Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: SunX against Derive−0.049%7-day average −0.077% · you buy dearer than you sell

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

Long on Derive Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now −0.049%, 7d avg −0.077%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.027% dearer against Derive than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.077%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,729.4	0.0100	pay 0.0013% / 1h	43m 06s	$41.2M	$29.7M	15x
Short	SunX ETH-USDT	2,728	0.0100	get 0.0100% / 8h	4h 43m	$957K	$11.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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

Position, each leg$Hold fordaysFee DerivebpFee SunXbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → −0.077%: $2.73
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$11.27
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; SunX: live order book, 6 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell SunX live order book, 6 min ago	0.26 bp	6.9 bp −$7	7.2 bp −$72	8.8 bp −$875	10.6 bp −$5,310

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 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	2,730	+0.024%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,732.2	+0.103%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.7	+0.085%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.6	+0.009%	$11.9M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,729.9	+0.017%	$8.9M	$31.3M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.3	+0.107%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,731.2	+0.066%	$188K	$841K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.1	−0.047%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.6	+0.009%	$26.2M	—	200x	as long as short
Bullet ETH-USD	+0.0009%	1h	2,728.8	−0.022%	$181K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0050%	1h	2,727.6	−0.066%	$54.3M	$187.6M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0054%	1h	2,729	−0.014%	$260.1M	$196.8M	50x	as long as short
BingX ETH-USDC	+0.0057%	8h	2,727.5	−0.069%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,727.4	−0.074%	$380.0M	$575.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,728	−0.051%	$1.66B	$10.69B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,730	+0.023%	$252.1M	$844.2M	200x	as long as short
HTX ETH-USDT	+0.0085%	8h	2,726.8	−0.096%	$1.05B	$1.19B	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.2	−0.117%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,727.5	−0.069%	$1.52B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,727.8	−0.057%	$6.34B	$15.86B	150x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,727.1	−0.082%	$2.39B	$4.34B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.8	−0.057%	$111.9M	$435.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729	−0.015%	$23.2M	$105.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.8	+0.124%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,735.9	+0.237%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,731.6	+0.080%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731	+0.059%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.1	+0.099%	$13.8M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.7	+0.011%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.2	+0.140%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731	+0.059%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732	+0.096%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728	−0.053%	$3.34B	$8.81B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.9	−0.056%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727	−0.087%	$14.9M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.037%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.2	−0.116%	$182.6M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.7	+0.047%	$158.9M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731	+0.059%	$21.1M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	+0.067%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.5	+0.077%	$11.1M	$9.1M	50x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,729.4	long leg	$41.2M	$29.7M	15x
SunX ETH-USDTshort	+0.0100%	8h	2,728	−0.049%	$957K	$11.4M	100x
Phemex ETHUSDT	+0.0100%	8h	2,728	−0.051%	$265.2M	$65.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.9	+0.055%	$166.8M	$318.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.6	−0.102%	$30.4M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729.3	−0.005%	$51.8M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,732.4	+0.111%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,730.9	+0.055%	$6.3M	$677.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,729.8	+0.014%	$32.1M	$11.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,728.2	−0.043%	$84.5M	$313.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,728.6	−0.030%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.7	+0.123%	$254K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0333%	8h	2,728.7	−0.024%	$284.6M	$174.8M	150x	as long as short
Bluefin ETH-PERP	+0.0464%	1h	2,728.5	−0.034%	$21K	$20K	25x	as long as short