Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.038%

Price spread now: SoDEX against Orderly−0.080%7-day average −0.093% · you buy dearer than you sell

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

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.095%−$10 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.080%, 7d avg −0.093%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.093%, so right now this pair is about funding alone: −$3 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	0.0194	pay 0.0194% / 8h	4h 19m	$32.2M	$11.6M	100x
Short	SoDEX ETH-USD	2,732.7	0.0091	get 0.0011% / 1h	19m 33s	$54.4M	$187.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$21.71
Price spread: −0.080% → −0.093%: $1.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$34.44
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SoDEX: live order book, 5 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 SoDEX live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.4 bp −$44	6.1 bp −$614	37.8 bp −$18.9K

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	−0.0447%	43m	2,732.9	−0.073%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.025%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.2	−0.062%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733	−0.068%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.070%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733.4	−0.054%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	−0.036%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733.1	−0.067%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0009%	1h	2,732.3	−0.095%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,733.3	−0.059%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0044%	8h	2,731.5	−0.125%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDC	+0.0053%	8h	2,732.3	−0.093%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0059%	8h	2,732.6	−0.084%	$2.39B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,732.5	−0.086%	$380.1M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,732.5	−0.086%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0072%	8h	2,732.7	−0.080%	$265.7M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,732.9	−0.073%	$250.9M	$842.3M	200x	as long as short
SoDEX ETH-USDshort	+0.0091%	1h	2,732.7	−0.080%	$54.4M	$187.6M	40x
MEXC ETH_USDT	+0.0094%	8h	2,732.4	−0.090%	$1.55B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,732.9	−0.074%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,732.8	−0.075%	$112.9M	$440.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.8	−0.038%	$23.4M	$106.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.7	−0.080%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.1	−0.174%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.8	+0.068%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,733.6	−0.048%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.6	−0.084%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.5	−0.089%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.9	0.000%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.5	−0.051%	$31.8M	$333.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.5	−0.087%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.6	−0.048%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.7	−0.081%	$3.34B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.5	−0.088%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732	−0.104%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.5	−0.125%	$133.7M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.1	−0.028%	$183.9M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.9	−0.001%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.4	−0.091%	$21.1M	$68.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734	−0.033%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.2	−0.063%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.3	−0.022%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,732.5	−0.086%	$959K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	−0.002%	$164.8M	$300.4M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.6	−0.049%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732	−0.104%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.7	−0.042%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,734.4	−0.018%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0131%	1h	2,734	−0.031%	$259.7M	$196.2M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,733.1	−0.065%	$6.8M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDClong	+0.0194%	8h	2,734.9	long leg	$32.2M	$11.6M	100x
Reya ETHRUSDPERP	+0.0219%	1h	2,731.7	−0.117%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.3	−0.058%	$83.3M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,734.4	−0.018%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,732.1	−0.101%	$282.3M	$175.5M	150x	as long as short