Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Derive against edgeX+0.125%46s7-day average +0.080% · you sell dearer than you buy

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

Long on edgeX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.096%−$10 · spread now +0.125%, 7d avg +0.080%

Together, before fees−0.059%+ Points / potential airdropedgeX: Active · farm board−$6 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: Derive is 0.045% dearer against edgeX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.080%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,782.4	0.0100	pay 0.0050% / 4h	51m 21s	$182.1M	$780.5M	100x
Short	Derive ETH-PERP	2,785.8	0.0100	get 0.0013% / 1h	51m 21s	$42.9M	$29.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.125%Rate

Funding earned: $0
Price spread: +0.125% → +0.080%: $4.49
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$10.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 3 min ago; Derive: 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 edgeX live order book, 3 min ago	0.02 bp	4.5 bp −$5	4.6 bp −$46	4.6 bp −$463	5.7 bp −$2,838
Sell Derive no order-book sample	—	—	—	—	—

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	2,784.9	+0.091%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,783.3	+0.033%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	+0.005%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,785.9	+0.127%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0066%	1h	2,786.6	+0.152%	$8.8M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,783.8	+0.052%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0006%	1h	2,782.5	+0.005%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.6	+0.081%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,785	+0.095%	$888K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.4	+0.073%	$22.5M	—	200x	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	+0.0016%	8h	2,783.8	+0.050%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.5	+0.043%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.2	+0.067%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0028%	8h	2,783.8	+0.053%	$271.3M	$68.8M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,783.7	+0.047%	$256.9M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,784.4	+0.075%	$5.1M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,783.7	+0.048%	$2.11B	$3.11B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,783.8	+0.051%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,783.8	+0.051%	$6.46B	$17.27B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,783.5	+0.041%	$3.31B	$9.58B	200x	as long as short
Bullet ETH-USD	+0.0072%	1h	2,783.7	+0.048%	$184K	$1.7M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,785	+0.094%	$60.3M	$4.62B	50x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,783.4	+0.039%	$423.5M	$739.5M	100x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.6	+0.044%	$2.52B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,783.7	+0.050%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,785.8	+0.124%	$116.4M	$495.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.8	+0.158%	$25.4M	$120.6M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,784.3	+0.071%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.3	+0.033%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783.5	+0.041%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,785.3	+0.105%	$14.4M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786	+0.131%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,785.3	+0.105%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,783.3	+0.034%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,784.8	+0.087%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.158%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783.5	+0.040%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.034%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,782.4	long leg	$182.1M	$780.5M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.1	+0.062%	$161.9M	$90.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784.5	+0.077%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,784.5	+0.077%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784	+0.057%	$21K	$24K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,785.8	+0.125%	$42.9M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,783.2	+0.030%	$977K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.7	+0.048%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,782.9	+0.019%	$32.7M	$77.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.2	+0.066%	—	$41.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0120%	1h	2,785.3	+0.106%	$258.9M	$222.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.9	+0.091%	$86.8M	$332.7M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,784.5	+0.077%	$8.5M	$682.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.2	+0.137%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0185%	8h	2,785.9	+0.126%	$285.4M	$195.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,783.3	+0.036%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,785.5	+0.113%	$271K	$1.5M	20x	as long as short