Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0013%/8h= −1.5% APRpaid last 24h −0.009%

Price spread now: Binance against Deribit−0.056%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

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

costs, in and out, $10k−$180.178% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now −0.056%, 7d avg −0.041%

Together, before fees+0.075%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.041%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,752.2	0.0095	pay 0.0012% / 1h	10m 00s	$266.4M	$213.3M	50x
Short	Binance ETHUSDT	2,750.7	0.0082	get 0.0082% / 8h	7h 10m	$6.36B	$15.48B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.056%Rate

Funding earned: −$2.79
Price spread: −0.056% → −0.041%: −$1.5
Slippage, 4 orders: −$0.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$22.1
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Binance: live order book, 4 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 Deribit live order book, 4 min ago	0.36 bp	3.9 bp −$4	5.4 bp −$54	13.5 bp −$1,352	25.3 bp −$12.6K
Sell Binance live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	7.0 bp −$3,523

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
Hotstuff ETH-PERP	−0.0080%	1h	2,751.1	−0.041%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0065%	8h	2,750.9	−0.047%	$264.8M	$61.7M	150x	as long as short
Bybit ETHUSDT	−0.0041%	8h	2,750	−0.081%	$2.36B	$4.17B	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,744.4	−0.285%	$812K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751.3	−0.033%	$12.0M	—	200x	as long as short
Hibachi ETH/USDT-P	−0.0008%	1h	2,749.2	−0.111%	$242K	$1.4M	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.8	−0.015%	$11.0M	$42.0M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,752	−0.009%	$7.1M	$664.8M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,751.1	−0.043%	$273K	$5.3M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,750.3	−0.071%	$33.2M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,752.3	+0.002%	$184K	$929K	50x	as long as short
BloFin ETH-USDT	+0.0039%	8h	2,750.8	−0.051%	$280.2M	$174.4M	150x	as long as short
Gate ETH_USDT	+0.0048%	8h	2,750.8	−0.053%	$3.27B	$8.48B	200x	as long as short
HTX ETH-USDT	+0.0068%	8h	2,751.5	−0.029%	$1.05B	$1.18B	200x	as long as short
ApeX Omni ETHUSDT	+0.0071%	1h	2,743.7	−0.310%	$8.3M	$30.4M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,750.9	−0.049%	$254.2M	$798.5M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,749.7	−0.093%	$1.66B	$10.26B	100x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,751.4	−0.031%	$54.8M	$160.1M	40x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,751.2	−0.039%	$1.58B	$2.61B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.1	−0.149%	$4.9M	$199K	20x	as long as short
Binance ETHUSDTshort	+0.0082%	8h	2,750.7	−0.056%	$6.36B	$15.48B	150x
KuCoin ETHUSDTM	+0.0087%	8h	2,751.4	−0.029%	$366.1M	$484.9M	100x	as long as short
Deribit ETH-PERPETUALlong	+0.0095%	1h	2,752.2	long leg	$266.4M	$213.3M	50x
Bullet ETH-USD	+0.0096%	1h	2,751.3	−0.034%	$178K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,751.6	−0.023%	$113.6M	$409.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.3	+0.039%	$24.9M	$99.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,751.8	−0.017%	—	$24.8M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,751.7	−0.020%	$523K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,755.6	+0.121%	$15.6M	$6.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,752.1	−0.006%	$14.6M	$100.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.1	+0.031%	$3.13B	$1.98B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.1	−0.005%	$32.2M	$328.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,751.3	−0.034%	$2.8M	$16.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,752	−0.009%	$1.6M	$15.4M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,750.6	−0.061%	$2.13B	$2.55B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,750.6	−0.058%	—	$1.00B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.7	−0.055%	$15.0M	$38.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,750.9	−0.048%	$132.0M	$307.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.4	−0.321%	$186.1M	$690.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.4	−0.285%	$159.6M	$77.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749.4	−0.103%	$21.1M	$71.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.9	+0.023%	—	$415K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,753.1	+0.031%	$11.3M	$9.1M	50x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751	−0.047%	$949K	$10.1M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,738.5	−0.498%	$165.3M	$346.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.6	−0.096%	$30.5M	$68.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0104%	1h	2,751.9	−0.011%	$82.6M	$293.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,744.8	−0.269%	$30K	$12K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,752.7	+0.017%	$45.7M	$4.14B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,752.3	+0.004%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERP	+0.0168%	1h	2,750.3	−0.069%	$7.3M	$920K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0180%	8h	2,753	+0.029%	$32.4M	$10.6M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,753.3	+0.039%	$118K	$23.1M	52x	as long as short
Bluefin ETH-PERP	+0.0725%	1h	2,751.7	−0.021%	$20K	$15K	25x	as long as short