Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.015%

Price spread now: Katana Perps against ApeX Omni−0.086%54s7-day average −0.042% · you buy dearer than you sell

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

Long on ApeX Omni Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.116%+$12 on $10k

Price spread, last 7 days+0.068%+$7 · spread now −0.086%, 7d avg −0.042%

Together, before fees+0.184%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.044% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of −0.042%). If the spread goes back, that is −$4 on $10k: about 2.5 days of funding at the current rate (+$2 a day). The two prices were read 54 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	ApeX Omni ETHUSDT	2,735	0.0043	pay 0.0005% / 1h	20m 24s	$8.7M	$31.3M	100x
Short	Katana Perps ETH-USD	2,732.6	0.0100	get 0.0100% / 8h	4h 20m	$500K	$3.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against ApeX Omni. 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 ApeX OmnibpFee Katana PerpsbpOrdersPrice spread, now −0.086%Rate

Funding earned: $12.02
Price spread: −0.086% → −0.042%: −$4.36
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$6.14
Costs to cover: 0.138%
Break-even: 10.6 days

Slippage unknown: ApeX Omni: live order book, 4 min ago; Katana Perps: 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 ApeX Omni live order book, 4 min ago	0.13 bp	5.8 bp −$6	6.8 bp −$68	21.7 bp −$2,166	47.2 bp −$23.6K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana 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	−0.0447%	43m	2,733.5	−0.055%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.027%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.8	−0.079%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733	−0.071%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.072%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733	−0.071%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735	+0.002%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733.1	−0.069%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0009%	1h	2,732.5	−0.090%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDTlong	+0.0043%	1h	2,735	long leg	$8.7M	$31.3M	100x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0046%	8h	2,731.4	−0.131%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,731.9	−0.111%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0061%	8h	2,732.4	−0.093%	$2.38B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,733	−0.070%	$380.3M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,732.5	−0.088%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0074%	8h	2,731.9	−0.112%	$265.6M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,733.3	−0.062%	$251.0M	$842.5M	200x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,732.5	−0.090%	$54.4M	$187.6M	40x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,732.8	−0.077%	$6.35B	$15.87B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,732.7	−0.081%	$1.55B	$2.56B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,733.6	−0.050%	$112.9M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.8	−0.005%	$23.4M	$106.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.7	−0.082%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.1	−0.176%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,737.6	+0.096%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,734.1	−0.030%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,732.6	−0.086%	$500K	$3.2M	50x
Nado ETH-PERP	+0.0100%	1h	2,733.5	−0.052%	$13.7M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.6	−0.012%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	−0.020%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.6	−0.086%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.1	−0.030%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.7	−0.083%	$3.34B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.6	−0.086%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.8	−0.115%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.5	−0.127%	$133.7M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.1	−0.030%	$183.9M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.9	−0.003%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.3	−0.024%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.5	−0.055%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734.2	−0.027%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.2	−0.065%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.7	−0.044%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.4	−0.130%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	−0.004%	$164.8M	$300.4M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.8	−0.077%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.5	−0.053%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,734.4	−0.020%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0127%	1h	2,733.9	−0.037%	$260.1M	$195.7M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,732.5	−0.090%	$6.8M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,734.9	−0.002%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,731.7	−0.118%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.1	−0.068%	$83.3M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,735.3	+0.012%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,732.1	−0.103%	$282.3M	$175.5M	150x	as long as short