Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0449%/8h= −49.2% APRpaid last 24h 0.000%

Price spread now: StandX against Paradex−0.119%7-day average −0.037% · 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−$28as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Paradex Short on StandX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.119%, 7d avg −0.037%

Together, before fees+0.099%+ Points / potential airdropParadex: Active · StandX: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and StandX is 0.082% cheaper against Paradex than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.002% in total (about 0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,750.4	0.0549	pay 0.0549% / 8h	5h 51m	$16.0M	$6.2M	50x
Short	StandX ETH-USD	2,747.1	0.0100	get 0.0013% / 1h	51m 36s	$21.1M	$75.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$94.26
Price spread: −0.119% → −0.037%: −$8.21
Slippage, 4 orders: −$8.01
Fee Paradex: 2 bp × 2 orders: −$4
Fee StandX: 4 bp × 2 orders: −$8
Net: −$122.48
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Paradex: live order book, 1 min ago; StandX: live order book, 1 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, 1 min ago	2.38 bp	4.4 bp −$4	4.4 bp −$44	doesn't fit	doesn't fit
Sell StandX live order book, 1 min ago	1.27 bp	6.0 bp −$6	8.1 bp −$81	10.7 bp −$1,067	doesn't fit

ETH on 54 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
Hibachi ETH/USDT-P	−0.0112%	1h	2,747.4	−0.109%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	−0.036%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,748.1	−0.083%	$8.3M	$25.3M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,747.3	−0.112%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,748.5	−0.069%	$808K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,746.8	−0.130%	$7.2M	$661.2M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,748	−0.088%	$269K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,747.4	−0.109%	$33.2M	—	200x	as long as short
Bybit ETHUSDT	+0.0008%	8h	2,746.5	−0.140%	$2.37B	$3.80B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,746.3	−0.148%	$1.67B	$9.23B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,747.3	−0.112%	$182K	$915K	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,746.5	−0.140%	$3.27B	$7.69B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,746.8	−0.132%	$257.8M	$719.7M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,746.5	−0.143%	$1.60B	$2.34B	500x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,746.1	−0.158%	$365.0M	$440.8M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,744.4	−0.216%	$4.9M	$214K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,746.6	−0.136%	$6.41B	$14.01B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.4	−0.145%	$113.7M	$384.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.5	−0.104%	$23.7M	$94.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.2	−0.116%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748.4	−0.073%	$46.2M	$3.90B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.1	−0.156%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.7	−0.171%	$14.6M	$95.9M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	−0.121%	$32.3M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	−0.094%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.8	−0.093%	$1.5M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	−0.041%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.5	−0.140%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,746.7	−0.135%	—	$944.9M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.7	−0.135%	$14.9M	$36.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.8	−0.093%	$132.6M	$290.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747	−0.123%	$185.1M	$607.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	−0.080%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USDshort	+0.0100%	1h	2,747.1	−0.119%	$21.1M	$75.6M	40x
Vest ETH-PERP	+0.0100%	1h	2,747.8	−0.093%	—	$348K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.2	−0.079%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,747	−0.123%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.6	−0.138%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.3	−0.148%	$946K	$8.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.1	−0.119%	$61.8M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.8	−0.131%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.3	−0.111%	$263.9M	$56.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.5	−0.178%	$30.5M	$65.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,747.6	−0.100%	$82.5M	$273.5M	100x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,748.3	−0.077%	$30K	$8K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0140%	1h	2,748	−0.087%	$266.8M	$184.9M	50x	as long as short
Reya ETHRUSDPERP	+0.0156%	1h	2,745.3	−0.187%	$7.3M	$832K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,749.2	−0.043%	$32.4M	$9.9M	100x	as long as short
dYdX ETH-USD	+0.0185%	1h	2,746.3	−0.148%	$15.2M	$42.6M	50x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,747.8	−0.095%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0253%	1h	2,749.9	−0.019%	$3.16B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0360%	8h	2,747.7	−0.096%	$283.3M	$149.7M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.041%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERPlong	+0.0549%	8h	2,750.4	long leg	$16.0M	$6.2M	50x