Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h +0.004%

Price spread now: Deribit against edgeX+0.126%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now +0.126%, 7d avg +0.065%

Together, before fees−0.262%+ Points / potential airdropedgeX: Active · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.061% dearer against edgeX than usual: you sell high and buy low (spread +0.126% now, against its 7-day average of +0.065%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,738.7	0.0100	pay 0.0050% / 4h	3h 53m	$184.2M	$669.9M	100x
Short	Deribit ETH-PERPETUAL	2,742.1	0.0064	get 0.0008% / 1h	53m 05s	$259.8M	$199.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against edgeX. 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 edgeXbpFee DeribitbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$7.56
Price spread: +0.126% → +0.065%: $6.12
Slippage, 4 orders: −$2.33
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$19.77
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from edgeX: live order book, 6 min ago; Deribit: live order book, 6 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 edgeX live order book, 6 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.1 bp −$505	6.4 bp −$3,191
Sell Deribit live order book, 6 min ago	0.09 bp	3.7 bp −$4	4.6 bp −$46	8.2 bp −$818	17.5 bp −$8,758

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	+0.010%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.1	+0.016%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	+0.073%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,740.2	+0.056%	$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	+0.045%	$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	+0.078%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,740.3	+0.058%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,740.2	+0.054%	$180K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,740	+0.048%	$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	+0.059%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0048%	8h	2,740.1	+0.050%	$2.37B	$4.37B	150x	as long as short
Deribit ETH-PERPETUALshort	+0.0064%	1h	2,742.1	+0.126%	$259.8M	$199.3M	50x
KuCoin ETHUSDTM	+0.0068%	8h	2,741	+0.084%	$380.3M	$574.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,740.6	+0.072%	$1.67B	$10.76B	100x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,740.7	+0.073%	$265.9M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0092%	8h	2,740.3	+0.060%	$251.3M	$842.8M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741.4	+0.099%	$113.2M	$430.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.5	+0.140%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.9	−0.030%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,738.2	−0.018%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,738.7	+0.001%	$118K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,741	+0.086%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,740.4	+0.064%	$6.37B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,744	+0.195%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.7	+0.037%	$502K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.2	+0.055%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.8	+0.151%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.3	+0.059%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.2	−0.017%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.8	+0.041%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	+0.036%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.4	+0.064%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.7	+0.074%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	+0.062%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.007%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,738.7	long leg	$184.2M	$669.9M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	+0.002%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,739.5	+0.029%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	+0.045%	$21.1M	$68.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.8	+0.114%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.2	+0.093%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.8	+0.151%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.1	−0.022%	$960K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.9	+0.081%	$54.6M	$187.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741	+0.083%	—	$844K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740	+0.047%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.1	+0.053%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,738.8	+0.003%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,742.2	+0.128%	$51.3M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0152%	1h	2,741.9	+0.116%	$83.8M	$315.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0200%	8h	2,743.1	+0.163%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,739.7	+0.036%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	+0.095%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,740.8	+0.078%	$283.3M	$176.0M	150x	as long as short