Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h −0.027%

Price spread now: Bybit against Aftermath Perps+0.124%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.124% dearer against Aftermath Perps than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps ETHUSD	2,772	0.0030	pay 0.0004% / 1h	4m 28s	$29K	$22K	20x
Short	Bybit ETHUSDT	2,775.4	0.0088	get 0.0088% / 8h	4m 28s	$2.51B	$4.62B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aftermath Perps. 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 Aftermath PerpsbpFee BybitbpOrdersPrice spread, now +0.124%Rate

Funding earned: $12.05
Price spread: +0.124% → 0.000%: $12.42
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $4.47
Costs to cover: 0.200%
Break-even: 4.4 days

Slippage unknown: Aftermath Perps: no order-book sample; Bybit: live order book, 5 min ago. 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.02 bp	5.5 bp −$6	6.0 bp −$60	7.5 bp −$755	10.6 bp −$5,285

Aftermath Perps: 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
Perpl ETH	−0.0223%	43m	2,773.7	+0.061%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,774	+0.074%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.357%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.4	+0.015%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0021%	1h	2,769.3	−0.098%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.4	+0.087%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.1	+0.076%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	−0.018%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.9	+0.141%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,774.7	+0.098%	$1.71B	$11.90B	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 +0.0026% / S +0.0009%	1h	2,770.6	−0.049%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,769.5	−0.091%	$269.9M	$68.7M	150x	as long as short
Aftermath Perps ETHUSDlong	+0.0030%	1h	2,772	long leg	$29K	$22K	20x
SoDEX ETH-USD	+0.0030%	1h	2,769.9	−0.075%	$55.1M	$228.7M	40x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,775.2	+0.116%	$256.2M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0034%	1h	2,774.9	+0.107%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,774.4	+0.088%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,775	+0.109%	$6.47B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.3	+0.047%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,775.3	+0.119%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,775.4	+0.123%	$3.29B	$9.70B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,774.8	+0.100%	$421.7M	$738.3M	100x	as long as short
Bybit ETHUSDTshort	+0.0088%	8h	2,775.4	+0.124%	$2.51B	$4.62B	150x
BingX ETH-USDT	+0.0088%	8h	2,775.4	+0.122%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,771.1	−0.032%	$60.3M	$4.59B	50x	as long as short
Nado ETH-PERP	+0.0092%	1h	2,774.5	+0.092%	$14.3M	$118.2M	50x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,769.2	−0.102%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.9	+0.068%	$115.1M	$501.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.5	+0.127%	$25.3M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,774	+0.071%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.3	+0.047%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.5	+0.055%	$483K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.9	+0.177%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.2	+0.080%	$31.3M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.3	−0.025%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	+0.098%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.093%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.081%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.125%	$148.3M	$337.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	−0.079%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	−0.038%	$161.1M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.8	−0.043%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.8	+0.101%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776	+0.143%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.9	−0.110%	$970K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.5	+0.200%	$42.8M	$29.4M	15x	as long as short
Kalshi KXETHPERP	+0.0102%	8h	2,770.5	−0.054%	$8.2M	$688.4M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.3	+0.048%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.8	+0.064%	—	$43.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,771.7	−0.010%	$259.0M	$222.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,771.1	−0.031%	$90.4M	$338.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0144%	8h	2,778.1	+0.220%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,770	−0.071%	$286.6M	$193.5M	150x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,771.5	−0.017%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,774.2	+0.081%	$7.4M	$1.2M	25x	as long as short