ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0211%/8h= −23.1% APRnext payment −$0.26 per $10,000 · paid last 24h −0.027%

Price spread now: Injective against Extended−0.361%100s7-day average +0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

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

costs, in and out, $10k−$650.654% of the position

Long on Extended Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$13 on $10k

Price spread, last 3 days (all we have)+0.193%+$19 · spread now −0.361%, 7d avg +0.097%

Together, before fees+0.328%+ Points / potential airdropExtended: Active · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Injective is 0.458% cheaper against Extended than usual: you would sell low and buy high (−$46 if the spread goes back to its 7-day average of +0.097%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.135%, so the current rate has only just turned against you. The two prices were read 100 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 0.135% in total (about 7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 per $10,000. 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	Extended ETH-USD	2,776.1	0.0104	pay 0.0013% / 1h	23m 36s	$31.4M	$76.1M	50x
Short	Injective ETH/USDC PERP	2,766.1	−0.0107	pay 0.0013% / 1h	23m 36s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Extended. 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 ExtendedbpFee InjectivebpOrdersPrice spread, now −0.361%Rate

Funding earned: −$44.24
Price spread: −0.361% → +0.097%: −$45.77
Slippage, 4 orders: −$60.38
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$155.4
Costs to cover: 0.654%
Break-even: never at this rate

Slippage from Extended: live order book, 6 min ago; Injective: 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 Extended live order book, 6 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	3.7 bp −$368	11.9 bp −$5,940
Sell Injective live order book, 6 min ago	13.52 bp	46.5 bp −$47	47.6 bp −$476	47.8 bp −$4,776	doesn't fit

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	−0.0112%	43m	2,776	−0.005%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0107%	1h	2,766.1	−0.361%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,778.1	+0.071%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,777.3	+0.042%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.098%	$798K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,777	+0.033%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.034%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.3	+0.079%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,772.2	−0.142%	$29K	$22K	20x	as long as short
Phemex ETHUSDT	+0.0010%	8h	2,777.5	+0.048%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.172%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,777.1	+0.034%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,778.1	+0.072%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,777.6	+0.052%	$257.0M	$995.8M	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,777.4	+0.045%	$1.61B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0047%	8h	2,777.4	+0.044%	$6.44B	$17.24B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,776.4	+0.011%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.4	+0.044%	$3.28B	$9.66B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,776.8	+0.024%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,777.4	+0.046%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.071%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777.9	+0.065%	$115.4M	$513.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.4	+0.118%	$25.4M	$122.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.4	+0.046%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,777.3	+0.044%	$16.0M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.7	+0.021%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.4	+0.010%	$14.7M	$117.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.8	+0.132%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778	+0.067%	$31.3M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,777.3	+0.042%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.4	+0.010%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.9	+0.098%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.368%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.7	+0.058%	$424.9M	$742.0M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,776.8	+0.025%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.1	+0.071%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.9	−0.187%	$178.1M	$791.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.118%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.4	−0.062%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777	+0.030%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.2	+0.075%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.9	+0.063%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.9	+0.136%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.8	+0.024%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,777.5	+0.049%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777	+0.031%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USDlong	+0.0104%	1h	2,776.1	long leg	$31.4M	$76.1M	50x
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779.1	+0.107%	$60.2M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,777.8	+0.060%	$8.6M	$673.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,780.6	+0.161%	$32.6M	$12.0M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0153%	1h	2,779.4	+0.116%	$258.4M	$224.8M	50x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,774.5	−0.059%	$285.0M	$195.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0182%	1h	2,776.7	+0.019%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,779	+0.103%	$87.0M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0432%	1h	2,776.9	+0.028%	$284K	$1.5M	20x	as long as short