Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.046%

Price spread now: Orderly against ApeX Omni+0.047%70s7-day average +0.084% · you sell dearer than you buy

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.356%+$36 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now +0.047%, 7d avg +0.084%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.036% cheaper against ApeX Omni than usual: you would sell low and buy high (spread +0.047% now, against its 7-day average of +0.084%). If the spread goes back, that is −$4 on $10k: about 21 hours of funding at the current rate (+$4 a day). The two prices were read 70 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	2,752.6	0.0033	pay 0.0004% / 1h	22m 15s	$8.7M	$31.5M	100x
Short	Orderly PERP_ETH_USDC	2,753.9	0.0171	get 0.0171% / 8h	6h 22m	$32.4M	$11.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.047%Rate

Funding earned: $29.14
Price spread: +0.047% → +0.084%: −$3.65
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $9.49
Costs to cover: 0.160%
Break-even: 4.7 days

Slippage unknown: ApeX Omni: live order book, 2 min ago; Orderly: 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, 2 min ago	0.89 bp	5.9 bp −$6	5.9 bp −$59	26.3 bp −$2,633	48.0 bp −$24.0K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 54 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	2,753.4	+0.029%	$311K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,752.1	−0.020%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.8	+0.006%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,752	−0.022%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	+0.006%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.4	+0.029%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,752	−0.024%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,753	+0.013%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDTlong	+0.0033%	1h	2,752.6	long leg	$8.7M	$31.5M	100x
BingX ETH-USDT	+0.0036%	8h	2,751.7	−0.035%	—	$1.18B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0047%	8h	2,751.3	−0.049%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,751	−0.061%	$1.07B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,752.9	+0.009%	$371.1M	$607.6M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,752.3	−0.011%	$253.1M	$857.4M	200x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,752.8	+0.007%	$1.57B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,749.1	−0.128%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,751.2	−0.051%	$6.39B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.3	−0.012%	$59.1M	$4.35B	50x	as long as short
Gate ETH_USDT	+0.0092%	8h	2,752.1	−0.020%	$3.39B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0094%	8h	2,751.7	−0.035%	$2.08B	$2.83B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,751.6	−0.037%	$113.0M	$443.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.8	+0.005%	$24.9M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,753.1	+0.018%	—	$35.5M	500x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,752.2	−0.018%	$267.6M	$66.0M	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,757.8	+0.187%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,751.5	−0.041%	$479K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,752.8	+0.005%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,754.9	+0.082%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753.2	+0.020%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.3	−0.048%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752.6	−0.001%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.3	+0.023%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751.1	−0.057%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	+0.023%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	−0.037%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.9	+0.047%	$160.2M	$83.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.2	−0.052%	$21.3M	$67.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,753.5	+0.030%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,753.1	+0.017%	$10.8M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,752.1	−0.018%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,752.4	−0.007%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.2	+0.022%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.7	−0.033%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751	−0.060%	$54.8M	$187.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.031%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,751.5	−0.041%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.9	−0.063%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,752.5	−0.005%	$258.5M	$200.0M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,753.2	+0.020%	$7.9M	$675.0M	4.9x	as long as short
Orderly PERP_ETH_USDCshort	+0.0171%	8h	2,753.9	+0.047%	$32.4M	$11.1M	100x
Hibachi ETH/USDT-P	+0.0208%	1h	2,751.7	−0.033%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753	+0.013%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,752.3	−0.013%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.8	−0.029%	$89.5M	$316.6M	100x	as long as short