Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.007%

Price spread now: Bullet against Katana Perps−0.006%48s7-day average +0.051% · you buy dearer than you sell

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

Long on Katana Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.042%−$4 on $10k

Price spread, last 7 days+0.040%+$4 · spread now −0.006%, 7d avg +0.051%

Together, before fees−0.003%$0 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 Bullet is 0.057% cheaper against Katana Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.051%). Swap the legs. The two prices were read 48 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	2,769.3	0.0100	pay 0.0100% / 8h	1h 59m	$481K	$2.7M	50x
Short	Bullet ETH-USD	2,769.1	0.0073	get 0.0009% / 1h	59m 41s	$182K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$5.68
Price spread: −0.006% → +0.051%: −$5.71
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$23.19
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Bullet: live order book, 4 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 Bullet live order book, 4 min ago	0.18 bp	4.5 bp −$4	8.1 bp −$81	doesn't fit	doesn't fit

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	−0.0112%	43m	2,768.9	−0.013%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.249%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,769	−0.011%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768	−0.047%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,770	+0.025%	$169K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.9	+0.058%	$884K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	−0.0003%	1h	2,771.3	+0.074%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.5	−0.030%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770	+0.025%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,768	−0.047%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,767.4	−0.068%	$1.71B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.9	+0.023%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,769	−0.009%	$256.1M	$995.5M	200x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,770.6	+0.047%	$8.7M	$32.6M	100x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,769.1	−0.007%	$266.8M	$66.0M	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,767	−0.082%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,767.6	−0.063%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0053%	8h	2,770.3	+0.038%	$6.43B	$17.23B	150x	as long as short
Bullet ETH-USDshort	+0.0073%	1h	2,769.1	−0.006%	$182K	$1.8M	20x
Bitget ETHUSDT	+0.0074%	8h	2,768.3	−0.035%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,768.7	−0.023%	$3.28B	$9.52B	200x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,769	−0.011%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,768.1	−0.044%	$114.5M	$493.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.5	+0.007%	$25.4M	$120.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.6	+0.082%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0099%	8h	2,770.9	+0.057%	$140.8M	$321.1M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.2	−0.077%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,769.3	long leg	$481K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,768.9	−0.013%	$14.4M	$118.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.6	+0.011%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.9	−0.050%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.9	+0.021%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.1	−0.043%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.4	+0.040%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	+0.060%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.6	−0.062%	$421.8M	$742.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.9	−0.016%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.6	+0.046%	$179.5M	$783.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.079%	$161.2M	$96.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.1	+0.101%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.5	+0.042%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.3	+0.072%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.2	+0.032%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.4	+0.077%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.1	−0.006%	$972K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,768.4	−0.032%	$55.1M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.6	−0.061%	$31.5M	$75.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,769.9	+0.021%	$59.8M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,770.3	+0.036%	$8.5M	$673.7M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,770.7	+0.049%	$258.4M	$225.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,772.2	+0.106%	$32.5M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,771.1	+0.065%	$285.9M	$195.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,769.7	+0.016%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,769.7	+0.014%	$86.0M	$331.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,773.5	+0.150%	$284K	$1.5M	20x	as long as short