Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0183%/8h= −20.0% APRpaid last 24h −0.039%

Price spread now: 01 Exchange against Orderly−0.066%7-day average −0.056% · you buy dearer than you sell

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

Long on Orderly Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.129%−$13 on $10k

Price spread, last 3 days (all we have)+0.095%+$10 · spread now −0.066%, 7d avg −0.056%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: −$5 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	2,773.2	0.0135	pay 0.0135% / 8h	2h 11m	$32.5M	$12.0M	100x
Short	01 Exchange ETHUSD	2,771.4	−0.0048	pay 0.0006% / 1h	11m 48s	$171K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.066%Rate

Funding earned: −$38.37
Price spread: −0.066% → −0.056%: −$0.99
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$52.36
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: live order book, 2 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 01 Exchange live order book, 2 min ago	0.18 bp	5.6 bp −$6	10.2 bp −$102	doesn't fit	doesn't fit

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	−0.0112%	43m	2,770.9	−0.083%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.107%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.2	−0.038%	$5K	$2K	50x	as long as short
01 Exchange ETHUSDshort	−0.0048%	1h	2,771.4	−0.066%	$171K	$1.2M	50x
Phoenix ETH	−0.0023%	1h	2,775.9	+0.096%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.3	−0.070%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.001%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,775.9	+0.097%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.4	−0.067%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0021%	1h	2,772.1	−0.040%	$258.5M	$225.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.5	−0.098%	$1.71B	$11.90B	100x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,770.7	−0.093%	$266.9M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.3	−0.068%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,770.4	−0.101%	$256.2M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	+0.094%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.6	−0.167%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,770.3	−0.105%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,770.2	−0.109%	$6.44B	$17.23B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,770.6	−0.096%	$3.28B	$9.69B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,770.2	−0.109%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,770.7	−0.092%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	−0.074%	$114.7M	$515.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.4	−0.031%	$25.4M	$123.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.1	−0.005%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,776.8	+0.130%	$141.1M	$320.7M	—	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.5	−0.097%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.2	−0.074%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.5	−0.063%	$486K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	−0.064%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.1	−0.005%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.1	−0.041%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.4	−0.103%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.5	−0.099%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.3	+0.001%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.175%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.4	−0.103%	$421.9M	$742.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.2	−0.108%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	−0.096%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.1	+0.103%	$179.9M	$795.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,779.2	+0.215%	$161.6M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.5	+0.081%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.5	−0.027%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.3	−0.034%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.9	−0.049%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	−0.011%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770	−0.117%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.5	−0.099%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.9	−0.121%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.9	−0.048%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,772.4	−0.030%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDClong	+0.0135%	8h	2,773.2	long leg	$32.5M	$12.0M	100x
BloFin ETH-USDT	+0.0171%	8h	2,772.3	−0.036%	$285.5M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,771	−0.079%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.7	−0.054%	$86.8M	$330.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,774.7	+0.053%	$280K	$1.5M	20x	as long as short