Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.016%

Price spread now: ApeX Omni against SunX+0.136%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on SunX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$17 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.136%, 7d avg +0.015%

Together, before fees−0.203%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.121% dearer against SunX than usual: you sell high and buy low (spread +0.136% now, against its 7-day average of +0.015%): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.175% in total) that is about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,776.5	0.0100	pay 0.0100% / 8h	1h 18m	$973K	$14.0M	100x
Short	ApeX Omni ETHUSDT	2,780.3	0.0073	get 0.0009% / 1h	18m 36s	$8.8M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against SunX. 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 SunXbpFee ApeX OmnibpOrdersPrice spread, now +0.136%Rate

Funding earned: −$5.71
Price spread: +0.136% → +0.015%: $12.12
Slippage, 4 orders: −$4.96
Fee SunX: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$16.55
Costs to cover: 0.230%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; ApeX Omni: live order book, 6 min ago.

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 SunX live order book, 11 min ago	0.04 bp	7.2 bp −$7	7.3 bp −$73	9.2 bp −$922	doesn't fit
Sell ApeX Omni live order book, 6 min ago	0.27 bp	6.5 bp −$6	8.3 bp −$83	29.5 bp −$2,949	86.5 bp −$43.3K

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 ETH	−0.0447%	43m	2,777.6	+0.039%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.3	−0.006%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.6	+0.076%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.112%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.3	+0.030%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0016%	1h	2,777.7	+0.045%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.4	+0.033%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	+0.112%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.5	+0.072%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,777.7	+0.045%	—	$1.18B	—	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	+0.0019%	8h	2,777.8	+0.047%	$1.70B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0019%	8h	2,777.9	+0.052%	$270.1M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,778.4	+0.069%	$13.0M	—	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,777.9	+0.051%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,778.1	+0.058%	$256.8M	$991.7M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,778.5	+0.072%	$258.4M	$222.4M	50x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,776.9	+0.015%	$14.3M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.9	−0.022%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,778.3	+0.067%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,778.3	+0.064%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,777.6	+0.041%	$2.10B	$3.10B	150x	as long as short
ApeX Omni ETHUSDTshort	+0.0073%	1h	2,780.3	+0.136%	$8.8M	$32.6M	100x
Gate ETH_USDT	+0.0073%	8h	2,778.1	+0.057%	$3.29B	$9.65B	200x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,777	+0.019%	$55.3M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,778.2	+0.062%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,776.9	+0.016%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	+0.067%	$115.3M	$502.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.3	+0.102%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.3	+0.030%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,777.1	+0.023%	$422.9M	$739.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778.2	+0.062%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.9	+0.015%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.2	+0.134%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.6	+0.076%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.1	+0.022%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778	+0.055%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.088%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.4	+0.033%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.077%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779.6	+0.114%	$181.9M	$783.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	+0.157%	$161.7M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779	+0.091%	$21.5M	$58.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.1	+0.094%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.9	+0.051%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.3	+0.102%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,776.5	long leg	$973K	$14.0M	100x
Vest ETH-PERP	+0.0100%	1h	2,778.2	+0.062%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.1	+0.022%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.2	+0.062%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,778.3	+0.066%	$8.4M	$678.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,779.7	+0.116%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.2	+0.062%	$86.0M	$332.1M	100x	as long as short
BloFin ETH-USDT	+0.0185%	8h	2,776.9	+0.015%	$283.9M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,777.8	+0.047%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,781.9	+0.196%	$271K	$1.5M	20x	as long as short