Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0229%/8h= −25.1% APRpaid last 24h −0.122%

Price spread now: Deribit against Paradex+0.053%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.053% dearer against Paradex than usual: you sell high and buy low (spread +0.053% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETHFI-USD-PERP	0.6955	−0.0095	get 0.0095% / 8h	8m 25s	$6K	—	5x
Short	Deribit ETHFI_USDC-PERPETUAL	0.6959	−0.0324	pay 0.0041% / 1h	8m 25s	$41K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$48.09
Price spread: +0.053% → 0.000%: $5.34
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$53.75
Costs to cover: 0.110%
Break-even: never at this rate

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

Paradex and Deribit: 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	−0.0412%	4h	0.6954	−0.018%	$83K	$150K	20x	as long as short
Deribit ETHFI_USDC-PERPETUALshort	−0.0324%	1h	0.6959	+0.053%	$41K	$12K	10x
Orderly PERP_ETHFI_USDC	−0.0286%	4h	0.6956	+0.010%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0206%	4h	0.6944	−0.168%	$914K	$785K	—	as long as short
Paradex ETHFI-USD-PERPlong	−0.0095%	8h	0.6955	long leg	$6K	—	5x
Bybit ETHFIUSDT	−0.0079%	4h	0.6955	−0.004%	$17.1M	$12.9M	25x	as long as short
Binance ETHFIUSDT	−0.0002%	4h	0.6954	−0.018%	$24.2M	$35.9M	75x	as long as short
MEXC ETHFI_USDT	−0.0002%	4h	0.6954	−0.018%	$15.7M	$4.2M	125x	as long as short
Extended ETHFI-USD	0.0000%	1h	0.6952	−0.046%	$94K	$503K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.094%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0080%	1h	0.6955	−0.010%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6965	+0.137%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6962	+0.094%	$16.7M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6955	−0.002%	$178K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6961	+0.082%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6962	+0.097%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6954	−0.018%	$1.2M	$217K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6956	+0.010%	$6.1M	$4.7M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6958	+0.039%	—	$10.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6962	+0.097%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6955	−0.004%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0238%	4h	0.6956	+0.010%	$1.2M	$241K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0272%	1h	0.6990	+0.499%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0820%	1h	0.6973	+0.256%	$291K	$283K	20x	as long as short