Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0118%/8h= +12.9% APRpaid last 24h −0.007%

Price spread now: gTrade (Gains Network) against Perpl+0.022%7-day average −0.003% · you sell dearer than you buy

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

Long on Perpl Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now +0.022%, 7d avg −0.003%

Together, before fees−0.017%+ Points / potential airdropPerpl: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and gTrade (Gains Network) is 0.025% dearer against Perpl than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.003%. Mind the row above: over the last 3 days funding on this pair cost −0.072%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,771.1	−0.0112	get 0.0010% / 43m	33m 06s	$289K	$6.9M	8.3x
Short	gTrade (Gains Network) ETH/USD	2,771.7	L +0.0006% / S −0.0006%	get 0.0001% / 1h	3m 06s	$22.4M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Perpl. 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 PerplbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.022%Rate

Funding earned: $24.68
Price spread: +0.022% → −0.003%: $2.45
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: $6.33
Costs to cover: 0.208%
Break-even: 5.2 days

Slippage unknown: Perpl: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 1 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 gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.52 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$501	8.9 bp −$4,452

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	−0.0112%	43m	2,771.1	long leg	$289K	$6.9M	8.3x
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.185%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.3	+0.008%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,770.2	−0.032%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.9	−0.006%	$884K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.1	+0.001%	$5.7M	$12.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.8	+0.025%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,771.9	+0.030%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,771.7	+0.022%	$22.4M	—	200x
BingX ETH-USDC	+0.0018%	8h	2,770.9	−0.007%	—	$17.3M	—	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	+0.0022%	8h	2,771.2	+0.004%	$1.71B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.6	+0.018%	$13.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,771.1	+0.001%	$266.9M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,771.3	+0.006%	$256.3M	$995.5M	200x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,769.3	−0.066%	$8.7M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.8	−0.084%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,771	−0.002%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,771.7	+0.024%	$6.44B	$17.23B	150x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,770.8	−0.010%	$182K	$1.8M	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.5	+0.015%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,770.9	−0.007%	$3.28B	$9.70B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.5	+0.017%	$114.7M	$515.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.9	+0.065%	$25.4M	$123.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.5	−0.021%	—	$41.8M	500x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,770.3	−0.029%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,768.9	−0.077%	$141.0M	$320.9M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.7	−0.012%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771	−0.003%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.4	−0.023%	$14.4M	$118.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.9	+0.066%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.3	+0.008%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.5	+0.015%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.3	−0.028%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.8	+0.063%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.019%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.8	−0.012%	$422.1M	$742.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.5	+0.016%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.2	−0.069%	$179.4M	$782.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.7	−0.051%	$161.1M	$96.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	−0.025%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.2	+0.003%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.4	+0.048%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.1	+0.002%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	+0.078%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.2	−0.032%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.9	−0.006%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771	−0.004%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.4	+0.048%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,771.8	+0.026%	$8.5M	$673.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0132%	1h	2,772.8	+0.060%	$258.5M	$225.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,773.8	+0.096%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,771	−0.004%	$286.1M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,770.9	−0.008%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,772.2	+0.041%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.5	+0.017%	$285K	$1.5M	20x	as long as short