Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Ondo Perps against Vest−0.140%50s7-day average −0.053% · you buy dearer than you sell

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

Long on Vest Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 4 days (all we have)−0.856%−$86 · spread now −0.140%, 7d avg −0.053%

Together, before fees−0.840%+ Points / potential airdropVest: Active · Ondo Perps: Active · farm board−$84 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: Ondo Perps is 0.087% cheaper against Vest than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.053%. The two prices were read 50 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	Vest ETH-PERP	2,728.3	0.0100	pay 0.0013% / 1h	37m 40s	—	$445K	50x
Short	Ondo Perps ETH-USD.P	2,724.5	0.0100	get 0.0013% / 1h	37m 40s	$2.7M	$16.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Vest. 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 VestbpFee Ondo PerpsbpOrdersPrice spread, now −0.140%Rate

Funding earned: $0
Price spread: −0.140% → −0.053%: −$8.68
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$15.68
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Ondo 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 Vest no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

Vest and Ondo 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
BloFin ETH-USDT	−0.0185%	8h	2,727.2	−0.041%	$280.3M	$177.7M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726	−0.085%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,732.8	+0.165%	$811K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.7	−0.060%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,725	−0.121%	$10.5M	$42.5M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727.3	−0.037%	$6.4M	$682.0M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,727	−0.050%	$285K	$5.7M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,726.9	−0.054%	$262.6M	$212.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.8	−0.057%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,725.5	−0.102%	—	$1.09B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0023%	8h	2,725.5	−0.104%	$2.32B	$4.35B	150x	as long as short
HTX ETH-USDT	+0.0027%	8h	2,725.8	−0.094%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.9	−0.125%	$191K	$890K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,727.4	−0.033%	$117K	$20.2M	52x	as long as short
ApeX Omni ETHUSDT	+0.0052%	1h	2,731	+0.098%	$8.5M	$31.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,726.5	−0.065%	$82.1M	$309.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,728.4	+0.004%	$241K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,725.3	−0.109%	$383.8M	$577.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,725.5	−0.104%	$1.65B	$10.84B	100x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,725.2	−0.116%	$252.4M	$849.2M	200x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,725.1	−0.118%	$6.30B	$16.16B	150x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,725.6	−0.098%	$1.55B	$2.56B	500x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,725.9	−0.088%	$54.3M	$187.2M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,725.8	−0.093%	$112.2M	$430.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.9	−0.050%	$23.4M	$102.1M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,722.9	−0.198%	$4.9M	$183K	20x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,730.1	+0.065%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.5	−0.140%	$499K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.9	+0.021%	$15.3M	$7.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.1	−0.043%	$14.0M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.2	−0.041%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.1	−0.080%	$31.9M	$333.6M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,724.5	−0.140%	$2.7M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,725.8	−0.093%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.076%	$163.3M	$356.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.7	−0.096%	$3.31B	$8.87B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.6	−0.100%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.5	−0.102%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.4	+0.040%	$133.9M	$317.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.3	+0.072%	$185.6M	$681.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.7	+0.088%	$158.7M	$81.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.2	−0.041%	$21.0M	$70.7M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,728.3	long leg	—	$445K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.6	−0.026%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.3	−0.072%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.4	−0.035%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.9	−0.014%	$40.8M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,726.8	−0.054%	$956K	$10.9M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726.2	−0.078%	$262.8M	$64.6M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.7	−0.131%	$30.4M	$72.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,726.9	−0.052%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,727.3	−0.036%	$46.5M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,725.2	−0.113%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,725.4	−0.105%	$7.3M	$975K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,728.8	+0.016%	$32.2M	$11.2M	100x	as long as short