Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0189%/8h= −20.7% APRpaid last 24h −0.056%

Price spread now: gTrade (Gains Network) against Orderly−0.069%7-day average −0.070% · you buy dearer than you sell

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

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.160%−$16 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.069%, 7d avg −0.070%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.070%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,734.9	0.0196	pay 0.0196% / 8h	3h 27m	$32.2M	$11.7M	100x
Short	gTrade (Gains Network) ETH/USD	2,733	L +0.0007% / S −0.0006%	get 0.0001% / 1h	27m 52s	$28.1M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.069%Rate

Funding earned: −$39.77
Price spread: −0.069% → −0.070%: $0.12
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$52.65
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 1 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$501	8.9 bp −$4,455

Orderly: 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	2,733.9	−0.038%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.6	−0.011%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733	−0.069%	$11.9M	—	200x	as long as short
HTX ETH-USDT	−0.0007%	8h	2,732	−0.106%	$1.06B	$1.20B	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,739	+0.150%	$821K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,732.8	−0.077%	$10.7M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0007% / S −0.0006%	1h	2,733	−0.069%	$28.1M	—	200x
Bullet ETH-USD	+0.0025%	1h	2,732.5	−0.086%	$179K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,732.3	−0.096%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0040%	8h	2,731.9	−0.108%	$2.37B	$4.37B	150x	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	2,734.2	−0.025%	$187K	$816K	50x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,732.4	−0.091%	$379.3M	$573.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,733.8	−0.040%	$259.5M	$200.2M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,732.3	−0.096%	$1.67B	$10.73B	100x	as long as short
SunX ETH-USDT	+0.0077%	8h	2,733	−0.071%	$958K	$11.2M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,732.9	−0.074%	$251.0M	$841.9M	200x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,737.8	+0.105%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,733.4	−0.055%	$265.0M	$65.1M	150x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,732.3	−0.095%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,732.3	−0.096%	$6.35B	$15.90B	150x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,733.1	−0.065%	$54.4M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,732.9	−0.075%	$112.6M	$432.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.1	−0.031%	$23.4M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,733.9	−0.036%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.3	−0.131%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,735.8	+0.033%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.4	−0.054%	$505K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.9	+0.075%	$15.6M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.1	−0.028%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.8	−0.003%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.6	−0.011%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.4	−0.054%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.9	+0.001%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.056%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.4	−0.091%	$3.33B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.3	−0.094%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.6	−0.085%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.4	+0.092%	$133.6M	$321.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.2	+0.046%	$184.1M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.117%	$159.3M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735.7	+0.030%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,734.7	−0.006%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734.9	0.000%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.4	−0.056%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.6	−0.011%	$41.3M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.6	−0.119%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,734.7	−0.008%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,736.5	+0.059%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,733.4	−0.055%	$50.9M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,734.2	−0.025%	$6.5M	$684.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,733.2	−0.062%	$83.3M	$315.0M	100x	as long as short
Orderly PERP_ETH_USDClong	+0.0196%	8h	2,734.9	long leg	$32.2M	$11.7M	100x
Reya ETHRUSDPERP	+0.0211%	1h	2,732.3	−0.096%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,735.5	+0.023%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0370%	8h	2,734.2	−0.024%	$283.1M	$175.1M	150x	as long as short