Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0194%/8h= −21.3% APRpaid last 24h −0.037%

Price spread now: Perpl against Vest−0.102%7-day average −0.007% · you buy dearer than you sell

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

Long on Vest Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 3 days (all we have)+0.110%+$11 · spread now −0.102%, 7d avg −0.007%

Together, before fees+0.095%+ Points / potential airdropVest: Active · Perpl: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Perpl is 0.095% cheaper against Vest than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.015% in total (about -1.7% 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	Vest ETH-PERP	2,768.9	0.0083	pay 0.0010% / 1h	31m 54s	—	$876K	50x
Short	Perpl ETH	2,766.1	−0.0112	pay 0.0010% / 43m	10m 54s	$320K	$6.3M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$40.78
Price spread: −0.102% → −0.007%: −$9.49
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$66.07
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Vest and 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
Injective ETH/USDC PERP	−0.0752%	1h	2,772.9	+0.144%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.9	−0.073%	$5.6M	$11.2M	25x	as long as short
Perpl ETHshort	−0.0112%	43m	2,766.1	−0.102%	$320K	$6.3M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,768.4	−0.018%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,766.9	−0.072%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.094%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.9	−0.002%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770	+0.041%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,768.9	0.000%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0025%	8h	2,771.5	+0.093%	$1.71B	$11.21B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.9	+0.035%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,769.4	+0.018%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,770.3	+0.050%	$256.7M	$886.3M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,770.7	+0.066%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,770.8	+0.070%	$6.47B	$16.38B	150x	as long as short
Phemex ETHUSDT	+0.0054%	8h	2,769.8	+0.031%	$269.6M	$67.5M	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767	−0.070%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0058%	1h	2,771.6	+0.099%	$31K	$23K	20x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,769.2	+0.011%	$1.08B	$1.26B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,771.5	+0.095%	$2.10B	$2.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771	+0.074%	$60.4M	$4.45B	50x	as long as short
Vest ETH-PERPlong	+0.0083%	1h	2,768.9	long leg	—	$876K	50x
KuCoin ETHUSDTM	+0.0083%	8h	2,771	+0.075%	$420.5M	$631.7M	100x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,770.3	+0.050%	$3.36B	$8.99B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.1	+0.044%	$115.2M	$457.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.5	+0.092%	$25.7M	$111.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,768.8	−0.004%	$15.9M	$8.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.1	−0.065%	$484K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.8	−0.075%	$14.8M	$114.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.7	+0.137%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.3	−0.020%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.6	+0.098%	$2.51B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.9	−0.072%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.5	−0.050%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	+0.034%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.3	+0.049%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	+0.062%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.122%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.9	+0.036%	$181.8M	$787.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.6	+0.024%	$161.0M	$84.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,772.1	+0.115%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.6	+0.061%	$21.4M	$62.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.4	−0.018%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.6	+0.027%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.6	+0.098%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.1	+0.005%	$971K	$13.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.6	+0.061%	$31.0M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,768.2	−0.027%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,769.7	+0.029%	$8.0M	$682.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,771.3	+0.085%	$259.1M	$207.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.3	+0.085%	$95.9M	$319.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0150%	8h	2,772.4	+0.125%	$32.6M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.6	+0.097%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,769.9	+0.037%	$287.9M	$184.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,768.5	−0.016%	$7.3M	$1.2M	25x	as long as short