Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.045%

Price spread now: Perpl against edgeX−0.042%66s7-day average +0.049% · you buy dearer than you sell

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

Long on edgeX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 7 days+0.062%+$6 · spread now −0.042%, 7d avg +0.049%

Together, before fees+0.069%+ Points / potential airdropedgeX: Active · Perpl: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.090% cheaper against edgeX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.049%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.007% in total (about 0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,751.6	0.0100	pay 0.0050% / 4h	2h 23m	$181.9M	$701.5M	100x
Short	Perpl ETH	2,750.5	−0.0447	pay 0.0040% / 43m	28m 58s	$312K	$6.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$114.77
Price spread: −0.042% → +0.049%: −$9.03
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$146.6
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 5 min ago; Perpl: 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, 5 min ago	0.02 bp	4.7 bp −$5	4.7 bp −$47	5.0 bp −$496	6.5 bp −$3,225
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETHshort	−0.0447%	43m	2,750.5	−0.042%	$312K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,750.7	−0.033%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.6	−0.036%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750.9	−0.025%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	+0.043%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.5	+0.070%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.043%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751	−0.022%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,751.3	−0.012%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,751.8	+0.007%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,751.8	+0.005%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDT	+0.0056%	8h	2,750.6	−0.036%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,751.7	+0.002%	$253.0M	$856.9M	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,751.7	+0.004%	$379.9M	$607.5M	100x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,751.6	−0.001%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,751.4	−0.006%	$6.37B	$16.22B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.6	−0.108%	$4.9M	$168K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.5	+0.030%	$59.1M	$4.35B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,752	+0.014%	$3.39B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,751.5	−0.003%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,751.7	+0.003%	$113.1M	$443.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.1	+0.055%	$24.9M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,750.4	−0.046%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,755.8	+0.152%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.6	−0.037%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750	−0.058%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.4	+0.065%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.4	+0.030%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.5	−0.003%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.8	−0.066%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,751	−0.022%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751	−0.023%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	+0.060%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,751.6	long leg	$181.9M	$701.5M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,751.8	+0.006%	$160.0M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.1	+0.054%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.5	+0.033%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,751.5	−0.004%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.7	−0.033%	$181K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.7	−0.032%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,752.6	+0.037%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.5	−0.041%	$965K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751.2	−0.015%	$54.8M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.2	−0.014%	$267.5M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.007%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,750.9	−0.026%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.6	−0.038%	$30.5M	$73.6M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,752.5	+0.032%	$7.8M	$674.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0150%	1h	2,752.6	+0.035%	$258.5M	$199.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,753.6	+0.072%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,755.3	+0.134%	$251K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.5	−0.041%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,750.9	−0.027%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.1	+0.018%	$89.5M	$316.6M	100x	as long as short