0.047%	$258.6M	$202.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743.5	+0.028%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,744.3	+0.059%	$180K	$1.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0029%	8h	2,743.1	+0.013%	—	$1.20B	—	as long as short
OKX ETH-USDT-SWAPlong	+0.0038%	8h	2,742.7	long leg	$1.68B	$11.09B	100x
HTX ETH-USDT	+0.0055%	8h	2,742	−0.024%	$1.06B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,744	+0.048%	$255.4M	$857.4M	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,741.5	−0.045%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,743.6	+0.032%	$1.57B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0067%	8h	2,743.4	+0.025%	$6.34B	$16.34B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,743.6	+0.035%	$3.35B	$8.78B	200x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,743.9	+0.043%	$381.3M	$607.9M	100x	as long as short
Bitget ETHUSDT	+0.0087%	8h	2,743	+0.010%	$2.06B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,743.5	+0.030%	$59.1M	$4.39B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,743.7	+0.037%	$113.0M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.1	+0.087%	$25.0M	$106.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.6	+0.108%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,749.3	+0.240%	$30K	$21K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,747.8	+0.186%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.2	+0.055%	$467K	$2.9M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,744	+0.047%	$13.9M	$113.4M	50x
Hyperliquid ETH	+0.0100%	1h	2,746	+0.120%	$3.12B	$2.15B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.3	+0.061%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743	+0.011%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.8	+0.004%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.9	+0.081%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.317%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.2	+0.055%	$14.9M	$41.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,742.6	−0.001%	$132.9M	$346.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.3	+0.314%	$184.4M	$722.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.200%	$159.8M	$83.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.1	+0.307%	$21.3M	$66.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.4	+0.026%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.4	+0.025%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743.5	+0.031%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,744.1	+0.053%	$41.8M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.2	+0.018%	$961K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.8	+0.004%	$54.6M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,742.8	+0.003%	$266.8M	$66.4M	150x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.2	+0.094%	—	$871K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742	−0.025%	$30.9M	$74.8M	50x	as long as short
Kalshi KXETHPERP	+0.0136%	8h	2,745.8	+0.114%	$7.8M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0163%	8h	2,745.2	+0.090%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	+0.370%	$285.0M	$179.1M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,745.1	+0.090%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,743.3	+0.023%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0218%	1h	2,743.3	+0.022%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,743.7	+0.036%	$92.6M	$316.3M	100x	as long as short