Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.016%

Price spread now: Derive against Ondo Perps+0.111%7-day average +0.078% · you sell dearer than you buy

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

Long on Ondo Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.111%, 7d avg +0.078%

Together, before fees+0.011%+ Points / potential airdropOndo Perps: Active · farm board+$1 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: Derive is 0.033% dearer against Ondo Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ETH-USD.P	2,725.8	0.0100	pay 0.0013% / 1h	1m 04s	$2.7M	$16.7M	25x
Short	Derive ETH-PERP	2,728.8	0.0100	get 0.0013% / 1h	1m 04s	$40.9M	$30.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Ondo 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 Ondo PerpsbpFee DerivebpOrdersPrice spread, now +0.111%Rate

Funding earned: $0
Price spread: +0.111% → +0.078%: $3.29
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Derive: 3 bp × 2 orders: −$6
Net: −$7.71
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Derive: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Ondo Perps and Derive: 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	−0.0335%	43m	2,726.2	+0.014%	$290K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727	+0.044%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,726.6	+0.030%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.1	+0.048%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.9	+0.224%	$816K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,727.7	+0.069%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.2	+0.051%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0030%	8h	2,726.5	+0.027%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,726.9	+0.040%	$2.36B	$4.40B	150x	as long as short
Bullet ETH-USD	+0.0041%	1h	2,726.9	+0.040%	$178K	$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
01 Exchange ETHUSD	+0.0048%	1h	2,727.9	+0.077%	$186K	$784K	50x	as long as short
SunX ETH-USDT	+0.0056%	8h	2,726.1	+0.011%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,727.2	+0.050%	$377.7M	$575.1M	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,727.1	+0.046%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,726.9	+0.041%	$252.4M	$842.9M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.7	−0.041%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,727.3	+0.054%	$1.56B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,727.2	+0.053%	$6.33B	$15.96B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0083%	8h	2,727	+0.044%	$1.67B	$10.73B	100x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,727	+0.043%	$264.1M	$63.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0091%	1h	2,728.5	+0.100%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,727.6	+0.065%	$112.0M	$437.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.9	+0.115%	$23.4M	$105.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,726.8	+0.036%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,728.9	+0.114%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.7	+0.033%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.7	+0.108%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.3	+0.017%	$13.8M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.5	+0.136%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.6	+0.066%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,725.8	long leg	$2.7M	$16.7M	25x
Arcus ETH-USD	+0.0100%	1h	2,727.6	+0.065%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.3	+0.056%	$3.33B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.1	+0.046%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.8	+0.037%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	+0.015%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.5	+0.099%	$183.5M	$672.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.5	+0.135%	$158.8M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727	+0.044%	$21.0M	$73.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728	+0.082%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.6	+0.103%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.8	+0.037%	$21K	$20K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,728.8	+0.111%	$40.9M	$30.1M	15x
SoDEX ETH-USD	+0.0100%	1h	2,727.2	+0.051%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	+0.042%	$164.5M	$309.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0102%	1h	2,728.4	+0.095%	$258.5M	$202.8M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.7	+0.034%	$30.6M	$73.7M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.5	+0.064%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,727.4	+0.059%	$6.4M	$688.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.3	+0.090%	$50.3M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,727.8	+0.073%	$82.8M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,729.1	+0.122%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,726.7	+0.032%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.9	+0.077%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,727.2	+0.052%	$281.6M	$174.5M	150x	as long as short