Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0061%/8h= −6.6% APRpaid last 24h −0.001%

Price spread now: ApeX Omni against OKX−0.099%50s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

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

costs, in and out, $10k−$210.214% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.099%, 7d avg +0.009%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and ApeX Omni is 0.108% cheaper against OKX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.009%). Swap the legs. The two prices were read 50 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	OKX ETH-USDT-SWAP	2,771.1	0.0021	pay 0.0021% / 8h	22m 44s	$1.70B	$11.88B	100x
Short	ApeX Omni ETHUSDT	2,768.4	−0.0039	pay 0.0005% / 1h	22m 44s	$8.8M	$32.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.099%Rate

Funding earned: −$12.71
Price spread: −0.099% → +0.009%: −$10.76
Slippage, 4 orders: −$1.41
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$44.88
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; ApeX Omni: live order book, 1 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 OKX live order book, 1 min ago	0.02 bp	5.0 bp −$5	5.4 bp −$54	5.9 bp −$592	7.7 bp −$3,867
Sell ApeX Omni live order book, 1 min ago	0.69 bp	5.7 bp −$6	5.7 bp −$57	12.7 bp −$1,274	68.3 bp −$34.2K

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	−0.0223%	43m	2,767.2	−0.143%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,766.6	−0.163%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.388%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.2	−0.142%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDTshort	−0.0039%	1h	2,768.4	−0.099%	$8.8M	$32.9M	100x
01 Exchange ETHUSD	−0.0008%	1h	2,767.2	−0.142%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	−0.044%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	−0.001%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.7	−0.088%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,768.8	−0.086%	—	$1.23B	—	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-SWAPlong	+0.0021%	8h	2,771.1	long leg	$1.70B	$11.88B	100x
Aftermath Perps ETHUSD	+0.0024%	1h	2,771.6	+0.016%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,768.4	−0.099%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,769.7	−0.053%	$255.6M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,768.4	−0.099%	$55.1M	$229.0M	40x	as long as short
Phemex ETHUSDT	+0.0037%	8h	2,769.3	−0.065%	$270.1M	$69.0M	150x	as long as short
Bullet ETH-USD	+0.0044%	1h	2,767.8	−0.119%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,766.2	−0.177%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,770.6	−0.020%	$6.45B	$17.31B	150x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,770.6	−0.020%	$1.61B	$2.65B	500x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,769.1	−0.074%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,768.8	−0.086%	$3.28B	$9.66B	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,770	−0.042%	$420.9M	$739.6M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,770.6	−0.021%	$60.1M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,771.3	+0.006%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,767.7	−0.124%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,769	−0.078%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771	−0.007%	$115.1M	$499.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771	−0.005%	$25.2M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,766.8	−0.158%	—	$43.4M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0097%	1h	2,770.2	−0.035%	$259.0M	$222.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.8	−0.012%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.1	−0.182%	$475K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.5	−0.169%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.4	+0.009%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.5	+0.014%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.7	+0.020%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.6	−0.126%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.064%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.2	−0.069%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.029%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.5	−0.097%	$181.7M	$783.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	+0.003%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.8	−0.084%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.121%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.8	−0.084%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.5	−0.132%	$971K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.8	−0.011%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.4	−0.099%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,768	−0.113%	$8.2M	$687.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,770.2	−0.035%	$88.7M	$337.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,770.9	−0.007%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,768.9	−0.080%	$287.2M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,767.5	−0.133%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,768.9	−0.081%	$251K	$1.6M	20x	as long as short