Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Nado−0.002%7-day average −0.053% · you buy dearer than you sell

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

Long on Nado Short on Katana Perps

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−0.040%−$4 · spread now −0.002%, 7d avg −0.053%

Together, before fees−0.040%+ Points / potential airdropNado: Active · farm board−$4 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: Katana Perps is 0.051% dearer against Nado than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,715.8	0.0100	pay 0.0012% / 1h	27m 17s	$13.8M	$105.1M	50x
Short	Katana Perps ETH-USD	2,715.7	0.0100	get 0.0100% / 8h	2h 27m	$496K	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$0.04
Price spread: −0.002% → −0.053%: $5.14
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$5.7
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 2 min ago; Katana Perps: no order-book sample. 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 Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.8 bp −$38	6.3 bp −$627	14.6 bp −$7,299
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.0447%	43m	2,716.2	+0.017%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,716.5	+0.027%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0013%	8h	2,715	−0.027%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,715.5	−0.010%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,719.7	+0.145%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,715.4	−0.014%	$31.6M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,713.7	−0.076%	$116K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0009%	1h	2,717.3	+0.057%	$10.7M	$42.0M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0030%	1h	2,716.5	+0.027%	$258.8M	$206.6M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,715.2	−0.022%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,716.6	+0.031%	$189K	$799K	50x	as long as short
Bybit ETHUSDT	+0.0043%	8h	2,715.4	−0.015%	$2.34B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0066%	8h	2,714.7	−0.038%	$953K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,715.3	−0.017%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,720.7	+0.182%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,715.5	−0.009%	$374.2M	$577.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,719.6	+0.141%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,715.7	−0.003%	$251.2M	$843.2M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,712.7	−0.112%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,715.7	−0.002%	$1.54B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,715.5	−0.011%	$6.28B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0093%	8h	2,715.5	−0.008%	$1.65B	$10.77B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,716	+0.010%	$111.5M	$433.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,716.9	+0.042%	$23.3M	$103.4M	50x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,715.5	−0.009%	$262.1M	$64.5M	150x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,715.7	−0.002%	$496K	$3.4M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,718.5	+0.102%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,715.8	long leg	$13.8M	$105.1M	50x
Hyperliquid ETH	+0.0100%	1h	2,718.1	+0.086%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,717.2	+0.053%	$31.9M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,715.6	−0.006%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,716.5	+0.026%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	+0.118%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,715.4	−0.014%	$3.29B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,715.2	−0.020%	$2.07B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,716	+0.010%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.7	+0.036%	$132.7M	$328.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,719.8	+0.149%	$184.2M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.2	+0.162%	$158.3M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,718	+0.083%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,717.6	+0.067%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,717.1	+0.050%	$11.1M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,715.9	+0.007%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,716.8	+0.037%	$40.7M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,715.3	−0.017%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,714.5	−0.047%	$30.5M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,716.1	+0.014%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,716.4	+0.025%	$49.6M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,716.4	+0.022%	$5.5M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,716	+0.009%	$6.5M	$692.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,715.9	+0.006%	$82.6M	$315.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,717.2	+0.052%	$32.0M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,714.9	−0.032%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,717.1	+0.050%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,715.6	−0.005%	$280.3M	$173.7M	150x	as long as short