Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Bybit against Nado+0.044%49s7-day average −0.017% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.190% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.044%, 7d avg −0.017%

Together, before fees−0.055%+ Points / potential airdropNado: Active · farm board−$6 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: Bybit is 0.061% dearer against Nado than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.017%. The two prices were read 49 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	Nado ETH-PERP	2,739.8	0.0100	pay 0.0012% / 1h	35m 43s	$13.9M	$105.6M	50x
Short	Bybit ETHUSDT	2,741	0.0100	get 0.0100% / 8h	5h 35m	$2.45B	$4.17B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → −0.017%: $6.08
Slippage, 4 orders: −$1.01
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.93
Costs to cover: 0.190%
Break-even: 1328008497766231.3 days

Slippage from Nado: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.2 bp −$522	13.0 bp −$6,517
Sell Bybit live order book, 3 min ago	0.02 bp	5.9 bp −$6	6.7 bp −$67	8.2 bp −$817	10.1 bp −$5,068

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
Hotstuff ETH-PERP	−0.0080%	1h	2,739.8	−0.001%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.120%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.3	+0.053%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742	+0.081%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,740.7	+0.033%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.6	+0.064%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.178%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,740.9	+0.040%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0050%	8h	2,741.2	+0.051%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,741.1	+0.046%	$383.0M	$597.1M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0063%	1h	2,738.7	−0.041%	$8.8M	$31.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0064%	8h	2,740.8	+0.036%	$1.70B	$10.57B	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,740.9	+0.041%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,740.8	+0.036%	$180K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,741.7	+0.067%	$252.2M	$841.1M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,741	+0.043%	$1.56B	$2.54B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,739.6	−0.009%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,741	+0.043%	$6.37B	$15.70B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,741.7	+0.070%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740.9	+0.040%	$112.7M	$433.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.3	+0.090%	$24.6M	$103.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	+0.043%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,743.4	+0.129%	$58.6M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.9	+0.186%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.7	−0.004%	$468K	$3.0M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,739.8	long leg	$13.9M	$105.6M	50x
Hyperliquid ETH	+0.0100%	1h	2,742.8	+0.109%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.7	+0.068%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,741	+0.044%	$2.45B	$4.17B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.4	+0.021%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.7	+0.069%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.135%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.6	+0.066%	$3.39B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.2	+0.052%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.5	+0.062%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	+0.032%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	−0.021%	$182.0M	$689.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.8	−0.036%	$159.2M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.4	−0.015%	$21.2M	$68.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.6	+0.028%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.3	+0.054%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.4	+0.132%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.9	+0.002%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742	+0.080%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.9	+0.075%	$266.7M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.3	+0.053%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0134%	1h	2,741.2	+0.050%	$30K	$20K	20x	as long as short
Bluefin ETH-PERP	+0.0139%	1h	2,741.4	+0.058%	$21K	$20K	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,741.1	+0.047%	$7.6M	$669.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,743.2	+0.124%	$258.7M	$196.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,743.5	+0.133%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,738.6	−0.045%	$284.5M	$181.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,742.9	+0.114%	$87.1M	$310.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,739.8	0.000%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,741.4	+0.059%	$252K	$1.4M	20x	as long as short