Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: Ondo Perps against Bitget+0.008%50s7-day average −0.017% · you sell dearer than you buy

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

Long on Bitget Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 7 days−0.217%−$22 · spread now +0.008%, 7d avg −0.017%

Together, before fees−0.134%+ Points / potential airdropOndo Perps: Active · farm board−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.025% dearer against Bitget than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.017%. 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	Bitget ETHUSDT	2,737.2	0.0100	pay 0.0100% / 8h	5h 37m	$2.07B	$2.73B	150x
Short	Ondo Perps ETH-USD.P	2,737.4	0.0100	get 0.0013% / 1h	37m 53s	$2.7M	$16.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bitget. 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 BitgetbpFee Ondo PerpsbpOrdersPrice spread, now +0.008%Rate

Funding earned: $0
Price spread: +0.008% → −0.017%: $2.48
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$14.52
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Ondo 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 Bitget live order book, 1 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.9 bp −$790	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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
Hotstuff ETH-PERP	−0.0080%	1h	2,739.4	+0.081%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.216%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.5	+0.013%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,738.9	+0.062%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,738.8	+0.058%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,737.4	+0.008%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.275%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,737.7	+0.019%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0049%	8h	2,736.5	−0.023%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,737	−0.005%	$382.8M	$597.3M	100x	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	+0.0063%	8h	2,737.1	−0.003%	$1.70B	$10.56B	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,738.1	+0.035%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,737.2	+0.001%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,736.8	−0.013%	$251.8M	$841.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,734.1	−0.112%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,736.8	−0.014%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,737.1	−0.003%	$6.36B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,736.2	−0.037%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,736.7	−0.017%	$112.5M	$432.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.4	+0.008%	$24.6M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.2	+0.075%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,737	−0.008%	$58.5M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742.8	+0.205%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.8	+0.023%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	+0.054%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.1	+0.070%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.3	+0.077%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,736.9	−0.010%	$2.45B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,737.4	+0.008%	$2.7M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,738.6	+0.051%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.232%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.4	+0.007%	$3.38B	$8.71B	200x	as long as short
Bitget ETHUSDTlong	+0.0100%	8h	2,737.2	long leg	$2.07B	$2.73B	150x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.8	−0.050%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.035%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	+0.075%	$182.0M	$689.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.231%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.193%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.5	+0.085%	$21.2M	$68.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.6	+0.053%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.3	+0.041%	$10.9M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,764.7	+1.007%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.6	+0.051%	$41.4M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,736.4	−0.029%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.4	−0.028%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.9	−0.011%	$266.2M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.8	−0.015%	$30.6M	$72.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0134%	1h	2,738	+0.029%	$258.7M	$196.1M	50x	as long as short
Aftermath Perps ETHUSD	+0.0135%	1h	2,741.5	+0.158%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,738.6	+0.052%	$7.7M	$668.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,739.1	+0.069%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,738.4	+0.044%	$284.3M	$177.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737	−0.006%	$86.9M	$310.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,736.5	−0.027%	$7.2M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.9	+0.100%	$251K	$1.4M	20x	as long as short