Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.010%

Price spread now: SoDEX against Paradex−0.139%7-day average −0.111% · 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−$20as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Paradex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.139%, 7d avg −0.111%

Together, before fees−0.005%+ Points / potential airdropParadex: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and SoDEX is 0.028% cheaper against Paradex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.111%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,733.9	0.0100	pay 0.0100% / 8h	1h 27m	$15.3M	$7.9M	50x
Short	SoDEX ETH-USD	2,730.1	0.0084	get 0.0010% / 1h	27m 07s	$54.4M	$187.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$3.36
Price spread: −0.139% → −0.111%: −$2.78
Slippage, 4 orders: −$5.42
Fee Paradex: 2 bp × 2 orders: −$4
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$23.56
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Paradex: live order book, 2 min ago; SoDEX: 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 Paradex live order book, 2 min ago	2.53 bp	4.5 bp −$5	4.5 bp −$45	doesn't fit	doesn't fit
Sell SoDEX live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.6 bp −$558	33.8 bp −$16.9K

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	2,729	−0.178%	$288K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.1	−0.139%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,727.9	−0.218%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	−0.230%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.6	−0.120%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,728.6	−0.193%	$812K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.4	−0.127%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.8	−0.149%	$6.6M	$686.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.9	−0.111%	$262.6M	$214.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.6	−0.192%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0013%	8h	2,730.4	−0.127%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,730.6	−0.120%	$191K	$893K	50x	as long as short
BingX ETH-USDT	+0.0025%	8h	2,730.5	−0.122%	—	$1.10B	—	as long as short
Bybit ETHUSDT	+0.0032%	8h	2,730.4	−0.129%	$2.34B	$4.41B	150x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,730.1	−0.138%	$374.7M	$576.8M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,730.4	−0.128%	$252.3M	$848.4M	200x	as long as short
SoDEX ETH-USDshort	+0.0084%	1h	2,730.1	−0.139%	$54.4M	$187.3M	40x
OKX ETH-USDT-SWAP	+0.0086%	8h	2,730.5	−0.122%	$1.65B	$10.92B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,727.6	−0.232%	$4.9M	$155K	20x	as long as short
SunX ETH-USDT	+0.0089%	8h	2,729.8	−0.150%	$957K	$11.0M	100x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,730.3	−0.130%	$1.53B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,730.3	−0.130%	$6.33B	$16.15B	150x	as long as short
Aftermath Perps ETHUSD	+0.0093%	1h	2,728.4	−0.199%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,731	−0.106%	$112.1M	$434.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732	−0.071%	$23.5M	$103.1M	50x	as long as short
Phemex ETHUSDT	+0.0097%	8h	2,730	−0.141%	$263.1M	$64.7M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.8	−0.149%	$510K	$3.5M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,733.9	long leg	$15.3M	$7.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,730.1	−0.139%	$14.1M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.6	−0.047%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.4	−0.092%	$32.0M	$332.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.7	−0.153%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.2	−0.136%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.6	−0.121%	$3.30B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.5	−0.124%	$2.09B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.4	−0.128%	$15.1M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.4	−0.237%	$133.8M	$323.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728	−0.217%	$185.5M	$681.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.2	−0.209%	$158.6M	$85.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.6	−0.193%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	−0.100%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.4	−0.091%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730.2	−0.135%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.5	−0.124%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	−0.241%	$40.9M	$30.3M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.281%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.4	−0.165%	$30.4M	$73.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,730.2	−0.136%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.3	−0.095%	$49.4M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730.8	−0.112%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,732.7	−0.043%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,726.3	−0.276%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.5	−0.122%	$82.3M	$312.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,729.4	−0.166%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0362%	8h	2,730	−0.141%	$281.9M	$175.5M	150x	as long as short