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: Katana Perps against Perpl0.000%7-day average −0.055% · you sell dearer than you buy

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

Long on Perpl Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.033%+$3 on $10k

Price spread, last 7 days−0.048%−$5 · spread now 0.000%, 7d avg −0.055%

Together, before fees−0.016%+ Points / potential airdropPerpl: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Katana Perps is 0.055% dearer against Perpl than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,730.7	0	get 0.0000% / 43m	9m 15s	$288K	$5.8M	8.3x
Short	Katana Perps ETH-USD	2,730.7	0.0100	get 0.0100% / 8h	1h 03m	$502K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now 0.000%Rate

Funding earned: $20.96
Price spread: 0.000% → −0.055%: $5.52
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $8.87
Costs to cover: 0.176%
Break-even: 4.0 days

Slippage unknown: Perpl: no order-book sample; Katana Perps: 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 Perpl no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Perpl and Katana Perps: 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	2,731.4	+0.026%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	+0.128%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.7	−0.036%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,734.4	+0.135%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.3	+0.020%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.1	+0.015%	$6.7M	$682.4M	4.9x	as long as short
Perpl ETHlong	0.0000%	43m	2,730.7	long leg	$288K	$5.8M	8.3x
Deribit ETH-PERPETUAL	0.0000%	1h	2,731	+0.012%	$262.5M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.2	+0.016%	$33.0M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0014%	1h	2,732.5	+0.066%	$8.6M	$31.5M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,731.6	+0.033%	$191K	$890K	50x	as long as short
BingX ETH-USDC	+0.0022%	8h	2,728.4	−0.086%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0027%	8h	2,729.6	−0.040%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,730	−0.027%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,729.9	−0.031%	$385.7M	$577.7M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,730	−0.026%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,728.9	−0.066%	$1.65B	$10.85B	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,730.3	−0.015%	$252.9M	$846.8M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,730.1	−0.021%	$262.9M	$64.5M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,729.7	−0.037%	$188K	$1.7M	20x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,730	−0.025%	$6.33B	$16.11B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,729.8	−0.034%	$1.54B	$2.61B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,730.9	+0.005%	$112.7M	$439.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732	+0.046%	$23.5M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.4	−0.121%	$4.9M	$174K	20x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,730.7	0.000%	$502K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.8	+0.149%	$15.4M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.9	+0.007%	$14.1M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.6	+0.070%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.9	+0.046%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.7	0.000%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.6	+0.033%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	+0.041%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.1	−0.023%	$3.31B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729	−0.062%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.2	−0.056%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.5	+0.067%	$134.3M	$320.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.3	+0.060%	$185.8M	$683.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.5	+0.065%	$158.8M	$83.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732	+0.048%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732	+0.046%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.6	+0.033%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.6	−0.005%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.071%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.9	−0.028%	$958K	$10.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,732.7	+0.074%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.2	−0.056%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.6	+0.032%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.5	+0.028%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.6	+0.032%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0120%	1h	2,731.7	+0.038%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.2	+0.056%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,729.1	−0.060%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.5	−0.006%	$82.1M	$309.7M	100x	as long as short
BloFin ETH-USDT	+0.0319%	8h	2,730.2	−0.017%	$281.2M	$176.0M	150x	as long as short