Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0161%/8h= −17.7% APRpaid last 24h +0.018%

Price spread now: RISEx against OKX−0.055%7-day average +0.011% · 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−$25as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on OKX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$5 on $10k

Price spread, last 7 days+0.061%+$6 · spread now −0.055%, 7d avg +0.011%

Together, before fees+0.115%+$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 RISEx is 0.066% cheaper against OKX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.011%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.055%, 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	2,758.4	0.0034	pay 0.0034% / 8h	7h 02m	$1.69B	$10.96B	100x
Short	RISEx ETH/USDC	2,756.9	−0.0128	pay 0.0016% / 1h	2m 15s	$5.7M	$11.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$33.88
Price spread: −0.055% → +0.011%: −$6.64
Slippage, 4 orders: −$2.2
Fee OKX: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$58.71
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; RISEx: live order book, 2 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, 2 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$540	7.4 bp −$3,710
Sell RISEx live order book, 2 min ago	0.02 bp	4.5 bp −$5	5.0 bp −$50	doesn't fit	doesn't fit

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	2,773.8	+0.558%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0447%	43m	2,757.3	−0.041%	$323K	$6.1M	8.3x	as long as short
RISEx ETH/USDCshort	−0.0128%	1h	2,756.9	−0.055%	$5.7M	$11.2M	25x
Hotstuff ETH-PERP	−0.0080%	1h	2,757	−0.051%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,758.7	+0.010%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,768.6	+0.369%	$869K	$3.7M	25x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,759.3	+0.033%	$12.2M	$43.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,758.3	−0.004%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0017%	1h	2,757.8	−0.024%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAPlong	+0.0034%	8h	2,758.4	long leg	$1.69B	$10.96B	100x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,758.3	−0.004%	$12.5M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,758.1	−0.011%	$259.7M	$850.6M	200x	as long as short
SoDEX ETH-USD	+0.0047%	1h	2,757.1	−0.048%	$54.9M	$187.7M	40x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,757.8	−0.024%	$1.60B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,757.8	−0.021%	$6.45B	$16.07B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,757	−0.052%	$5.0M	$156K	20x	as long as short
HTX ETH-USDT	+0.0062%	8h	2,757.1	−0.049%	$1.07B	$1.23B	200x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,758	−0.015%	$3.38B	$9.15B	200x	as long as short
Aftermath Perps ETHUSD	+0.0070%	1h	2,766.8	+0.305%	$31K	$21K	20x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,757.6	−0.029%	$268.4M	$65.9M	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,758.4	−0.001%	$60.0M	$4.39B	50x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,758	−0.015%	$2.08B	$2.83B	150x	as long as short
Vest ETH-PERP	+0.0088%	1h	2,758.8	+0.015%	—	$870K	50x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,757.6	−0.029%	$397.0M	$587.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,759.4	+0.034%	$114.3M	$461.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,760.6	+0.080%	$25.2M	$113.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,761.4	+0.110%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,757.1	−0.048%	$473K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,758.8	+0.015%	$14.3M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,759.9	+0.054%	$3.15B	$2.11B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,759.1	+0.024%	$31.2M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,757.9	−0.017%	$2.49B	$4.28B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,757.3	−0.041%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,757.3	−0.039%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771.7	+0.482%	$172.0M	$293.3M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,757.8	−0.024%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,757.8	−0.021%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,766.4	+0.289%	$134.4M	$347.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.3	+0.432%	$183.8M	$751.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.1	+0.313%	$160.9M	$82.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,766.9	+0.307%	$8.8M	$31.4M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,761.2	+0.101%	$21.4M	$65.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,757.4	−0.037%	$10.4M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,758.4	−0.001%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,760.1	+0.062%	$42.4M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,756.6	−0.067%	$967K	$12.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,757.3	−0.040%	$30.8M	$74.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,759.7	+0.047%	—	$35.6M	500x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,760.2	+0.065%	$8.0M	$672.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0127%	1h	2,758.9	+0.016%	$259.1M	$200.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0135%	1h	2,758.7	+0.009%	$96.7M	$315.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0158%	8h	2,761.1	+0.098%	$32.5M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,768.6	+0.368%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,756.8	−0.059%	$286.3M	$179.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,757.4	−0.038%	$7.3M	$1.1M	25x	as long as short