Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Katana Perps against Bybit−0.058%46s7-day average −0.036% · you buy dearer than you sell

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

Long on Bybit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.058%, 7d avg −0.036%

Together, before fees+0.047%+$5 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: Katana Perps is 0.022% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.036%. The two prices were read 46 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	Bybit ETHUSDT	2,748.3	0.0100	pay 0.0100% / 8h	5h 59m	$2.47B	$4.19B	150x
Short	Katana Perps ETH-USD	2,746.7	0.0100	get 0.0100% / 8h	5h 59m	$483K	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee Katana PerpsbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$0.04
Price spread: −0.058% → −0.036%: −$2.23
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$17.08
Costs to cover: 0.148%
Break-even: never at this rate

Slippage unknown: Bybit: 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 Bybit live order book, 4 min ago	0.02 bp	5.5 bp −$6	6.0 bp −$60	7.0 bp −$703	9.0 bp −$4,501
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 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	−0.0112%	43m	2,746.4	−0.070%	$306K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.8	−0.055%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.8	−0.054%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.6	−0.098%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.004%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.7	−0.057%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.8	−0.092%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,747.3	−0.036%	$181K	$979K	50x	as long as short
BingX ETH-USDT	+0.0042%	8h	2,747.9	−0.014%	—	$1.16B	—	as long as short
OKX ETH-USDT-SWAP	+0.0053%	8h	2,748.2	−0.003%	$1.70B	$10.65B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.9	−0.050%	$369.7M	$602.2M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,747	−0.046%	$252.6M	$843.9M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,743.4	−0.177%	$4.9M	$167K	20x	as long as short
HTX ETH-USDT	+0.0083%	8h	2,745.7	−0.095%	$1.06B	$1.18B	200x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,746.9	−0.051%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,748	−0.011%	$6.39B	$15.83B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,746.3	−0.075%	$58.6M	$4.28B	50x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,748.3	0.000%	$8.8M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,745.6	−0.099%	$112.9M	$445.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.3	−0.038%	$24.7M	$108.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.5	−0.030%	—	$31.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.1	+0.100%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,746.7	−0.058%	$483K	$3.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,746.1	−0.081%	$13.9M	$107.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750	+0.062%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	−0.044%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,748.3	long leg	$2.47B	$4.19B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.8	−0.055%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.9	−0.050%	$2.8M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,748.4	+0.005%	$3.40B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748.2	−0.002%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.3	−0.110%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.062%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.2	−0.004%	$182.1M	$701.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.006%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	−0.004%	$21.3M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747	−0.046%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.5	−0.065%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.2	−0.113%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	−0.076%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.5	−0.030%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.6	−0.098%	$962K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.4	−0.106%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.9	−0.088%	$267.3M	$65.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.075%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.3	−0.071%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,747.4	−0.033%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0118%	1h	2,746.8	−0.056%	$258.9M	$196.3M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,746.8	−0.055%	$7.9M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,748.3	−0.001%	$32.3M	$11.0M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	0.000%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,745	−0.120%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,750	+0.063%	$250K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,746.3	−0.075%	$88.1M	$310.8M	100x	as long as short