Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0037%/8h= +4.0% APRpaid last 24h −0.004%

Price spread now: SoDEX against Binance−0.015%7-day average −0.011% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Binance Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.005%$0 · spread now −0.015%, 7d avg −0.011%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ETHUSDT	2,751.3	0.0063	pay 0.0063% / 8h	6h 47m	$6.36B	$16.33B	150x
Short	SoDEX ETH-USD	2,750.9	0.0100	get 0.0013% / 1h	47m 48s	$54.8M	$187.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Binance. 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 BinancebpFee SoDEXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $7.73
Price spread: −0.015% → −0.011%: −$0.41
Slippage, 4 orders: −$0.4
Fee Binance: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$11.07
Costs to cover: 0.184%
Break-even: 17.0 days

Slippage from Binance: live order book, 11 min ago; SoDEX: live order book, 1 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 Binance live order book, 11 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$608	8.1 bp −$4,053
Sell SoDEX live order book, 1 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	5.9 bp −$587	35.5 bp −$17.7K

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	2,751.6	+0.012%	$316K	$6.2M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0323%	1h	2,750	−0.050%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,755.4	+0.149%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.8	+0.055%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750.9	−0.015%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.5	−0.066%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.6	−0.026%	$10.9M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751	−0.011%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,752.8	+0.054%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0028%	8h	2,751.4	+0.004%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0035%	8h	2,751.4	+0.005%	$1.68B	$11.11B	100x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,752.8	+0.054%	$256.0M	$856.4M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,750.2	−0.042%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,751.2	−0.004%	$1.58B	$2.53B	500x	as long as short
HTX ETH-USDT	+0.0059%	8h	2,751	−0.012%	$1.07B	$1.22B	200x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,751.6	+0.011%	$3.33B	$8.74B	200x	as long as short
Binance ETHUSDTlong	+0.0063%	8h	2,751.3	long leg	$6.36B	$16.33B	150x
KuCoin ETHUSDTM	+0.0081%	8h	2,751.4	+0.002%	$384.4M	$606.5M	100x	as long as short
Bitget ETHUSDT	+0.0084%	8h	2,751.7	+0.013%	$2.07B	$2.86B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,752.5	+0.042%	$258.8M	$202.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.4	+0.038%	$59.5M	$4.40B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,750.9	−0.016%	$113.3M	$439.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.4	+0.076%	$25.1M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,755.4	+0.148%	—	$35.6M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,750.3	−0.037%	$133.4M	$346.5M	—	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,751.6	+0.011%	$30K	$21K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.2	+0.177%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.1	+0.029%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.8	−0.018%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.4	+0.076%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,754.1	+0.100%	$31.6M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.8	+0.017%	$2.47B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752.3	+0.036%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.4	+0.074%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.048%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751.2	−0.006%	$15.0M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.293%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.153%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.9	+0.094%	$21.3M	$66.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.7	+0.050%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,751	−0.011%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.7	−0.024%	$184K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.8	+0.019%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.1	+0.067%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.7	+0.012%	$964K	$12.6M	100x	as long as short
SoDEX ETH-USDshort	+0.0100%	1h	2,750.9	−0.015%	$54.8M	$187.6M	40x
Phemex ETHUSDT	+0.0100%	8h	2,751.6	+0.009%	$267.7M	$66.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.8	−0.017%	$30.8M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0133%	8h	2,752.9	+0.058%	$7.7M	$672.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0161%	8h	2,753.8	+0.089%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,754.3	+0.109%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	+0.055%	$285.0M	$179.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753.2	+0.069%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.8	−0.054%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.4	+0.038%	$93.2M	$316.0M	100x	as long as short