Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0178%/8h= −19.5% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Paradex−0.137%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.137% cheaper against Paradex than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,733.6	0.0098	pay 0.0098% / 8h	4h 40m	$15.6M	$8.0M	50x
Short	Hotstuff ETH-PERP	2,729.9	−0.0080	pay 0.0010% / 1h	40m 45s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Paradex. 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 ParadexbpFee HotstuffbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$37.48
Price spread: −0.137% → 0.000%: −$13.67
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$60.15
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 3 min ago; 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 Paradex live order book, 3 min ago	2.16 bp	4.2 bp −$4	4.2 bp −$42	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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	2,729.8	−0.140%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,728.7	−0.181%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,729.9	−0.137%	$5K	$1K	50x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.6	−0.111%	$11.9M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,729.9	−0.139%	$8.9M	$31.3M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.8	−0.140%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,730	−0.133%	$188K	$841K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.177%	$832K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,729.9	−0.136%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,731.1	−0.092%	$26.2M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0057%	8h	2,731	−0.095%	—	$18.4M	—	as long as short
SoDEX ETH-USD	+0.0058%	1h	2,730.2	−0.126%	$54.4M	$187.6M	40x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,731.1	−0.092%	$380.4M	$576.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,731.5	−0.077%	$1.67B	$10.71B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,731.7	−0.072%	$251.5M	$844.4M	200x	as long as short
HTX ETH-USDT	+0.0080%	8h	2,729.7	−0.145%	$1.05B	$1.20B	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,727.8	−0.214%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,731.9	−0.062%	$6.35B	$15.86B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,732.1	−0.057%	$1.52B	$2.55B	500x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,731.5	−0.077%	$2.39B	$4.34B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.9	−0.102%	$111.9M	$435.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.8	−0.066%	$23.2M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.2	−0.124%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERPlong	+0.0098%	8h	2,733.6	long leg	$15.6M	$8.0M	50x
RISEx ETH/USDC	+0.0099%	1h	2,730.5	−0.116%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.2	−0.162%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.7	−0.145%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.2	+0.021%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.4	−0.118%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.159%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.3	−0.123%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.9	−0.063%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.8	−0.066%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.2	−0.124%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.3	−0.159%	$133.2M	$325.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.8	−0.104%	$183.7M	$669.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.7	−0.109%	$158.9M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.4	−0.118%	$21.1M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.5	−0.116%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.2	−0.089%	$11.1M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.9	−0.064%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.1	−0.167%	$957K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,730.4	−0.120%	$265.4M	$65.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.9	−0.100%	$166.8M	$318.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.1	−0.093%	$30.4M	$72.7M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0105%	1h	2,731.7	−0.072%	$260.1M	$196.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.8	−0.068%	$51.5M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0123%	1h	2,731.4	−0.080%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0150%	8h	2,729.8	−0.140%	$6.5M	$677.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.8	−0.032%	$32.1M	$11.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,731	−0.096%	$84.2M	$314.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,728.9	−0.172%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,730.5	−0.114%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0354%	8h	2,730.3	−0.123%	$282.9M	$174.9M	150x	as long as short
Bluefin ETH-PERP	+0.0360%	1h	2,731.1	−0.092%	$21K	$20K	25x	as long as short