Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0060%/8hnext payment +$0.07 per $10,000 · paid last 24h +0.005%

Price spread now: Nado against Aevo+0.004%50s7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$740.743% of the position

Long on Aevo Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now +0.004%, 7d avg +0.060%

Together, before fees+0.093%+ Points / potential airdropNado: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.056% cheaper against Aevo than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.060%). If the spread goes back, that is −$6 on $10k: about 3.1 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.020% in total) that is about 8.7 days. 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	Aevo ETH-PERP	2,760.9	0.0040	pay 0.0005% / 1h	6m 30s	$5.0M	$651K	20x
Short	Nado ETH-PERP	2,761	0.0100	get 0.0012% / 1h	6m 30s	$17.3M	$112.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Aevo. 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 AevobpFee NadobpOrdersPrice spread, now +0.004%Rate

Funding earned: $12.6
Price spread: +0.004% → +0.060%: −$5.61
Slippage, 4 orders: −$51.32
Fee Aevo: 8 bp × 2 orders: −$16
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$67.32
Costs to cover: 0.743%
Break-even: 44.4 days

Slippage from Aevo: live order book, 2 min ago; Nado: live order book, 2 min ago.

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 Aevo live order book, 2 min ago	25.10 bp	33.2 bp −$33	35.8 bp −$358	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.0 bp −$496	12.6 bp −$6,292

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	−0.0208%	1h	2,761.8	+0.032%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0112%	43m	2,759.9	−0.038%	$269K	$6.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,762	+0.040%	$5K	$2K	50x	as long as short
SoDEX ETH-USD	−0.0019%	1h	2,762.1	+0.043%	$55.7M	$184.4M	40x	as long as short
Phoenix ETH	−0.0003%	1h	2,762.9	+0.072%	$928K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,763.2	+0.081%	$13.5M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,763.6	+0.096%	$22.4M	—	200x	as long as short
Bulk ETH-USD	+0.0012%	1h	2,762.6	+0.061%	$165.0M	$265.6M	25x	as long as short
OKX ETH-USDT-SWAP	+0.0016%	8h	2,759.3	−0.058%	$1.73B	$11.31B	100x	as long as short
ApeX Omni ETHUSDT	+0.0018%	1h	2,761.7	+0.028%	$8.4M	$28.8M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0018%	1h	2,764.2	+0.118%	$258.4M	$209.2M	50x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0020% / S +0.0013%	1h	2,763.6	+0.098%	$12.3M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,759.2	−0.063%	$194K	$1.8M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,761.9	+0.036%	$178K	$1.2M	50x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,762.6	+0.063%	$267.1M	$64.5M	150x	as long as short
MEXC ETH_USDT	+0.0038%	8h	2,759.1	−0.066%	$1.62B	$2.48B	500x	as long as short
Binance ETHUSDT	+0.0039%	8h	2,760.7	−0.006%	$6.57B	$16.31B	150x	as long as short
Aevo ETH-PERPlong	+0.0040%	1h	2,760.9	long leg	$5.0M	$651K	20x
RISEx ETH/USDC	+0.0044%	1h	2,761.7	+0.027%	$5.8M	$12.2M	25x	as long as short
Gate ETH_USDT	+0.0051%	8h	2,760.6	−0.010%	$3.35B	$9.26B	200x	as long as short
Aster ETHUSDT	+0.0057%	8h	2,760.8	−0.005%	$268.2M	$947.4M	200x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,763.3	+0.086%	$29K	$20K	20x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,759.5	−0.052%	$2.09B	$3.00B	150x	as long as short
Variational Omni ETH	+0.0092%	8h	2,760.4	−0.020%	$139.7M	$304.4M	—	as long as short
Lighter ETH	+0.0096%	1h	2,761.3	+0.014%	$115.1M	$498.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,762.9	+0.073%	$25.5M	$122.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,763.1	+0.078%	—	$44.1M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,765.4	+0.163%	$15.8M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,762.7	+0.065%	$481K	$2.6M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,761	+0.004%	$17.3M	$112.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,762.1	+0.043%	$3.23B	$2.21B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,761.5	+0.022%	$31.2M	$265.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,760.5	−0.014%	$2.53B	$4.42B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,760.8	−0.004%	$2.9M	$15.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,762.4	+0.056%	$2.9M	$16.9M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,761	+0.004%	$413.3M	$711.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,761.4	+0.017%	—	$16.9M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,762.7	+0.064%	$15.3M	$41.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,761.2	+0.012%	$179.7M	$749.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,761.6	+0.024%	$160.6M	$95.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,762.1	+0.043%	$21.3M	$56.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,761	+0.004%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,762	+0.040%	$11.3M	$7.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,763.8	+0.106%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,765.7	+0.173%	$42.9M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,761.2	+0.012%	$968K	$14.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,761.8	+0.032%	$1.08B	$1.24B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,760.3	−0.023%	$31.5M	$75.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0113%	8h	2,765.4	+0.164%	$32.5M	$11.1M	100x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,763.2	+0.083%	$8.6M	$642.9M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0128%	1h	2,764.1	+0.115%	$59.6M	$4.57B	50x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,763.6	+0.097%	$278K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0154%	8h	2,762.2	+0.046%	$292.7M	$186.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0163%	1h	2,763.7	+0.103%	$85.4M	$322.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,758.9	−0.072%	$7.5M	$936K	25x	as long as short