Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0229%/8h= −25.0% APRpaid last 24h −0.068%

Price spread now: Jupiter Perps against Orderly−0.039%7-day average −0.066% · you buy dearer than you sell

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

Long on Orderly Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.240%−$24 on $10k

Price spread, last 4 days (all we have)+0.264%+$26 · spread now −0.039%, 7d avg −0.066%

Together, before fees+0.025%+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Jupiter Perps is 0.027% dearer against Orderly than usual: you sell high and buy low (spread −0.039% now, against its 7-day average of −0.066%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,752.2	0.0181	pay 0.0181% / 8h	7h 08m	$32.4M	$10.5M	100x
Short	Jupiter Perps ETH-PERP	2,751.1	L +0.0096% / S +0.0048%	pay 0.0006% / 1h	8m 00s	—	$24.8M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$48.03
Price spread: −0.039% → −0.066%: $2.72
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$63.31
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Jupiter 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 Orderly no order-book sample	—	—	—	—	—
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Orderly and Jupiter 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 54 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	2,750.3	−0.069%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0044%	8h	2,750	−0.080%	$264.7M	$61.7M	150x	as long as short
Bybit ETHUSDT	−0.0036%	8h	2,751.1	−0.042%	$2.36B	$4.17B	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,744.4	−0.283%	$812K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750.6	−0.060%	$12.0M	—	200x	as long as short
Hibachi ETH/USDT-P	−0.0008%	1h	2,750.1	−0.076%	$242K	$1.3M	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.8	−0.015%	$11.0M	$42.0M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,751.4	−0.029%	$7.1M	$664.4M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,750.9	−0.046%	$274K	$5.3M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,751	−0.044%	$33.2M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,751.6	−0.022%	$184K	$934K	50x	as long as short
Gate ETH_USDT	+0.0043%	8h	2,751	−0.045%	$3.27B	$8.51B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0052%	1h	2,750.9	−0.047%	$266.5M	$212.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0071%	1h	2,743.7	−0.308%	$8.3M	$30.4M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,751.2	−0.035%	$254.0M	$797.7M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,751	−0.044%	$1.67B	$10.25B	100x	as long as short
SoDEX ETH-USD	+0.0077%	1h	2,749.7	−0.091%	$54.8M	$160.0M	40x	as long as short
HTX ETH-USDT	+0.0078%	8h	2,750	−0.080%	$1.05B	$1.17B	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,747.3	−0.177%	$4.9M	$198K	20x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,750.2	−0.074%	$1.58B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,751.1	−0.041%	$6.37B	$15.45B	150x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,749.9	−0.084%	$366.9M	$483.0M	100x	as long as short
BloFin ETH-USDT	+0.0092%	8h	2,750.8	−0.052%	$279.9M	$171.8M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,750.6	−0.057%	$113.6M	$409.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,751.9	−0.011%	$24.7M	$100.1M	50x	as long as short
Jupiter Perps ETH-PERPshort	L +0.0096% / S +0.0048%	1h	2,751.1	−0.039%	—	$24.8M	500x
Bullet ETH-USD	+0.0099%	1h	2,750.3	−0.067%	$178K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,751.3	−0.033%	$523K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,756	+0.139%	$15.6M	$6.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.8	−0.015%	$14.6M	$100.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.3	+0.004%	$3.13B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.8	+0.021%	$32.2M	$327.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,751.5	−0.025%	$2.8M	$15.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,752.2	−0.001%	$1.6M	$15.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	−0.030%	$166.7M	$340.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,750.2	−0.072%	$2.13B	$2.55B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,750	−0.081%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.3	−0.070%	$15.0M	$38.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,750.9	−0.046%	$132.0M	$307.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.157%	$186.2M	$688.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.9	−0.082%	$159.9M	$76.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749.7	−0.091%	$21.1M	$71.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.8	+0.023%	—	$415K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,752.4	+0.007%	$11.3M	$9.0M	50x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.3	−0.070%	$948K	$10.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.7	−0.126%	$30.5M	$68.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0104%	1h	2,750.5	−0.062%	$82.5M	$292.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0113%	1h	2,747	−0.190%	$30K	$12K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,751	−0.043%	$45.6M	$4.14B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,752.5	+0.010%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERP	+0.0168%	1h	2,749.9	−0.083%	$7.3M	$906K	25x	as long as short
Orderly PERP_ETH_USDClong	+0.0181%	8h	2,752.2	long leg	$32.4M	$10.5M	100x
Injective ETH/USDC PERP	+0.0253%	1h	2,756.7	+0.164%	$118K	$23.4M	52x	as long as short
Bluefin ETH-PERP	+0.0686%	1h	2,750.8	−0.052%	$20K	$15K	25x	as long as short