Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.023%

Price spread now: Orderly against Deribit+0.037%7-day average +0.038% · you sell dearer than you buy

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.225%+$22 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.037%, 7d avg +0.038%

Together, before fees+0.214%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.038%, so right now this pair is about funding alone: +$4 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	2,742.1	0.0064	pay 0.0008% / 1h	52m 56s	$259.8M	$199.3M	50x
Short	Orderly PERP_ETH_USDC	2,743.1	0.0200	get 0.0200% / 8h	3h 52m	$32.3M	$11.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.037%Rate

Funding earned: $28.52
Price spread: +0.037% → +0.038%: −$0.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $15.38
Costs to cover: 0.130%
Break-even: 3.2 days

Slippage unknown: Deribit: live order book, 1 min ago; Orderly: 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 Deribit live order book, 1 min ago	0.09 bp	3.6 bp −$4	5.1 bp −$51	9.9 bp −$986	17.6 bp −$8,793
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 ETH	−0.0447%	43m	2,739	−0.116%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.1	−0.110%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	−0.053%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,740.2	−0.070%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.4	−0.063%	$10.8M	$42.0M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,739.9	−0.081%	$6.7M	$680.9M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.8	−0.048%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,740.3	−0.068%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,740.2	−0.072%	$180K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,740	−0.078%	$187K	$817K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0042%	8h	2,740.3	−0.067%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0048%	8h	2,740.1	−0.076%	$2.37B	$4.37B	150x	as long as short
Deribit ETH-PERPETUALlong	+0.0064%	1h	2,742.1	long leg	$259.8M	$199.3M	50x
KuCoin ETHUSDTM	+0.0068%	8h	2,741	−0.042%	$380.3M	$574.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,740.6	−0.054%	$1.67B	$10.76B	100x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,740.7	−0.053%	$265.9M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0092%	8h	2,740.3	−0.066%	$251.3M	$842.8M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741.4	−0.027%	$113.2M	$430.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.5	+0.013%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.9	−0.156%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,738.2	−0.144%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,738.7	−0.125%	$118K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,741	−0.040%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,740.4	−0.062%	$6.37B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,744	+0.069%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.7	−0.089%	$502K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.2	−0.071%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.8	+0.024%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.3	−0.067%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.2	−0.143%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.8	−0.085%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.090%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.4	−0.062%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.7	−0.052%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.064%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.133%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	−0.126%	$184.2M	$669.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	−0.124%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,739.5	−0.097%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	−0.081%	$21.1M	$68.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.8	−0.012%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.2	−0.033%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.8	+0.025%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.1	−0.148%	$960K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.9	−0.045%	$54.6M	$187.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741	−0.043%	—	$844K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740	−0.079%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.1	−0.074%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,738.8	−0.123%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,742.2	+0.002%	$51.3M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0152%	1h	2,741.9	−0.010%	$83.8M	$315.6M	100x	as long as short
Orderly PERP_ETH_USDCshort	+0.0200%	8h	2,743.1	+0.037%	$32.3M	$11.7M	100x
Reya ETHRUSDPERP	+0.0215%	1h	2,739.7	−0.090%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	−0.031%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,740.8	−0.048%	$283.3M	$176.0M	150x	as long as short