Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:57 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.062%

Price spread now: RISEx against Perpl+0.033%7-day average −0.011% · you sell dearer than you buy

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

Long on Perpl Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.058%+$6 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.033%, 7d avg −0.011%

Together, before fees+0.023%+ Points / potential airdropPerpl: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and RISEx is 0.044% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.011%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.058% in total (about 5.7% 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	2,726	−0.0112	get 0.0010% / 43m	11m 32s	$287K	$5.8M	8.3x
Short	RISEx ETH/USDC	2,726.9	0.0115	get 0.0014% / 1h	48m 32s	$5.5M	$11.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.033%Rate

Funding earned: $47.6
Price spread: +0.033% → −0.011%: $4.4
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: $32.2
Costs to cover: 0.198%
Break-even: 2.3 days

Slippage unknown: Perpl: no order-book sample; RISEx: live order book, 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 RISEx live order book, 1 min ago	0.02 bp	3.0 bp −$3	4.3 bp −$43	doesn't fit	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	2,726	long leg	$287K	$5.8M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	+0.070%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,727.4	+0.052%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,731	+0.184%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.7	+0.063%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,730	+0.147%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.2	+0.081%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727.7	+0.063%	$6.7M	$691.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.5	+0.056%	$261.8M	$213.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.9	+0.070%	$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	+0.0009%	8h	2,726.9	+0.033%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,726.5	+0.019%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,726.2	+0.006%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,726	0.000%	$2.34B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0076%	1h	2,729.4	+0.124%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,726	+0.001%	$375.1M	$576.2M	100x	as long as short
SunX ETH-USDT	+0.0087%	8h	2,726.9	+0.035%	$955K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,726.3	+0.010%	$251.9M	$849.9M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0093%	8h	2,726	0.000%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,727.8	+0.066%	$112.0M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.9	+0.106%	$23.5M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.7	−0.048%	$4.9M	$161K	20x	as long as short
Binance ETHUSDT	+0.0097%	8h	2,726.2	+0.009%	$6.32B	$16.18B	150x	as long as short
MEXC ETH_USDT	+0.0097%	8h	2,726.3	+0.010%	$1.52B	$2.58B	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.9	−0.003%	$507K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.8	+0.214%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.4	+0.015%	$14.0M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.5	+0.092%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.3	+0.085%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.1	+0.041%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.1	+0.040%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.003%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	+0.035%	$3.27B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.9	−0.003%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.5	+0.054%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	+0.038%	$133.2M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	+0.060%	$184.9M	$681.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.1	+0.042%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.1	+0.077%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.1	+0.077%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.4	+0.052%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.1	+0.003%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.9	+0.070%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.6	+0.097%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.8	+0.030%	$54.3M	$187.4M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,727	+0.036%	$262.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726	0.000%	$30.3M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.6	+0.133%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,728	+0.072%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDCshort	+0.0115%	1h	2,726.9	+0.033%	$5.5M	$11.8M	25x
Orderly PERP_ETH_USDC	+0.0187%	8h	2,729.3	+0.123%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,725.1	−0.033%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,727.5	+0.056%	$83.3M	$311.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,730.9	+0.180%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0390%	8h	2,726.9	+0.034%	$282.3M	$175.0M	150x	as long as short