Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.022%

Price spread now: Ondo Perps against Orderly−0.162%7-day average −0.101% · you buy dearer than you sell

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

Long on Orderly Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.162%, 7d avg −0.101%

Together, before fees−0.102%+ Points / potential airdropOndo Perps: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Ondo Perps is 0.061% cheaper against Orderly than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.101%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,745.9	0.0194	pay 0.0194% / 8h	4h 08m	$32.4M	$9.8M	100x
Short	Ondo Perps ETH-USD.P	2,741.5	0.0100	get 0.0013% / 1h	8m 40s	$2.8M	$14.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo 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 Ondo PerpsbpOrdersPrice spread, now −0.162%Rate

Funding earned: −$19.71
Price spread: −0.162% → −0.101%: −$6.09
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$36.8
Costs to cover: 0.110%
Break-even: never at this rate

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

Orderly and Ondo 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 exchanges

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	2,743.5	−0.089%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-P	−0.0064%	1h	2,743	−0.108%	$228K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,744.2	−0.064%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,743.7	−0.082%	$818K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,744.3	−0.060%	$7.1M	$659.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,743.7	−0.083%	$264K	$4.9M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,744.3	−0.058%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,742.1	−0.140%	$183K	$916K	50x	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,741.3	−0.168%	$2.37B	$3.74B	150x	as long as short
ApeX Omni ETHUSDT	+0.0072%	1h	2,742.2	−0.135%	$8.2M	$24.1M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0080%	8h	2,741.5	−0.162%	$1.67B	$8.90B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,745.1	−0.032%	$267.6M	$179.8M	50x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,742.8	−0.114%	$61.8M	$121.5M	40x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,741.3	−0.169%	$1.59B	$2.33B	500x	as long as short
dYdX ETH-USD	+0.0093%	1h	2,742.5	−0.126%	$15.2M	$42.2M	50x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,741.5	−0.163%	$6.41B	$13.50B	150x	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,741.7	−0.156%	$379.1M	$427.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,741.9	−0.149%	$113.3M	$388.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.1	−0.103%	$23.7M	$95.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.2	−0.064%	—	$23.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,741.9	−0.148%	$4.9M	$270K	20x	as long as short
Phemex ETHUSDT	+0.0097%	8h	2,743.7	−0.083%	$263.0M	$56.9M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741.6	−0.158%	$469K	$3.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.8	−0.077%	$14.9M	$93.1M	50x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,741.8	−0.152%	$253.0M	$696.6M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.7	−0.118%	$32.0M	$319.5M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,741.5	−0.162%	$2.8M	$14.0M	25x
Arcus ETH-USD	+0.0100%	1h	2,742.8	−0.114%	$1.6M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,745.1	−0.031%	$164.8M	$316.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.9	−0.146%	$3.26B	$7.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.5	−0.163%	$2.11B	$2.24B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,741.5	−0.162%	—	$934.8M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.9	−0.112%	$15.1M	$34.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741.7	−0.154%	$134.2M	$272.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744	−0.072%	$184.6M	$546.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.1	−0.105%	$159.4M	$70.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.6	−0.085%	$21.0M	$78.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.9	−0.037%	—	$319K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.1	−0.031%	$11.2M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.9	−0.073%	$177K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.4	−0.057%	$20K	$7K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.3	−0.023%	$40.9M	$24.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.3	−0.060%	$947K	$7.9M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,743.7	−0.081%	$1.05B	$970.7M	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.5	−0.197%	$30.2M	$63.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,744.8	−0.041%	$48.3M	$3.86B	50x	as long as short
Aftermath Perps ETHUSD	+0.0116%	1h	2,744	−0.070%	$30K	$8K	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0120%	1h	2,744.3	−0.059%	$82.8M	$263.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0138%	1h	2,742.7	−0.119%	$7.3M	$854K	25x	as long as short
Hyperliquid ETH	+0.0145%	1h	2,745.7	−0.010%	$3.16B	$1.62B	25x	as long as short
Orderly PERP_ETH_USDClong	+0.0194%	8h	2,745.9	long leg	$32.4M	$9.8M	100x
RISEx ETH/USDC	+0.0342%	1h	2,742.5	−0.124%	$5.7M	$10.5M	25x	as long as short
BloFin ETH-USDT	+0.0377%	8h	2,743.6	−0.084%	$285.0M	$144.6M	150x	as long as short
Paradex ETH-USD-PERP	+0.0385%	8h	2,744.3	−0.058%	$15.8M	$6.0M	50x	as long as short
Injective ETH/USDC PERP	+0.0477%	1h	2,741.8	−0.151%	$118K	$25.4M	52x	as long as short