Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.023%

Price spread now: Vest against Orderly−0.035%7-day average −0.058% · you buy dearer than you sell

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

Long on Orderly Short on Vest

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.090%−$9 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.035%, 7d avg −0.058%

Together, before fees−0.104%+ Points / potential airdropVest: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Vest is 0.023% dearer against Orderly than usual: you sell high and buy low (spread −0.035% now, against its 7-day average of −0.058%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,743.1	0.0190	pay 0.0190% / 8h	4h 47m	$32.4M	$9.9M	100x
Short	Vest ETH-PERP	2,742.1	0.0100	get 0.0013% / 1h	47m 23s	—	$316K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$18.83
Price spread: −0.035% → −0.058%: $2.3
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: −$24.53
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Vest: 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 Vest no order-book sample	—	—	—	—	—

Orderly and Vest: 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	2,742.5	−0.021%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0058%	1h	2,738.1	−0.181%	$8.2M	$25.0M	100x	as long as short
Hibachi ETH/USDT-P	−0.0056%	1h	2,738.9	−0.151%	$231K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,740.8	−0.081%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,738.3	−0.174%	$816K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,739.6	−0.127%	$7.4M	$656.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,741.2	−0.068%	$264K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.8	−0.083%	$33.1M	—	200x	as long as short
Bybit ETHUSDT	+0.0047%	8h	2,740.6	−0.089%	$2.37B	$3.77B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,741.9	−0.043%	$183K	$910K	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0069%	1h	2,739.6	−0.125%	$15.2M	$42.3M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,741	−0.077%	$1.67B	$9.02B	100x	as long as short
KuCoin ETHUSDTM	+0.0091%	8h	2,741.6	−0.054%	$378.4M	$433.6M	100x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,739.4	−0.134%	$61.7M	$121.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,740.7	−0.086%	$113.7M	$382.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.7	−0.049%	$23.6M	$93.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.8	−0.046%	—	$23.3M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,739.2	−0.139%	$4.9M	$250K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.8	−0.083%	$516K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.8	−0.119%	$14.7M	$93.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.3	+0.045%	$3.15B	$1.67B	25x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,740.7	−0.085%	$255.0M	$702.3M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.1	−0.073%	$32.1M	$322.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,740.7	−0.086%	$6.41B	$13.68B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.1	−0.108%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,742.2	−0.033%	$1.6M	$14.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.8	+0.027%	$163.0M	$315.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.7	−0.050%	$3.27B	$7.62B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,741.8	−0.047%	$1.60B	$2.29B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.6	−0.054%	$2.11B	$2.26B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,740.7	−0.087%	—	$936.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739	−0.149%	$14.9M	$35.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.7	−0.159%	$133.6M	$273.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.9	−0.226%	$184.1M	$557.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.1	−0.292%	$159.0M	$69.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.8	−0.156%	$21.0M	$76.7M	40x	as long as short
Vest ETH-PERPshort	+0.0100%	1h	2,742.1	−0.035%	—	$316K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,742.8	−0.010%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,741.7	−0.050%	$176K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741	−0.076%	$20K	$7K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.3	−0.064%	$40.9M	$25.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739	−0.148%	$944K	$8.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,740.8	−0.083%	$267.6M	$181.2M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,739.3	−0.137%	$1.05B	$992.5M	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,739.7	−0.124%	$262.8M	$56.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.2	−0.105%	$30.1M	$63.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0112%	1h	2,740.8	−0.084%	$30K	$8K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,741	−0.076%	$47.6M	$3.88B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0120%	1h	2,740.2	−0.104%	$82.5M	$265.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0145%	1h	2,740.6	−0.091%	$7.3M	$854K	25x	as long as short
Orderly PERP_ETH_USDClong	+0.0190%	8h	2,743.1	long leg	$32.4M	$9.9M	100x
RISEx ETH/USDC	+0.0342%	1h	2,742.5	−0.020%	$5.7M	$10.3M	25x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,735.7	−0.268%	$284.9M	$146.7M	150x	as long as short
Paradex ETH-USD-PERP	+0.0437%	8h	2,743.2	+0.005%	$15.7M	$6.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0477%	1h	2,743.2	+0.005%	$118K	$25.2M	52x	as long as short