Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against edgeX+0.028%52s7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.177% of the position

Long on edgeX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.099%−$10 on $10k

Price spread, last 7 days+0.014%+$1 · spread now +0.028%, 7d avg +0.036%

Together, before fees−0.085%+ Points / potential airdropedgeX: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 52 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	2,749	0.0100	pay 0.0050% / 4h	2h 58m	$186.3M	$695.2M	100x
Short	gTrade (Gains Network) ETH/USD	2,749.8	L +0.0007% / S −0.0006%	get 0.0001% / 1h	58m 10s	$33.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.028%Rate

Funding earned: −$19.68
Price spread: +0.028% → +0.036%: −$0.8
Slippage, 4 orders: −$1.7
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$38.18
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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, 1 min ago	0.02 bp	4.6 bp −$5	4.6 bp −$46	4.7 bp −$467	6.3 bp −$3,168
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,448

ETH on 54 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
Hotstuff ETH-PERP	−0.0080%	1h	2,748.4	−0.022%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0039%	8h	2,742.4	−0.242%	$2.35B	$4.15B	150x	as long as short
Hibachi ETH/USDT-P	−0.0024%	1h	2,750	+0.035%	$236K	$1.3M	20x	as long as short
Phoenix ETH	−0.0012%	1h	2,751.4	+0.087%	$814K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.9	−0.005%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.9	−0.184%	$11.1M	$41.4M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,744.4	−0.167%	$6.7M	$664.3M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,744.8	−0.152%	$271K	$5.2M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,745	−0.146%	$266.4M	$209.1M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0007% / S −0.0006%	1h	2,749.8	+0.028%	$33.2M	—	200x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,744.8	−0.153%	$179K	$943K	50x	as long as short
Gate ETH_USDT	+0.0037%	8h	2,743.7	−0.192%	$3.27B	$7.65B	200x	as long as short
Phemex ETHUSDT	+0.0057%	8h	2,743	−0.217%	$263.9M	$59.4M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,742.3	−0.244%	$1.66B	$10.17B	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,749.5	+0.018%	$8.3M	$30.3M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,743.4	−0.204%	$252.8M	$796.7M	200x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,742.5	−0.235%	$1.05B	$1.16B	200x	as long as short
SoDEX ETH-USD	+0.0079%	1h	2,742.9	−0.222%	$54.6M	$160.0M	40x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,743.7	−0.194%	$82.4M	$290.8M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.5	−0.271%	$4.9M	$200K	20x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,744.2	−0.176%	$1.58B	$2.46B	500x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,743	−0.217%	$6.40B	$15.42B	150x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,743.8	−0.188%	$367.6M	$481.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,744	−0.182%	$113.3M	$378.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.3	−0.170%	$24.8M	$91.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,745.6	−0.125%	—	$24.6M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.4	−0.167%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749	−0.001%	$15.7M	$6.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.2	−0.175%	$14.6M	$100.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,746.2	−0.102%	$3.13B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.8	−0.153%	$32.1M	$326.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.1	−0.178%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745	−0.144%	$1.5M	$15.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.086%	$166.7M	$340.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.8	−0.189%	$2.11B	$2.55B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,742.7	−0.228%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.3	−0.133%	$14.9M	$37.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.4	−0.094%	$131.8M	$307.2M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,749	long leg	$186.3M	$695.2M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.1	+0.005%	$159.8M	$73.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	−0.029%	$21.1M	$72.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.4	−0.096%	—	$409K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.4	−0.131%	$11.3M	$9.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,744.1	−0.178%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.3	−0.172%	$20K	$15K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.7	−0.229%	$947K	$9.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.9	−0.222%	$30.4M	$68.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,743.6	−0.195%	$45.5M	$4.09B	50x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,748.8	−0.008%	$30K	$12K	20x	as long as short
Reya ETHRUSDPERP	+0.0167%	1h	2,745	−0.147%	$7.3M	$880K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,745.2	−0.137%	$5.6M	$11.2M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,746.3	−0.098%	$32.4M	$10.4M	100x	as long as short
BloFin ETH-USDT	+0.0301%	8h	2,745	−0.145%	$281.8M	$166.0M	150x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,752.8	+0.138%	$122K	$19.9M	52x	as long as short