Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h −0.012%

Price spread now: Bybit against Deribit−0.063%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.063%, 7d avg −0.041%

Together, before fees+0.092%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.022% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,745.8	0.0060	pay 0.0008% / 1h	16m 13s	$266.1M	$214.2M	50x
Short	Bybit ETHUSDT	2,744	−0.0052	pay 0.0052% / 8h	7h 16m	$2.33B	$4.20B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$23.47
Price spread: −0.063% → −0.041%: −$2.24
Slippage, 4 orders: −$1.85
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$45.55
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.64 bp	4.6 bp −$5	5.4 bp −$54	10.2 bp −$1,020	24.4 bp −$12.2K
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.6 bp −$662	9.7 bp −$4,849

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
BloFin ETH-USDT	−0.0159%	8h	2,740	−0.210%	$281.1M	$175.1M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,739.8	−0.219%	$276K	$5.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741	−0.173%	$5K	$1K	50x	as long as short
Bybit ETHUSDTshort	−0.0052%	8h	2,744	−0.063%	$2.33B	$4.20B	150x
Phemex ETHUSDT	−0.0030%	8h	2,744.6	−0.044%	$264.1M	$62.4M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,736.4	−0.341%	$810K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.3	−0.198%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.3	−0.127%	$10.6M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.1	−0.206%	$6.6M	$664.3M	4.9x	as long as short
Hibachi ETH/USDT-P	0.0000%	1h	2,740.3	−0.198%	$241K	$1.4M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.3	−0.198%	$33.1M	—	200x	as long as short
HTX ETH-USDT	+0.0014%	8h	2,745.1	−0.026%	$1.05B	$1.18B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,742.9	−0.104%	$182K	$892K	50x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,736	−0.357%	$8.3M	$30.8M	100x	as long as short
Gate ETH_USDT	+0.0053%	8h	2,744.2	−0.055%	$3.28B	$8.37B	200x	as long as short
Deribit ETH-PERPETUALlong	+0.0060%	1h	2,745.8	long leg	$266.1M	$214.2M	50x
SunX ETH-USDT	+0.0061%	8h	2,744.5	−0.047%	$964K	$10.2M	100x	as long as short
SoDEX ETH-USD	+0.0062%	1h	2,744.6	−0.042%	$54.7M	$160.0M	40x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,744.1	−0.062%	$253.9M	$799.6M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,744.4	−0.048%	$1.66B	$10.24B	100x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,744.5	−0.047%	$1.59B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,744.2	−0.058%	$6.34B	$15.44B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,742.4	−0.123%	$4.9M	$193K	20x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,743.4	−0.085%	$371.4M	$491.0M	100x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,744.3	−0.053%	$178K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,745.4	−0.014%	$113.2M	$405.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.4	−0.158%	$23.8M	$97.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,742.9	−0.104%	—	$23.9M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.1	−0.133%	$521K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.1	−0.062%	$15.4M	$6.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.1	−0.133%	$14.4M	$99.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.7	−0.002%	$3.13B	$1.97B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.5	−0.120%	$32.1M	$328.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.6	−0.152%	$2.7M	$16.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,742.9	−0.106%	$1.6M	$15.5M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.9	−0.033%	$2.12B	$2.57B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,744.3	−0.055%	—	$1.01B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.8	−0.219%	$15.2M	$38.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.7	−0.331%	$132.3M	$311.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.4	−0.339%	$186.3M	$685.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.4	−0.339%	$159.1M	$80.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.1	−0.206%	$21.0M	$71.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.6	−0.044%	—	$416K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.3	−0.053%	$11.2M	$9.2M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.781%	$40.5M	$29.1M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,738.5	−0.263%	$165.3M	$346.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.8	−0.070%	$30.4M	$69.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0104%	1h	2,745.7	−0.002%	$82.4M	$293.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,736.5	−0.338%	$30K	$13K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,746	+0.008%	$45.4M	$4.14B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,740.8	−0.182%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERP	+0.0169%	1h	2,738.3	−0.272%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,746.9	+0.041%	$32.4M	$10.7M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,743.8	−0.071%	$118K	$22.7M	52x	as long as short
Bluefin ETH-PERP	+0.0893%	1h	2,745.1	−0.024%	$20K	$15K	25x	as long as short