Settings8H · net · $10k
Funding arb · Price arb /

ETH

all ETH markets
SwapBacktest
Alert: funding
Alert: spread
Funding you earn now, next payment 10:00 UTC+0.0208%/8h= +22.8% APRpaid last 24h −0.037%
Price spread now: Injective against Katana Perps+0.392%7-day average +0.073% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.055%−$5 on $10k
Price spread, last 4 days (all we have)−0.729%−$73 · spread now +0.392%, 7d avg +0.073%
Together, before fees−0.784%−$78 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Injective is 0.318% dearer against Katana Perps than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.073%. Mind the row above: over the last 4 days funding on this pair cost −0.055%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.055% in total (about -4.9% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKatana Perps ETH-USD2,732.70.0100pay 0.0100% / 8h6h 54m$504K$3.6M50x
ShortInjective ETH/USDC PERP2,743.40.0308get 0.0039% / 1h54m 29s$118K$19.9M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective 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

Funding earned
$43.76
Price spread: +0.392% → +0.073%
$31.85
Slippage, 4 orders
no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
$71.79
Costs to cover
0.038%
Break-even
from the start
Slippage unknown: Katana Perps: no order-book sample; Injective: 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
LegHalf-spread$10k$100k$1M$5M
Buy Katana Perps no order-book sample
Sell Injective live order book, 5 min ago14.73 bp45.9 bp −$4647.0 bp −$47047.1 bp −$4,709doesn'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 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff ETH-PERP−0.0080%1h2,731.3−0.051%$5K$1K50xas long as short
ApeX Omni ETHUSDT−0.0050%1h2,743.9+0.410%$8.3M$30.3M100xas long as short
Hibachi ETH/USDT-P−0.0040%1h2,735.7+0.111%$234K$1.3M20xas long as short
Bybit ETHUSDT−0.0038%8h2,733.8+0.041%$2.34B$4.15B150xas long as short
Phoenix ETH−0.0012%1h2,747.5+0.542%$813K$2.9M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,733.5+0.030%$12.0M200xas long as short
dYdX ETH-USD0.0000%1h2,731.8−0.035%$11.5M$41.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,736.9+0.154%$6.5M$664.7M4.9xas long as short
Perpl ETH0.0000%43m2,733.6+0.033%$270K$5.3M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,735+0.082%$266.4M$208.0M50xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,749.8+0.625%$33.2M200xas long as short
Gate ETH_USDT+0.0030%8h2,733.9+0.045%$3.25B$7.70B200xas long as short
01 Exchange ETHUSD+0.0048%1h2,733.9+0.044%$195K$961K50xas long as short
HTX ETH-USDT+0.0057%8h2,733.2+0.018%$1.05B$1.17B200xas long as short
Aster ETHUSDT+0.0066%8h2,733.7+0.038%$251.9M$799.5M200xas long as short
OKX ETH-USDT-SWAP+0.0067%8h2,733.9+0.044%$1.65B$10.19B100xas long as short
Binance ETHUSDT+0.0076%8h2,733.9+0.044%$6.38B$15.55B150xas long as short
MEXC ETH_USDT+0.0078%8h2,732.7+0.001%$1.56B$2.47B500xas long as short
Aevo ETH-PERP+0.0080%1h2,737.2+0.166%$4.9M$202K20xas long as short
Kraken Futures PF_ETHUSD+0.0080%1h2,734.4+0.063%$81.9M$291.5M100xas long as short
KuCoin ETHUSDTM+0.0088%8h2,732.9+0.008%$365.2M$480.6M100xas long as short
SoDEX ETH-USD+0.0094%1h2,734.1+0.051%$54.4M$160.1M40xas long as short
SunX ETH-USDT+0.0095%8h2,733.5+0.028%$942K$9.9M100xas long as short
Lighter ETH+0.0096%1h2,730.6−0.076%$112.7M$380.9M50xas long as short
Lighter RH ETH+0.0096%1h2,731.4−0.048%$24.5M$92.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,734.5+0.066%$24.6M500xas long as short
Aftermath Perps ETHUSD+0.0097%1h2,743.5+0.394%$30K$12K20xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,733.5+0.029%$15.7M$6.6M50xas long as short
Katana Perps ETH-USDlong+0.0100%8h2,732.7long leg$504K$3.6M50x
Nado ETH-PERP+0.0100%1h2,732.2−0.017%$14.6M$100.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,735.3+0.095%$3.11B$1.94B25xas long as short
Pacifica ETH+0.0100%1h2,730.9−0.067%$31.9M$326.2M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,731.7−0.037%$2.8M$15.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.9+0.007%$1.5M$15.3M25xas long as short
Bitget ETHUSDT+0.0100%8h2,732.9+0.008%$2.10B$2.56B150xas long as short
BingX ETH-USDC+0.0100%8h2,733.7+0.038%$18.5Mas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,732.2−0.017%$14.8M$37.6M50xas long as short
Variational Omni ETH+0.0100%8h2,741.8+0.332%$131.3M$306.5Mas long as short
edgeX ETHUSDC+0.0100%4h2,742.8+0.370%$185.9M$691.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,746+0.485%$159.7M$73.1M50xas long as short
StandX ETH-USD+0.0100%1h2,744.9+0.446%$21.1M$72.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,735.4+0.100%$412K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,734.8+0.077%$11.2M$9.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,734+0.048%$176K$1.7M20xas long as short
Phemex ETHUSDT+0.0100%8h2,734.5+0.066%$263.1M$59.4M150xas long as short
Bulk ETH-USD+0.0100%1h2,743.1+0.380%$167.4M$334.6M25xas long as short
Extended ETH-USD+0.0104%1h2,731.1−0.058%$30.0M$69.3M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,735+0.084%$45.2M$4.07B50xas long as short
Reya ETHRUSDPERP+0.0166%1h2,731.8−0.033%$7.3M$880K25xas long as short
RISEx ETH/USDC+0.0167%1h2,733.3+0.023%$5.6M$11.2M25xas long as short
Orderly PERP_ETH_USDC+0.0181%8h2,736.5+0.137%$32.2M$10.5M100xas long as short
BloFin ETH-USDT+0.0271%8h2,733.4+0.026%$281.1M$164.3M150xas long as short
Injective ETH/USDC PERPshort+0.0308%1h2,743.4+0.392%$118K$19.9M52x
Bluefin ETH-PERP+0.0931%1h2,734.2+0.054%$20K$15K25xas long as short