Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.002%

Price spread now: Deribit against Paradex−0.067%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now −0.067%, 7d avg −0.053%

Together, before fees−0.092%+ Points / potential airdropParadex: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,736.8	0.0099	pay 0.0099% / 8h	4h 21m	$15.5M	$8.0M	50x
Short	Deribit ETH-PERPETUAL	2,735	0.0108	get 0.0013% / 1h	21m 47s	$260.1M	$195.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now −0.067%Rate

Funding earned: $1.99
Price spread: −0.067% → −0.053%: −$1.44
Slippage, 4 orders: −$6.05
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$16.49
Costs to cover: 0.170%
Break-even: 64.9 days

Slippage from Paradex: live order book, 2 min ago; Deribit: live order book, 2 min ago.

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 Paradex live order book, 2 min ago	2.34 bp	4.3 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	0.09 bp	4.6 bp −$5	5.7 bp −$57	9.5 bp −$952	21.8 bp −$10.9K

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	2,734.9	−0.071%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.3	−0.055%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.9	−0.070%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734	−0.105%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.140%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735.2	−0.059%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735	−0.066%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,734.1	−0.100%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0008%	1h	2,733.6	−0.117%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0043%	1h	2,735	−0.068%	$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	+0.0048%	8h	2,731.7	−0.188%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,732.8	−0.149%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0063%	8h	2,732.3	−0.166%	$2.38B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,733.2	−0.134%	$380.2M	$574.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,732.1	−0.174%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0071%	8h	2,733.6	−0.118%	$265.8M	$65.3M	150x	as long as short
SoDEX ETH-USD	+0.0085%	1h	2,733.7	−0.114%	$54.4M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,733	−0.139%	$250.9M	$842.6M	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,732.4	−0.162%	$1.54B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,732.5	−0.159%	$6.35B	$15.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,732.9	−0.145%	$112.9M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734	−0.104%	$23.4M	$106.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.6	−0.082%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.3	−0.203%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERPlong	+0.0099%	8h	2,736.8	long leg	$15.5M	$8.0M	50x
RISEx ETH/USDC	+0.0099%	1h	2,735.1	−0.063%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.7	−0.077%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733.8	−0.110%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.3	−0.055%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.5	−0.121%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.150%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.2	−0.059%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.4	−0.126%	$3.34B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.1	−0.136%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.2	−0.168%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.8	−0.148%	$133.6M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,733.7	−0.115%	$183.9M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.7	−0.114%	$159.0M	$86.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.3	−0.092%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.1	−0.064%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.8	−0.037%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.6	−0.082%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.6	−0.045%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.7	−0.113%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	−0.073%	$164.8M	$300.4M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.4	−0.162%	$30.3M	$72.5M	50x	as long as short
Deribit ETH-PERPETUALshort	+0.0108%	1h	2,735	−0.067%	$260.1M	$195.7M	50x
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.9	−0.072%	$51.4M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0116%	1h	2,735	−0.067%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,734.4	−0.088%	$6.7M	$678.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,736.2	−0.024%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,733.1	−0.137%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,734.3	−0.093%	$83.3M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,736	−0.028%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0379%	8h	2,735.3	−0.057%	$282.7M	$175.2M	150x	as long as short