Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.069%

Price spread now: Perpl against Paradex−0.172%7-day average −0.037% · you buy dearer than you sell

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

Long on Paradex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.032%−$3 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.172%, 7d avg −0.037%

Together, before fees+0.080%+ Points / potential airdropParadex: Active · Perpl: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.135% cheaper against Paradex than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,736.3	0.0100	pay 0.0100% / 8h	1h 04m	$15.4M	$7.9M	50x
Short	Perpl ETH	2,731.6	0	get 0.0000% / 43m	10m 19s	$288K	$5.8M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$20.99
Price spread: −0.172% → −0.037%: −$13.52
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$52.31
Costs to cover: 0.178%
Break-even: never at this rate

Slippage unknown: Paradex: 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 Paradex live order book, 5 min ago	0.75 bp	2.7 bp −$3	2.7 bp −$27	doesn't fit	doesn't fit
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 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
Hotstuff ETH-PERP	−0.0080%	1h	2,734.8	−0.055%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	−0.077%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	−0.188%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,734.4	−0.070%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.6	−0.135%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.8	−0.165%	$6.6M	$682.3M	4.9x	as long as short
Perpl ETHshort	0.0000%	43m	2,731.6	−0.172%	$288K	$5.8M	8.3x
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.7	−0.167%	$262.5M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.2	−0.189%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,731.6	−0.172%	$191K	$890K	50x	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	+0.0022%	8h	2,730	−0.233%	—	$18.6M	—	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.9	−0.160%	$8.6M	$31.5M	100x	as long as short
Bybit ETHUSDT	+0.0027%	8h	2,730.9	−0.199%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0029%	8h	2,731	−0.193%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,731.1	−0.190%	$380.7M	$576.7M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,730.6	−0.209%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,730.5	−0.211%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,731	−0.195%	$253.0M	$846.9M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,730.8	−0.201%	$262.9M	$64.5M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,730.7	−0.205%	$188K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,730.6	−0.208%	$1.54B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,731	−0.194%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.7	−0.169%	$112.7M	$439.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.6	−0.135%	$23.5M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,728.5	−0.285%	$4.9M	$171K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.8	−0.201%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,736.3	long leg	$15.4M	$7.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,731.3	−0.183%	$14.2M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.2	−0.114%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	−0.134%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.3	−0.183%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.8	−0.163%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	−0.165%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731	−0.194%	$3.31B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.8	−0.202%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.7	−0.170%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.5	−0.138%	$134.3M	$320.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.3	−0.182%	$185.7M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.6	−0.135%	$158.8M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.5	−0.103%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.8	−0.127%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732	−0.158%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.9	−0.162%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.9	−0.015%	$41.0M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,730.5	−0.212%	$957K	$10.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,733.1	−0.119%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.8	−0.237%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.9	−0.160%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.8	−0.164%	$46.5M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.7	−0.169%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0128%	1h	2,734.7	−0.061%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.9	−0.123%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,729.9	−0.233%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,731.1	−0.191%	$82.1M	$309.7M	100x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,731.7	−0.170%	$281.4M	$176.1M	150x	as long as short