Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0507%/8h= +55.5% APRpaid last 24h +0.025%

Price spread now: Binance against Perpl−0.159%7-day average −0.019% · you buy dearer than you sell

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

Long on Perpl Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.159%, 7d avg −0.019%

Together, before fees+0.010%+ Points / potential airdropPerpl: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.140% cheaper against Perpl than usual: you would sell low and buy high (spread −0.159% now, against its 7-day average of −0.019%). If the spread goes back, that is −$14 on $10k: about 22 hours of funding at the current rate (+$15 a day). Mind the row above: over the last 7 days funding on this pair cost −0.140%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,773.9	−0.0447	get 0.0040% / 43m	1m 43s	$288K	$6.9M	8.3x
Short	Binance ETHUSDT	2,769.5	0.0060	get 0.0060% / 8h	1h 31m	$6.43B	$17.15B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee BinancebpOrdersPrice spread, now −0.159%Rate

Funding earned: $106.38
Price spread: −0.159% → −0.019%: −$13.97
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Binance: 5 bp × 2 orders: −$10
Net: $68.6
Costs to cover: 0.238%
Break-even: 2.5 days

Slippage unknown: Perpl: no order-book sample; Binance: live order book, 12 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell Binance live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.4 bp −$639	8.5 bp −$4,260

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
Perpl ETHlong	−0.0447%	43m	2,773.9	long leg	$288K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,769.7	−0.151%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.7	−0.115%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.4	+0.054%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.3	−0.129%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,776.9	+0.109%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.5	−0.122%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.213%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	−0.048%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0015%	8h	2,769.2	−0.169%	—	$17.4M	—	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	2,769.3	−0.165%	$1.70B	$11.81B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,772.5	−0.049%	$269.6M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.4	−0.054%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,770	−0.141%	$255.8M	$990.5M	200x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771.6	−0.084%	$180K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,769.4	−0.161%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDTshort	+0.0060%	8h	2,769.5	−0.159%	$6.43B	$17.15B	150x
Nado ETH-PERP	+0.0062%	1h	2,773.1	−0.028%	$14.3M	$118.0M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.6	−0.120%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,769.8	−0.148%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,769.4	−0.164%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0075%	1h	2,773.4	−0.018%	$258.3M	$222.2M	50x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,771.8	−0.075%	$55.2M	$228.8M	40x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,769.5	−0.158%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,772.1	−0.063%	$1.08B	$1.32B	200x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,775.4	+0.055%	$8.7M	$32.5M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,770.3	−0.130%	$114.8M	$499.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.5	−0.088%	$25.4M	$121.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.6	−0.009%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,770.1	−0.135%	$424.6M	$738.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.6	−0.155%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	−0.144%	$479K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.6	−0.047%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	−0.131%	$31.3M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.9	−0.180%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	−0.083%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.268%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.103%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	+0.025%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.9	+0.036%	$179.9M	$780.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.112%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.4	+0.127%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.4	−0.018%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.7	−0.043%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	−0.054%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.009%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	−0.103%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.8	−0.184%	$31.5M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.8	−0.002%	$60.1M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,774.2	+0.011%	$8.6M	$675.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,774.3	+0.014%	$32.5M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,778.5	+0.168%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.7	−0.006%	$86.3M	$331.1M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,775.4	+0.056%	$285.0M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,771.4	−0.091%	$7.4M	$1.2M	25x	as long as short