Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Nado against Katana Perps−0.114%53s7-day average +0.053% · you buy dearer than you sell

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

Long on Katana Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.156%+$16 · spread now −0.114%, 7d avg +0.053%

Together, before fees+0.156%+ Points / potential airdropNado: Active · farm board+$16 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: Nado is 0.167% cheaper against Katana Perps than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.053%. The two prices were read 53 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	2,729.5	0.0100	pay 0.0100% / 8h	1h 49m	$508K	$3.5M	50x
Short	Nado ETH-PERP	2,726.4	0.0100	get 0.0012% / 1h	49m 52s	$14.0M	$105.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.114%Rate

Funding earned: $0.04
Price spread: −0.114% → +0.053%: −$16.74
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$27.5
Costs to cover: 0.108%
Break-even: 4371.5 days

Slippage unknown: Katana Perps: no order-book sample; Nado: 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 Nado live order book, 4 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.6 bp −$563	13.8 bp −$6,886

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	2,728.5	−0.037%	$287K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.4	−0.114%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,727.4	−0.077%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,729.2	−0.011%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.6	+0.005%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729.8	+0.011%	$815K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.8	+0.012%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.8	+0.011%	$6.7M	$691.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,729.8	+0.011%	$261.9M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.6	+0.005%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0009%	8h	2,728.9	−0.021%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,730	+0.018%	$191K	$892K	50x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,727	−0.093%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,727.4	−0.075%	$2.34B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,730.3	+0.030%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,727.7	−0.068%	$375.2M	$576.1M	100x	as long as short
SunX ETH-USDT	+0.0088%	8h	2,729.3	−0.006%	$957K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,727.9	−0.059%	$252.0M	$849.7M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0093%	8h	2,727.4	−0.077%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,729.7	+0.007%	$112.2M	$432.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731	+0.053%	$23.5M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,726.9	−0.095%	$4.9M	$161K	20x	as long as short
MEXC ETH_USDT	+0.0097%	8h	2,727.9	−0.059%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,728	−0.056%	$6.33B	$16.18B	150x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,729.5	long leg	$508K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.3	+0.177%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,726.4	−0.114%	$14.0M	$105.5M	50x
Hyperliquid ETH	+0.0100%	1h	2,731.4	+0.070%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.051%	$32.0M	$334.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.9	+0.015%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.5	+0.036%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.132%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.8	−0.063%	$3.27B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.3	−0.081%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.1	−0.013%	$15.0M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	−0.090%	$133.2M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.068%	$184.9M	$681.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.8	−0.062%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.9	−0.095%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.8	+0.049%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.2	+0.062%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730	+0.019%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.6	+0.003%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.9	+0.051%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,729.2	−0.011%	$54.4M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.2	−0.010%	$263.1M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.9	−0.094%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.2	−0.010%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.5	+0.036%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730.5	+0.038%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,731.5	+0.074%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,729.1	−0.016%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,729.9	+0.015%	$83.4M	$311.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,728.4	−0.042%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,728.3	−0.044%	$282.1M	$175.1M	150x	as long as short