Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.047%

Price spread now: Bybit against Perpl−0.010%7-day average −0.019% · you buy dearer than you sell

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

Long on Perpl Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.010%, 7d avg −0.019%

Together, before fees−0.109%+ Points / potential airdropPerpl: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.123% in total (about -6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,741.7	−0.0112	get 0.0010% / 43m	28m 32s	$305K	$5.6M	8.3x
Short	Bybit ETHUSDT	2,741.4	0.0100	get 0.0100% / 8h	5h 40m	$2.45B	$4.18B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Perpl. 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 PerplbpFee BybitbpOrdersPrice spread, now −0.010%Rate

Funding earned: $44.44
Price spread: −0.010% → −0.019%: $0.92
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $20.56
Costs to cover: 0.248%
Break-even: 3.8 days

Slippage unknown: Perpl: no order-book sample; Bybit: live order book, 4 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 Perpl no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.1 bp −$708	10.2 bp −$5,101

Perpl: 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 ETHlong	−0.0112%	43m	2,741.7	long leg	$305K	$5.6M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,741.3	−0.015%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.050%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.2	−0.165%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.8	−0.034%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,737	−0.171%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.109%	$849K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,741.5	−0.008%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0049%	8h	2,740.9	−0.028%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,740.7	−0.036%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,740.5	−0.045%	$383.5M	$597.8M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,741.3	−0.016%	$5.6M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,740.9	−0.028%	$252.1M	$841.2M	200x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,736.8	−0.178%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.4	−0.304%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,740.9	−0.031%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,741.6	−0.005%	$6.37B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,737.9	−0.138%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740.9	−0.031%	$112.7M	$432.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742	+0.010%	$24.6M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745	+0.119%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,738.5	−0.117%	$58.7M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.8	+0.113%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.7	−0.037%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.9	−0.030%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742.7	+0.036%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.5	−0.008%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,741.4	−0.010%	$2.45B	$4.18B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.8	−0.070%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.4	−0.011%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.066%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.1	−0.022%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.8	−0.032%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.4	−0.120%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.201%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	+0.022%	$182.2M	$689.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.065%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.027%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.109%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.5	−0.008%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.9	+0.007%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737	−0.174%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.1	−0.133%	$41.5M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.9	−0.213%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.7	−0.183%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	−0.121%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.1	−0.059%	$30.6M	$72.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0112%	1h	2,738	−0.137%	$258.8M	$195.8M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.8	+0.039%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,739.8	−0.070%	$7.7M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,738.5	−0.118%	$32.2M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	−0.192%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	−0.147%	$86.9M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,740.5	−0.043%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,745.6	+0.141%	$250K	$1.4M	20x	as long as short