Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.014%

Price spread now: dYdX against Katana Perps−0.015%7-day average +0.031% · you buy dearer than you sell

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

Long on Katana Perps Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.255%+$25 on $10k

Price spread, last 7 days+0.107%+$11 · spread now −0.015%, 7d avg +0.031%

Together, before fees+0.362%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.047% cheaper against Katana Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.031%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.255%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,731.5	0.0100	pay 0.0100% / 8h	3h 20m	$499K	$3.4M	50x
Short	dYdX ETH-USD	2,731.1	0.0008	get 0.0001% / 1h	20m 24s	$10.7M	$42.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$19.35
Price spread: −0.015% → +0.031%: −$4.69
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$37.84
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; dYdX: 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 dYdX live order book, 4 min ago	8.97 bp	14.0 bp −$14	20.1 bp −$201	48.0 bp −$4,804	90.6 bp −$45.3K

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	−0.0335%	43m	2,731.6	+0.002%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731	−0.018%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0016%	8h	2,730.6	−0.031%	$1.06B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.2	+0.027%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.7	+0.007%	$817K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.2	−0.011%	$6.4M	$684.8M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.3	+0.029%	$28.1M	—	200x	as long as short
dYdX ETH-USDshort	+0.0008%	1h	2,731.1	−0.015%	$10.7M	$42.1M	50x
Bullet ETH-USD	+0.0024%	1h	2,731.7	+0.007%	$178K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0030%	8h	2,731.8	+0.009%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,731.6	+0.003%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,732.4	+0.033%	$187K	$814K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0054%	1h	2,732	+0.018%	$258.6M	$201.7M	50x	as long as short
SunX ETH-USDT	+0.0065%	8h	2,730.4	−0.040%	$957K	$11.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,728.1	−0.126%	$8.6M	$31.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,731.9	+0.014%	$377.6M	$574.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,732	+0.018%	$1.67B	$10.76B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,731.8	+0.012%	$250.9M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,729.3	−0.082%	$4.9M	$155K	20x	as long as short
SoDEX ETH-USD	+0.0081%	1h	2,730.8	−0.026%	$54.4M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,730.2	−0.048%	$264.6M	$64.9M	150x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,731.8	+0.012%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,731.8	+0.012%	$6.33B	$15.94B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731	−0.017%	$112.4M	$434.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.8	+0.011%	$23.4M	$104.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.8	−0.027%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.059%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,731.5	long leg	$499K	$3.4M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.5	+0.075%	$15.6M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.2	−0.048%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.1	+0.095%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.5	+0.036%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732	+0.018%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	+0.041%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.120%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732	+0.016%	$3.33B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.1	+0.022%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.4	−0.039%	$14.9M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.3	−0.042%	$134.3M	$322.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	−0.126%	$183.5M	$671.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.6	−0.069%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.7	−0.029%	$21.0M	$69.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.5	+0.073%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.9	+0.013%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.1	+0.057%	$41.0M	$29.9M	15x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.3	+0.030%	—	$845K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.3	−0.009%	$30.5M	$73.4M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,732.6	+0.041%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,731.8	+0.010%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.7	+0.006%	$50.6M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,731.5	+0.001%	$83.6M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,733.6	+0.077%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,731.4	−0.003%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,732.8	+0.047%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,730.1	−0.050%	$282.9M	$174.8M	150x	as long as short