Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Katana Perps against Paradex−0.136%7-day average −0.092% · you buy dearer than you sell

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

Long on Paradex Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.136%, 7d avg −0.092%

Together, before fees+0.029%+ Points / potential airdropParadex: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.044% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,728.7	0.0100	pay 0.0100% / 8h	1h 45m	$15.3M	$8.0M	50x
Short	Katana Perps ETH-USD	2,725	0.0100	get 0.0100% / 8h	1h 45m	$507K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$0.03
Price spread: −0.136% → −0.092%: −$4.42
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$12.25
Costs to cover: 0.078%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 4 min ago; Katana Perps: 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, 4 min ago	2.65 bp	4.7 bp −$5	4.7 bp −$47	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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	−0.0112%	43m	2,728.1	−0.022%	$288K	$5.8M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0088%	1h	2,725.8	−0.108%	$8.6M	$31.5M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.1	−0.096%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,725	−0.136%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.1	+0.050%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,725.4	−0.121%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,726.5	−0.080%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.5	−0.081%	$6.7M	$691.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730	+0.048%	$262.5M	$214.9M	50x	as long as short
HTX ETH-USDT	+0.0007%	8h	2,729.3	+0.020%	$1.05B	$1.23B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,730.3	+0.057%	$32.9M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,725.7	−0.110%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,729	+0.012%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,727.9	−0.029%	$2.34B	$4.43B	150x	as long as short
Aftermath Perps ETHUSD	+0.0070%	1h	2,728.3	−0.013%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,729.5	+0.027%	$375.7M	$576.2M	100x	as long as short
SunX ETH-USDT	+0.0084%	8h	2,728.6	−0.003%	$957K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,728.2	−0.021%	$252.1M	$850.3M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0092%	8h	2,728	−0.027%	$1.65B	$10.97B	100x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,728.9	+0.006%	$6.33B	$16.19B	150x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,729.1	+0.014%	$54.4M	$187.4M	40x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,729.3	+0.023%	$1.52B	$2.58B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,729.8	+0.040%	$111.8M	$433.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.2	+0.090%	$23.5M	$102.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.3	−0.053%	$4.9M	$165K	20x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,725	−0.136%	$507K	$3.5M	50x
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,728.7	long leg	$15.3M	$8.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,728.5	−0.007%	$13.9M	$105.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.7	+0.110%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.8	−0.105%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.2	−0.129%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.6	−0.114%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.103%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.2	+0.019%	$3.28B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.1	+0.015%	$2.09B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.5	+0.029%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.1	−0.207%	$133.0M	$326.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.9	−0.101%	$184.8M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.3	−0.089%	$158.4M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724	−0.173%	$20.9M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.9	+0.007%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	+0.047%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,729.5	+0.030%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.2	+0.056%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.4	+0.097%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.5	+0.030%	$263.1M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.6	−0.002%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,726.1	−0.094%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731	+0.084%	$50.5M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,725.9	−0.103%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,731.7	+0.109%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,728.3	−0.013%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.3	+0.057%	$83.7M	$311.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,730.9	+0.081%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0375%	8h	2,729.5	+0.029%	$282.4M	$175.5M	150x	as long as short