Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:23 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.037%

Price spread now: Perpl against Gate−0.020%7-day average +0.021% · you buy dearer than you sell

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

Long on Gate Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.020%, 7d avg +0.021%

Together, before fees+0.177%+ Points / potential airdropPerpl: Active · farm board+$18 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 0.041% cheaper against Gate than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.154%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.154% in total (about 8.0% 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	Gate ETH_USDT	2,723.9	0.0100	pay 0.0100% / 8h	0m 59s	$3.31B	$8.96B	200x
Short	Perpl ETH	2,723.4	−0.0447	pay 0.0040% / 43m	32m 59s	$273K	$5.7M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Gate. 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 GatebpFee PerplbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$114.77
Price spread: −0.020% → +0.021%: −$4.11
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$147.68
Costs to cover: 0.288%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 3 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 Gate live order book, 3 min ago	0.02 bp	7.5 bp −$8	8.5 bp −$85	11.3 bp −$1,135	19.6 bp −$9,818
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 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 ETHshort	−0.0447%	43m	2,723.4	−0.020%	$273K	$5.7M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,723.3	−0.023%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,723.8	−0.005%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.7	−0.008%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.5	−0.017%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.6	+0.025%	$6.7M	$673.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.1	+0.005%	$264.1M	$216.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,723.9	0.000%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,723.1	−0.029%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0023%	8h	2,723.8	−0.006%	$2.31B	$4.31B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0037%	8h	2,723.3	−0.024%	$1.05B	$1.21B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,723.9	−0.001%	$189K	$883K	50x	as long as short
BloFin ETH-USDT	+0.0044%	8h	2,724.3	+0.013%	$280.6M	$177.6M	150x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.3	+0.160%	$117K	$22.5M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,724.1	+0.005%	$82.0M	$310.3M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,723.7	−0.007%	$1.65B	$10.74B	100x	as long as short
ApeX Omni ETHUSDT	+0.0078%	1h	2,722.1	−0.069%	$8.4M	$31.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,724.3	+0.015%	$239K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,724.1	+0.007%	$383.1M	$575.5M	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,723.8	−0.003%	$251.8M	$850.8M	200x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,723.8	−0.006%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,723.7	−0.009%	$6.30B	$16.08B	150x	as long as short
Aftermath Perps ETHUSD	+0.0094%	1h	2,723.9	0.000%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,723.9	0.000%	$112.1M	$433.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725.2	+0.047%	$23.3M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,721	−0.109%	$4.9M	$189K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.2	−0.027%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.4	+0.127%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,722.9	−0.038%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.5	+0.094%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,723.6	−0.011%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722.8	−0.041%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,723.4	−0.020%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDTlong	+0.0100%	8h	2,723.9	long leg	$3.31B	$8.96B	200x
Bitget ETHUSDT	+0.0100%	8h	2,723.7	−0.009%	$2.11B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.1	+0.004%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.5	−0.052%	$133.2M	$316.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,722.3	−0.058%	$185.2M	$683.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,722.9	−0.038%	$158.2M	$81.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	+0.006%	$20.9M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,724.9	+0.035%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725	+0.039%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,723.3	−0.022%	$180K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.2	+0.010%	$40.6M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,722.7	−0.047%	$955K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,723.2	−0.027%	$54.2M	$182.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,724.5	+0.021%	$262.5M	$64.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.9	−0.039%	$160.5M	$349.9M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.9	−0.036%	$30.4M	$71.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,723.7	−0.008%	—	$30.1M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.6	+0.061%	$46.8M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724	+0.002%	$5.6M	$11.6M	25x	as long as short
Bluefin ETH-PERP	+0.0139%	1h	2,723.6	−0.012%	$20K	$23K	25x	as long as short
Reya ETHRUSDPERP	+0.0177%	1h	2,722.7	−0.044%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,725.8	+0.068%	$32.1M	$11.3M	100x	as long as short