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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 09:00 UTC+0.0153%/8h= +16.8% APRnext payment +$0.19 per $10,000 · paid last 24h −0.051%
Price spread now: Injective against Derive+0.036%7-day average +0.019% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on DeriveShort on Injective
What this pair did over the last
the charts below follow
Funding, last 7 days+0.014%+$1 on $10k
Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.036%, 7d avg +0.019%
Together, before fees−0.138%−$14 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDerive ETH-PERP2,727.40.0100pay 0.0013% / 1h58m 40s$40.5M$30.0M15x
ShortInjective ETH/USDC PERP2,728.40.0253get 0.0032% / 1h58m 40s$117K$18.9M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective against Derive. 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

Funding earned
$32.17
Price spread: +0.036% → +0.019%
$1.7
Slippage, 4 orders
no order book: not counted
Fee Derive: 3 bp × 2 orders
−$6
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
$27.85
Costs to cover
0.060%
Break-even
0.9 days
Slippage unknown: Derive: no order-book sample; Injective: live order book, just now. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Derive no order-book sample—————
Sell Injective live order book, just now15.56 bp45.1 bp −$4546.2 bp −$46246.3 bp −$4,631doesn't fit
Derive: 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 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,725.5−0.069%$274K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,726.1−0.048%$5K$1K50xas long as short
Bybit ETHUSDT−0.0024%8h2,726.9−0.018%$2.31B$4.31B150xas long as short
Phoenix ETH−0.0015%1h2,723.8−0.132%$808K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,725.6−0.065%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,728.3+0.031%$10.5M$41.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,726.2−0.044%$6.7M$672.8M4.9xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,726.1−0.048%$264.3M$216.7M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,725.8−0.059%$32.9M—200xas long as short
BingX ETH-USDC+0.0018%8h2,726.3−0.043%—$18.7M—as long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0040%1h2,726−0.052%$189K$883K50xas long as short
OKX ETH-USDT-SWAP+0.0078%8h2,727−0.014%$1.65B$10.73B100xas long as short
ApeX Omni ETHUSDT+0.0078%1h2,722.1−0.196%$8.4M$31.3M100xas long as short
Hibachi ETH/USDT-P+0.0080%1h2,724.2−0.116%$239K$1.4M20xas long as short
SoDEX ETH-USD+0.0081%1h2,725.2−0.081%$54.3M$182.6M40xas long as short
KuCoin ETHUSDTM+0.0083%8h2,727−0.016%$382.9M$575.8M100xas long as short
Aster ETHUSDT+0.0085%8h2,727.2−0.009%$252.2M$850.5M200xas long as short
MEXC ETH_USDT+0.0093%8h2,729.1+0.063%$1.58B$2.53B500xas long as short
Aftermath Perps ETHUSD+0.0093%1h2,724.6−0.105%$30K$20K20xas long as short
Binance ETHUSDT+0.0095%8h2,727.1−0.011%$6.31B$16.06B150xas long as short
Lighter ETH+0.0096%1h2,727.8+0.013%$112.3M$399.6M50xas long as short
Lighter RH ETH+0.0096%1h2,729+0.057%$23.4M$95.0M50xas long as short
Aevo ETH-PERP+0.0096%1h2,724−0.125%$4.9M$191K20xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,730.6+0.119%$15.4M$7.4M50xas long as short
Nado ETH-PERP+0.0100%1h2,726.1−0.048%$14.1M$104.5M50xas long as short
Hyperliquid ETH+0.0100%1h2,730+0.095%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,728+0.022%$32.1M$332.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,725−0.088%$2.7M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,726.6−0.032%$1.6M$15.9M25xas long as short
Gate ETH_USDT+0.0100%8h2,727.1−0.011%$3.31B$8.17B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728+0.021%$2.11B$2.76B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,726−0.053%$15.0M$40.5M50xas long as short
Variational Omni ETH+0.0100%8h2,723−0.163%$131.2M$318.7M—as long as short
edgeX ETHUSDC+0.0100%4h2,722.3−0.186%$185.2M$683.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,723.8−0.134%$158.3M$81.2M50xas long as short
StandX ETH-USD+0.0100%1h2,723.6−0.140%$20.9M$70.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,727.1−0.012%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,727.1−0.011%$11.2M$9.4M50xas long as short
Bullet ETH-USD+0.0100%1h2,725.4−0.074%$180K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,726.4−0.036%$20K$23K25xas long as short
Derive ETH-PERPlong+0.0100%1h2,727.4long leg$40.5M$30.0M15x
SunX ETH-USDT+0.0100%8h2,724.7−0.098%$955K$10.7M100xas long as short
HTX ETH-USDT+0.0100%8h2,725.4−0.074%$1.05B$1.21B200xas long as short
Phemex ETHUSDT+0.0100%8h2,726−0.053%$262.7M$64.0M150xas long as short
Bulk ETH-USD+0.0100%1h2,722.9−0.166%$160.5M$349.9M25xas long as short
Extended ETH-USD+0.0104%1h2,726.2−0.043%$30.4M$71.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,725.1−0.085%—$30.1M500xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,725.8−0.058%$81.9M$310.4M100xas long as short
BloFin ETH-USDT+0.0107%8h2,725−0.088%$280.6M$177.6M150xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,726.6−0.030%$46.7M$4.25B50xas long as short
RISEx ETH/USDC+0.0137%1h2,727.1−0.012%$5.6M$11.6M25xas long as short
Reya ETHRUSDPERP+0.0176%1h2,724.5−0.106%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0186%8h2,727.8+0.014%$32.2M$11.3M100xas long as short
Injective ETH/USDC PERPshort+0.0253%1h2,728.4+0.036%$117K$18.9M52x