Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0247%/8h= −27.1% APRpaid last 24h −0.035%

Price spread now: Perpl against Deribit−0.023%7-day average −0.029% · you buy dearer than you sell

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

Long on Deribit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now −0.023%, 7d avg −0.029%

Together, before fees+0.108%+ Points / potential airdropPerpl: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.086%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.086% in total (about 4.5% 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	Deribit ETH-PERPETUAL	2,774.8	0.0024	pay 0.0003% / 1h	58m 34s	$259.1M	$222.1M	50x
Short	Perpl ETH	2,774.2	−0.0223	pay 0.0020% / 43m	37m 34s	$286K	$6.8M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$51.92
Price spread: −0.023% → −0.029%: $0.6
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$72.12
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 1 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 Deribit live order book, 1 min ago	0.36 bp	5.2 bp −$5	6.4 bp −$64	11.6 bp −$1,163	22.5 bp −$11.3K
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
Injective ETH/USDC PERP	−0.0752%	1h	2,782	+0.259%	$119K	$22.5M	52x	as long as short
Perpl ETHshort	−0.0223%	43m	2,774.2	−0.023%	$286K	$6.8M	8.3x
RISEx ETH/USDC	−0.0128%	1h	2,770.8	−0.144%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	−0.134%	$5K	$1K	50x	as long as short
Bullet ETH-USD	−0.0028%	1h	2,774	−0.029%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	−0.0024%	1h	2,773.3	−0.055%	$55.2M	$228.8M	40x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.8	−0.145%	$168K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,773.8	−0.037%	$8.7M	$32.9M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.160%	$12.7M	$45.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,775.3	+0.017%	$8.1M	$689.5M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ETH	+0.0003%	1h	2,776	+0.043%	$877K	$3.6M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.1	−0.025%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,770.4	−0.159%	$1.71B	$11.84B	100x	as long as short
Deribit ETH-PERPETUALlong	+0.0024%	1h	2,774.8	long leg	$259.1M	$222.1M	50x
Phemex ETHUSDT	+0.0024%	8h	2,773.9	−0.034%	$270.2M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774	−0.031%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0033%	1h	2,774.5	−0.012%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,772.5	−0.084%	$256.0M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.4	−0.050%	$5.0M	$312K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,770.5	−0.156%	$1.61B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,769.7	−0.185%	$6.46B	$17.29B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,771	−0.139%	$2.10B	$3.08B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,770.5	−0.155%	$3.28B	$8.87B	200x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,771.8	−0.110%	$422.6M	$738.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.3	+0.017%	$60.7M	$4.59B	50x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,770.6	−0.151%	—	$1.24B	—	as long as short
Lighter ETH	+0.0096%	1h	2,770.5	−0.157%	$115.1M	$455.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.7	−0.114%	$25.3M	$109.3M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,775.2	+0.013%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.3	−0.162%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.166%	$489K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775	+0.008%	$14.4M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.4	−0.015%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771	−0.138%	$31.2M	$319.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.5	−0.155%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	−0.166%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.4	−0.124%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	−0.155%	$170.6M	$266.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	−0.075%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.036%	$151.5M	$345.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.8	−0.036%	$182.1M	$785.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776	+0.044%	$161.4M	$88.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.6	+0.028%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.1	+0.010%	$10.6M	$8.0M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.037%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775	+0.008%	$973K	$13.9M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,773.8	−0.036%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.5	−0.155%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,775.6	+0.029%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,774.8	−0.002%	$90.8M	$338.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0145%	8h	2,776.1	+0.046%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,773.3	−0.056%	$286.9M	$193.4M	150x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,777.1	+0.083%	$253K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,774.4	−0.016%	$7.4M	$1.2M	25x	as long as short
Bluefin ETH-PERP	+0.2664%	1h	2,775.1	+0.009%	$21K	$24K	25x	as long as short