Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0164%/8h= −17.9% APRpaid last 24h −0.026%

Price spread now: Perpl against OKX+0.002%7-day average +0.023% · you sell dearer than you buy

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

Long on OKX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 7 days−0.011%−$1 · spread now +0.002%, 7d avg +0.023%

Together, before fees+0.117%+ Points / potential airdropPerpl: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Perpl is 0.021% cheaper against OKX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.128%, 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	OKX ETH-USDT-SWAP	2,749.1	0.0052	pay 0.0052% / 8h	6h 04m	$1.70B	$10.79B	100x
Short	Perpl ETH	2,749.2	−0.0112	pay 0.0010% / 43m	9m 31s	$311K	$5.7M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$34.39
Price spread: +0.002% → +0.023%: −$2.11
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$60.3
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; Perpl: no order-book sample. 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 OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.4 bp −$640	8.3 bp −$4,148
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 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 ETHshort	−0.0112%	43m	2,749.2	+0.002%	$311K	$5.7M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,747.2	−0.069%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,749.9	+0.030%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.1	−0.001%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	−0.025%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.4	+0.010%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.3	+0.006%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,750	+0.033%	$182K	$999K	50x	as long as short
BingX ETH-USDC	+0.0041%	8h	2,748.4	−0.024%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAPlong	+0.0052%	8h	2,749.1	long leg	$1.70B	$10.79B	100x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0067%	8h	2,748.9	−0.006%	$369.9M	$605.2M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,748.5	−0.021%	$253.2M	$849.8M	200x	as long as short
HTX ETH-USDT	+0.0075%	8h	2,746.8	−0.082%	$1.06B	$1.19B	200x	as long as short
ApeX Omni ETHUSDT	+0.0077%	1h	2,745.4	−0.134%	$8.7M	$31.4M	100x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,749.1	0.000%	$1.59B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.6	−0.163%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,749.1	0.000%	$6.39B	$15.98B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,747.9	−0.042%	$58.7M	$4.31B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,749.5	+0.014%	$113.2M	$445.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.7	+0.023%	$24.8M	$108.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.2	+0.005%	—	$31.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,752.3	+0.118%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749	−0.004%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.6	−0.056%	$14.0M	$108.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,751.4	+0.084%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.6	+0.018%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.3	+0.006%	$2.47B	$4.24B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.8	−0.011%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750	+0.031%	$2.8M	$16.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,749.9	+0.027%	$3.40B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,749.2	+0.002%	$2.08B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	−0.116%	$15.0M	$41.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.2	−0.107%	$132.8M	$343.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.3	−0.140%	$181.9M	$700.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.211%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.7	−0.087%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.6	+0.017%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.7	+0.022%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.3	−0.029%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747	−0.077%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.7	−0.016%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.3	−0.102%	$963K	$12.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.8	−0.084%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.9	−0.079%	$267.5M	$65.8M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.104%	$164.3M	$302.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,747.1	−0.072%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.9	−0.007%	$30.6M	$73.2M	50x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,747.2	−0.069%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0179%	8h	2,749.4	+0.009%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,748.3	−0.028%	$258.9M	$198.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.160%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,748.7	−0.015%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,748.2	−0.033%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.7	−0.052%	$88.2M	$315.1M	100x	as long as short