Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0535%/8h= −58.5% APRpaid last 24h −0.033%

Price spread now: Perpl against Coinbase International+0.010%7-day average −0.018% · you sell dearer than you buy

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

Long on Coinbase International Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.010%, 7d avg −0.018%

Together, before fees+0.029%+ Points / potential airdropPerpl: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.029% dearer against Coinbase International than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.018%): +$3 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.038% in total (about 2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,784.6	0.0088	pay 0.0011% / 1h	50m 38s	$60.3M	$4.62B	50x
Short	Perpl ETH	2,784.9	−0.0447	pay 0.0040% / 43m	3m 38s	$288K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Coinbase International. 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 Coinbase InternationalbpFee PerplbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$112.25
Price spread: +0.010% → −0.018%: $2.85
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$133.19
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 4 min ago; Perpl: 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 Coinbase International live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	7.6 bp −$764	20.7 bp −$10.3K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Perpl ETHshort	−0.0447%	43m	2,784.9	+0.010%	$288K	$6.9M	8.3x
RISEx ETH/USDC	−0.0206%	1h	2,783.5	−0.039%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.075%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,785.9	+0.047%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0066%	1h	2,786.6	+0.071%	$8.8M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,783.8	−0.028%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0006%	1h	2,782.5	−0.075%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.6	0.000%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,785	+0.015%	$888K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.4	−0.008%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,783.2	−0.051%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.5	−0.038%	$1.70B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.2	−0.014%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,783.3	−0.048%	$271.2M	$68.8M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,784.3	−0.009%	$256.9M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,783.6	−0.037%	$5.1M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,783.7	−0.033%	$2.11B	$3.11B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,783.6	−0.036%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,783.8	−0.028%	$6.46B	$17.27B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,784.4	−0.008%	$3.31B	$9.59B	200x	as long as short
Bullet ETH-USD	+0.0072%	1h	2,783.7	−0.032%	$184K	$1.7M	20x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0088%	1h	2,784.6	long leg	$60.3M	$4.62B	50x
KuCoin ETHUSDTM	+0.0090%	8h	2,784.1	−0.017%	$423.5M	$739.5M	100x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.8	−0.027%	$2.52B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,783.1	−0.053%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,784.6	−0.001%	$116.3M	$495.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.1	+0.053%	$25.4M	$120.7M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,784.3	−0.009%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.9	−0.026%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783.5	−0.039%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,785.3	+0.025%	$14.4M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786.7	+0.076%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.6	+0.001%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,783.7	−0.032%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,785	+0.014%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	−0.014%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783	−0.056%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.114%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782.4	−0.080%	$182.1M	$780.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.1	−0.018%	$161.9M	$90.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784.5	−0.003%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,784.5	−0.003%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784.3	−0.010%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,785.5	+0.032%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,782.9	−0.060%	$976K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.4	−0.043%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,783.1	−0.055%	$32.7M	$77.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.2	−0.014%	—	$41.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0116%	1h	2,785	+0.014%	$258.9M	$222.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.4	−0.006%	$86.8M	$332.8M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,784.8	+0.008%	$8.5M	$682.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.2	+0.057%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,783.3	−0.047%	$285.1M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,783.3	−0.045%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,785.5	+0.033%	$271K	$1.5M	20x	as long as short