Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h +0.005%

Price spread now: Injective against Paradex+1.204%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 Injective

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. Injective is 1.204% dearer against Paradex than usual: you sell high and buy low (spread +1.204% now, against zero (this spread has no 7-day history yet)): +$120 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETHFI-USD-PERP	0.7154	0.0061	pay 0.0061% / 8h	5h 55m	$6K	—	5x
Short	Injective ETHFI/USDC PERP	0.7240	0.0033	get 0.0004% / 1h	55m 52s	$321	$51K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.204%Rate

Funding earned: −$5.87
Price spread: +1.204% → 0.000%: $120.4
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $110.51
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Paradex and Injective: 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 23 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
Deribit ETHFI_USDC-PERPETUAL	−0.0309%	1h	0.7151	−0.040%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0201%	4h	0.7147	−0.096%	$16K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0102%	4h	0.7144	−0.138%	$88K	$168K	20x	as long as short
Injective ETHFI/USDC PERPshort	+0.0033%	1h	0.7240	+1.204%	$321	$51K	5.5x
Variational Omni ETHFI	+0.0043%	4h	0.7161	+0.104%	$1.1M	$714K	—	as long as short
Paradex ETHFI-USD-PERPlong	+0.0061%	8h	0.7154	long leg	$6K	—	5x
Lighter ETHFI	+0.0096%	1h	0.7156	+0.024%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7149	−0.072%	$17.9M	$8.2M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7149	−0.073%	$182K	$257K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7124	−0.417%	$24.8M	$35.7M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHFIUSDT	+0.0100%	4h	0.7129	−0.348%	$17.9M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7135	−0.264%	$5.0M	$12.2M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7132	−0.306%	$1.7M	$1.9M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7133	−0.292%	$15.4M	$3.9M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7139	−0.208%	$1.2M	$254K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7131	−0.320%	$6.1M	$5.3M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7130	−0.334%	—	$26.0M	—	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7153	−0.012%	$2K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7131	−0.321%	$100K	$381K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7145	−0.124%	$9K	—	3x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0305%	1h	0.7151	−0.039%	$271K	$197K	20x	as long as short
Polymarket Perps ETHFI-USD	+0.0476%	1h	0.7185	+0.431%	$71K	$118K	5x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0512%	1h	0.7253	+1.386%	$32K	$6K	50x	as long as short