Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.007%

Price spread now: SoDEX against Bybit+0.050%7-day average −0.011% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.050%, 7d avg −0.011%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.062% dearer against Bybit than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.011%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 3 days (−0.004% in total) that is about 54 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,769.2	0.0088	pay 0.0088% / 8h	21m 41s	$2.50B	$4.63B	150x
Short	SoDEX ETH-USD	2,770.6	0.0034	get 0.0004% / 1h	21m 41s	$55.2M	$229.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bybit. 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 BybitbpFee SoDEXbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$11.28
Price spread: +0.050% → −0.011%: $6.16
Slippage, 4 orders: −$1.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$25.25
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; SoDEX: live order book, 2 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 Bybit live order book, 2 min ago	0.02 bp	6.3 bp −$6	6.9 bp −$69	7.8 bp −$784	10.9 bp −$5,431
Sell SoDEX live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.6 bp −$564	31.1 bp −$15.6K

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	−0.0223%	43m	2,771.5	+0.082%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,769.6	+0.013%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.458%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.4	+0.007%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0039%	1h	2,768.4	−0.029%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.7	+0.054%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	+0.027%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	+0.068%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.4	+0.116%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,769	−0.007%	—	$17.4M	—	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	+0.0022%	8h	2,769.1	−0.005%	$1.70B	$11.87B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,771.7	+0.089%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,772.3	+0.110%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,770.7	+0.054%	$255.7M	$1.00B	200x	as long as short
SoDEX ETH-USDshort	+0.0034%	1h	2,770.6	+0.050%	$55.2M	$229.0M	40x
Phemex ETHUSDT	+0.0035%	8h	2,771.2	+0.073%	$270.3M	$68.9M	150x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,771.4	+0.080%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.7	−0.019%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.1	−0.005%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,769.4	+0.007%	$6.45B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,769.1	−0.005%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,769.2	+0.001%	$3.28B	$9.67B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,769.3	+0.003%	$420.7M	$739.6M	100x	as long as short
Bybit ETHUSDTlong	+0.0088%	8h	2,769.2	long leg	$2.50B	$4.63B	150x
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,772.4	+0.114%	$60.1M	$4.59B	50x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,771.1	+0.067%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,770.8	+0.058%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,769.9	+0.023%	$115.1M	$499.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.5	+0.081%	$25.3M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.7	+0.019%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,768.8	−0.014%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.4	+0.007%	$476K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.3	+0.076%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.8	+0.130%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.1	+0.031%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.5	+0.010%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	+0.046%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.133%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	+0.074%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	+0.040%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.5	−0.027%	$181.7M	$783.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	+0.073%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.1	−0.076%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.9	+0.097%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.8	+0.092%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.8	+0.093%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.5	+0.154%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.6	−0.023%	$32.5M	$78.2M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0107%	1h	2,772.5	+0.117%	$259.0M	$222.4M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.9	+0.061%	$8.3M	$687.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,772	+0.100%	$88.8M	$337.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,773.9	+0.168%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,768.9	−0.010%	$287.2M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,771.1	+0.069%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,768.9	−0.011%	$251K	$1.6M	20x	as long as short