Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Bybit against Jupiter Perps−0.251%7-day average −0.014% · you buy dearer than you sell

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

Long on Jupiter Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.205%+$21 · spread now −0.251%, 7d avg −0.014%

Together, before fees+0.189%+$19 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: Bybit is 0.237% cheaper against Jupiter Perps than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps ETH-PERP	2,734.5	L +0.0096% / S +0.0056%	pay 0.0012% / 1h	48m 55s	—	$30.4M	500x
Short	Bybit ETHUSDT	2,727.7	0.0100	get 0.0100% / 8h	4h 48m	$2.40B	$4.27B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Jupiter Perps. 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 Jupiter PerpsbpFee BybitbpOrdersPrice spread, now −0.251%Rate

Funding earned: $0.84
Price spread: −0.251% → −0.014%: −$23.66
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$45.82
Costs to cover: 0.230%
Break-even: 388.9 days

Slippage unknown: Jupiter Perps: no order-book sample; Bybit: live order book, 5 min ago. 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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.02 bp	5.5 bp −$6	6.7 bp −$67	7.2 bp −$724	9.1 bp −$4,566

Jupiter Perps: 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	2,731.5	−0.110%	$299K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.035%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	+0.130%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.3	−0.191%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.6	+0.002%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,732.6	−0.071%	$181K	$833K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.244%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.2	−0.196%	$25.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,729	−0.202%	$54.4M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,729.2	−0.193%	$180K	$1.7M	20x	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	+0.0056%	8h	2,727.9	−0.241%	—	$1.14B	—	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.7	−0.215%	$1.67B	$10.64B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,729.3	−0.191%	$379.8M	$573.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,730.5	−0.147%	$260.0M	$196.2M	50x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,728.3	−0.228%	$252.3M	$841.7M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.5	−0.185%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,727.7	−0.249%	$6.33B	$15.78B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,727.7	−0.250%	$1.53B	$2.53B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,729.7	−0.179%	$112.1M	$433.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	−0.170%	$23.9M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERPlong	L +0.0096% / S +0.0056%	1h	2,734.5	long leg	—	$30.4M	500x
RISEx ETH/USDC	+0.0099%	1h	2,732.4	−0.077%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737.8	+0.120%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.7	−0.104%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	−0.139%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	−0.202%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	−0.005%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,727.7	−0.251%	$2.40B	$4.27B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.7	−0.104%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	−0.073%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.228%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.8	−0.174%	$3.35B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.7	−0.285%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.251%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.013%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.126%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.162%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.028%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	+0.054%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	−0.060%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	−0.064%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	−0.152%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.7	−0.213%	$957K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,728.9	−0.207%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.4	−0.188%	$265.2M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.9	−0.206%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.7	−0.142%	$51.6M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,737.7	+0.115%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,732	−0.093%	$7.3M	$674.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,731	−0.130%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.239%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,730	−0.167%	$85.1M	$311.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,729.7	−0.178%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736	+0.054%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1037%	1h	2,729.3	−0.190%	$21K	$20K	25x	as long as short