Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0217%/8h= −23.7% APRpaid last 24h −0.084%

Price spread now: Hotstuff against Orderly−0.017%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,771.2	0.0137	pay 0.0137% / 8h	1h 31m	$32.5M	$12.0M	100x
Short	Hotstuff ETH-PERP	2,770.7	−0.0080	pay 0.0010% / 1h	31m 16s	$5K	$2K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Orderly. 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 OrderlybpFee HotstuffbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$45.52
Price spread: −0.017% → 0.000%: −$1.7
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$58.22
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hotstuff: 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 Orderly no order-book sample	—	—	—	—	—
Sell Hotstuff no order-book sample	—	—	—	—	—

Orderly and Hotstuff: 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 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	2,770.9	−0.011%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,769.7	−0.053%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,770.7	−0.017%	$5K	$2K	50x
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.031%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.3	−0.031%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0022%	1h	2,775.8	+0.169%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.5	−0.024%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,778.1	+0.250%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.5	−0.024%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,769.6	−0.057%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0020%	8h	2,767.6	−0.130%	$1.70B	$11.80B	100x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,768.1	−0.111%	$269.2M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.4	−0.028%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,769.4	−0.063%	$255.7M	$990.6M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0035%	1h	2,770.2	−0.036%	$258.3M	$222.2M	50x	as long as short
Bullet ETH-USD	+0.0037%	1h	2,769.8	−0.051%	$180K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,769.8	−0.051%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,767.7	−0.124%	$6.42B	$17.15B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,767.9	−0.119%	$5.0M	$636K	20x	as long as short
Nado ETH-PERP	+0.0064%	1h	2,769.2	−0.071%	$14.3M	$118.0M	50x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,768.5	−0.096%	$55.1M	$228.8M	40x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,769.7	−0.054%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,768.3	−0.104%	$2.10B	$3.10B	150x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,767.4	−0.137%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,767.5	−0.132%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,768.4	−0.100%	$114.8M	$499.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.4	−0.064%	$25.3M	$121.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771	−0.005%	—	$41.5M	500x	as long as short
ApeX Omni ETHUSDT	+0.0097%	1h	2,777.8	+0.237%	$8.7M	$32.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,769.8	−0.051%	$424.5M	$738.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.6	−0.057%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	−0.046%	$479K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.2	+0.037%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	−0.033%	$31.3M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.9	−0.082%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	+0.015%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.366%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.005%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	+0.123%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.1	+0.212%	$180.0M	$780.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.211%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.052%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.9	−0.008%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.2	+0.001%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.6	−0.056%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.9	−0.011%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.9	−0.118%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.9	−0.118%	$31.4M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,770	−0.044%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,771.7	+0.019%	$8.7M	$675.3M	4.9x	as long as short
Orderly PERP_ETH_USDClong	+0.0137%	8h	2,771.2	long leg	$32.5M	$12.0M	100x
Hibachi ETH/USDT-P	+0.0168%	1h	2,773.6	+0.086%	$278K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,769.3	−0.067%	$86.0M	$331.4M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,768.3	−0.105%	$283.9M	$193.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,769.7	−0.054%	$7.3M	$1.2M	25x	as long as short