Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.099%

Price spread now: Orderly against Deribit−0.028%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.028% cheaper against Deribit than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 19 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.7181	−0.0307	get 0.0038% / 1h	23m 57s	$42K	$18K	10x
Short	Orderly PERP_ETHFI_USDC	0.7179	−0.0187	pay 0.0094% / 4h	23m 57s	$16K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.028%Rate

Funding earned: $25.13
Price spread: −0.028% → 0.000%: −$2.79
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $9.34
Costs to cover: 0.130%
Break-even: 4.4 days

Slippage unknown: Deribit: no order-book sample; Orderly: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit and Orderly: 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.

ETHFI on 24 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
HTX ETHFI-USDT	−0.0362%	4h	0.7159	−0.306%	$83K	$165K	20x	as long as short
Deribit ETHFI_USDC-PERPETUALlong	−0.0307%	1h	0.7181	long leg	$42K	$18K	10x
Orderly PERP_ETHFI_USDCshort	−0.0187%	4h	0.7179	−0.028%	$16K	$1K	10x
Paradex ETHFI-USD-PERP	−0.0001%	8h	0.7178	−0.043%	$6K	—	5x	as long as short
Extended ETHFI-USD	+0.0032%	1h	0.7174	−0.091%	$93K	$492K	10x	as long as short
Binance ETHFIUSDT	+0.0032%	4h	0.7176	−0.070%	$25.0M	$37.2M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.822%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0034%	4h	0.7177	−0.056%	$15.3M	$3.8M	125x	as long as short
Aster ETHFIUSDT	+0.0077%	4h	0.7185	+0.056%	$183K	$259K	10x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7173	−0.116%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7189	+0.110%	$1.1M	$897K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7189	+0.110%	$18.2M	$8.9M	5x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7178	−0.042%	$18.2M	$13.1M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7181	0.000%	$5.0M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7180	−0.014%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7177	−0.056%	$1.2M	$270K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7181	0.000%	$6.1M	$5.7M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7178	−0.042%	—	$26.1M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7178	−0.046%	$1.1M	$738K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7181	+0.004%	$59K	$94K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7185	+0.056%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0140%	4h	0.7173	−0.111%	$1.3M	$288K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0216%	1h	0.7237	+0.780%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0551%	1h	0.7190	+0.120%	$277K	$161K	20x	as long as short