Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.006%

Price spread now: Binance against Nado−0.020%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days+0.025%+$3 · spread now −0.020%, 7d avg −0.016%

Together, before fees+0.006%+ Points / potential airdropNado: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,771.5	0.0100	pay 0.0012% / 1h	8m 03s	$14.5M	$112.8M	50x
Short	Binance ETHUSDT	2,770.9	0.0060	get 0.0060% / 8h	7h 08m	$6.48B	$16.05B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. 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 NadobpFee BinancebpOrdersPrice spread, now −0.020%Rate

Funding earned: −$8.33
Price spread: −0.020% → −0.016%: −$0.4
Slippage, 4 orders: −$0.4
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$26.12
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Nado: live order book, 6 min ago; Binance: live order book, 6 min ago.

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 Nado live order book, 6 min ago	0.18 bp	3.7 bp −$4	3.8 bp −$38	5.6 bp −$558	13.1 bp −$6,530
Sell Binance live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$601	9.2 bp −$4,595

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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.084%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.3	−0.006%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.9	−0.021%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773	+0.055%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.5	+0.001%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.8	−0.024%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	+0.009%	$12.3M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.5	+0.038%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,771.4	−0.001%	$269.7M	$65.9M	150x	as long as short
Bullet ETH-USD	+0.0015%	1h	2,771.6	+0.005%	$185K	$1.7M	20x	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	+0.0032%	8h	2,771.3	−0.007%	$1.71B	$10.97B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,772.3	+0.029%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,772	+0.019%	$55.2M	$187.7M	40x	as long as short
Aster ETHUSDT	+0.0051%	8h	2,771.7	+0.009%	$261.0M	$855.9M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770	−0.052%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,771	−0.018%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDTshort	+0.0060%	8h	2,770.9	−0.020%	$6.48B	$16.05B	150x
Aftermath Perps ETHUSD	+0.0070%	1h	2,771.6	+0.004%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0079%	8h	2,771.5	+0.001%	$2.10B	$2.82B	150x	as long as short
HTX ETH-USDT	+0.0079%	8h	2,771.7	+0.008%	$1.08B	$1.23B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.5	+0.071%	$60.4M	$4.40B	50x	as long as short
Gate ETH_USDT	+0.0084%	8h	2,771.2	−0.008%	$3.38B	$9.11B	200x	as long as short
Vest ETH-PERP	+0.0085%	1h	2,772.1	+0.021%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,772.1	+0.021%	$420.8M	$589.6M	100x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,769	−0.089%	$8.6M	$31.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,772.3	+0.028%	$115.2M	$460.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.7	+0.081%	$25.6M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.2	+0.135%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.8	+0.012%	$486K	$2.8M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,771.5	long leg	$14.5M	$112.8M	50x
Hyperliquid ETH	+0.0100%	1h	2,773.3	+0.066%	$3.17B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.6	+0.005%	$31.4M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.2	−0.010%	$2.51B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.8	−0.024%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.8	+0.011%	$2.8M	$16.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.286%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,771.1	−0.015%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.1	−0.014%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.2	−0.084%	$134.1M	$347.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.6	−0.105%	$183.7M	$750.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	−0.003%	$161.1M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.8	+0.084%	$21.5M	$64.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.6	+0.005%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.7	+0.009%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.7	+0.081%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.5	−0.001%	$972K	$12.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.8	−0.026%	$30.9M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773	+0.057%	—	$36.0M	500x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,772.4	+0.033%	$8.2M	$673.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.6	+0.078%	$98.0M	$314.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0157%	8h	2,774.4	+0.107%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,774.3	+0.101%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,771.6	+0.003%	$288.0M	$175.4M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0190%	1h	2,773.5	+0.073%	$259.1M	$201.6M	50x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,771.6	+0.005%	$7.3M	$1.1M	25x	as long as short