Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h −0.011%

Price spread now: ApeX Omni against Katana Perps−0.001%54s7-day average +0.042% · you buy dearer than you sell

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

Long on Katana Perps Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.113%−$11 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.001%, 7d avg +0.042%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and ApeX Omni is 0.043% cheaper against Katana Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.042%). Swap the legs. The two prices were read 54 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	Katana Perps ETH-USD	2,724.1	0.0100	pay 0.0100% / 8h	12m 04s	$499K	$3.6M	50x
Short	ApeX Omni ETHUSDT	2,724.1	0.0074	get 0.0009% / 1h	12m 04s	$8.5M	$31.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Katana 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 Katana PerpsbpFee ApeX OmnibpOrdersPrice spread, now −0.001%Rate

Funding earned: −$5.52
Price spread: −0.001% → +0.042%: −$4.3
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$23.62
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; ApeX Omni: live order book, 2 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 Katana Perps no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 2 min ago	0.99 bp	6.0 bp −$6	6.0 bp −$60	20.0 bp −$2,003	81.4 bp −$40.7K

Katana 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	2,724.6	+0.020%	$274K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0183%	8h	2,725	+0.033%	$280.8M	$177.5M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.1	0.000%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,725.4	+0.048%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724	−0.005%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,724.9	+0.029%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.2	+0.004%	$6.7M	$675.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724	−0.005%	$263.6M	$214.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724	−0.004%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,722.7	−0.052%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,722.8	−0.048%	$2.31B	$4.33B	150x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.4	+0.011%	$190K	$883K	50x	as long as short
HTX ETH-USDT	+0.0034%	8h	2,723.4	−0.026%	$1.05B	$1.22B	200x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,729.4	+0.195%	$117K	$22.0M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,723.7	−0.013%	$81.8M	$310.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,725.5	+0.051%	$242K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,723	−0.040%	$1.65B	$10.76B	100x	as long as short
ApeX Omni ETHUSDTshort	+0.0074%	1h	2,724.1	−0.001%	$8.5M	$31.4M	100x
KuCoin ETHUSDTM	+0.0077%	8h	2,723.5	−0.024%	$382.5M	$576.8M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,723.3	−0.028%	$252.4M	$850.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,721	−0.114%	$4.9M	$175K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,722.8	−0.047%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,723	−0.042%	$6.30B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,723.7	−0.015%	$112.2M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,724.7	+0.022%	$23.4M	$102.5M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,724.1	long leg	$499K	$3.6M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.7	+0.170%	$15.4M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.6	−0.018%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.1	+0.037%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.9	+0.030%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.8	−0.011%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.4	+0.009%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,723	−0.042%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,722.9	−0.045%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.8	−0.049%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	+0.002%	$133.8M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.2	+0.004%	$185.4M	$683.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,724.8	+0.024%	$158.3M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	+0.070%	$20.9M	$69.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,725.8	+0.062%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.2	+0.040%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,723.9	−0.007%	$193K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.8	+0.026%	$40.7M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.5	−0.023%	$954K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,723.1	−0.037%	$54.2M	$182.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,723.9	−0.009%	$262.3M	$64.3M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.097%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,725.2	+0.042%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.3	−0.067%	$30.4M	$71.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,725.7	+0.060%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,724.7	+0.022%	$46.5M	$4.26B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724.6	+0.019%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0178%	1h	2,723.3	−0.028%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,725.8	+0.064%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0275%	1h	2,724.2	+0.004%	$20K	$23K	25x	as long as short