Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0005%/8h= +0.5% APRpaid last 24h −0.005%

Price spread now: Injective against Perpl−0.028%54s7-day average +0.049% · you buy dearer than you sell

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

Long on Perpl Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 3 days (all we have)−0.159%−$16 · spread now −0.028%, 7d avg +0.049%

Together, before fees−0.072%+ Points / potential airdropPerpl: Active · farm board−$7 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: Injective is 0.077% cheaper against Perpl than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.049%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,776.5	−0.0112	get 0.0010% / 43m	7m 21s	$289K	$6.9M	8.3x
Short	Injective ETH/USDC PERP	2,775.7	−0.0107	pay 0.0013% / 1h	20m 21s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.028%Rate

Funding earned: $1.04
Price spread: −0.028% → +0.049%: −$7.73
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$20.51
Costs to cover: 0.138%
Break-even: 144.5 days

Slippage unknown: Perpl: no order-book sample; Injective: live order book, 4 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 Injective live order book, 4 min ago	14.38 bp	45.5 bp −$46	46.6 bp −$466	46.7 bp −$4,672	doesn't fit

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	2,776.5	long leg	$289K	$6.9M	8.3x
Injective ETH/USDC PERPshort	−0.0107%	1h	2,775.7	−0.028%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,776.9	+0.015%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	+0.012%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.111%	$858K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.8	+0.011%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.5	−0.001%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0001%	1h	2,775.2	−0.047%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.7	+0.007%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,776.1	−0.013%	$267.3M	$66.0M	150x	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	2,775.7	−0.027%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.7	+0.006%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,776.1	−0.014%	$256.7M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,776.7	+0.006%	$8.8M	$32.6M	100x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,776.1	−0.015%	$1.59B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.8	−0.024%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,775.8	−0.024%	$6.44B	$17.23B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.5	+0.002%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,776.2	−0.011%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,775.8	−0.024%	$184K	$1.8M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,778.1	+0.057%	$258.5M	$225.0M	50x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.084%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777.2	+0.026%	$115.2M	$514.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.5	+0.074%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.7	+0.006%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.4	−0.005%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.6	+0.004%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	−0.010%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.9	+0.087%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777	+0.018%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,775.8	−0.025%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.5	−0.035%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.5	+0.072%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.058%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.5	−0.001%	$422.8M	$742.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,775.8	−0.026%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.6	+0.003%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	+0.016%	$178.5M	$792.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.020%	$161.6M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	+0.019%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.2	+0.026%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.5	+0.037%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777	+0.018%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.078%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.6	+0.005%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.2	−0.010%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776	−0.018%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.1	−0.015%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778	+0.053%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777.7	+0.044%	$8.5M	$673.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,779.2	+0.098%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.015%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.8	−0.023%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.5	+0.038%	$86.6M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,778.1	+0.058%	$283K	$1.5M	20x	as long as short