Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0582%/8h= +63.7% APRpaid last 24h +0.046%

Price spread now: Deribit against Perpl+0.044%7-day average +0.029% · you sell dearer than you buy

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

Long on Perpl Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.044%, 7d avg +0.029%

Together, before fees−0.120%+ Points / potential airdropPerpl: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.079%, 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 -0.079% in total (about -4.1% 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	2,751.9	−0.0447	get 0.0040% / 43m	27m 49s	$312K	$6.0M	8.3x
Short	Deribit ETH-PERPETUAL	2,753.1	0.0135	get 0.0017% / 1h	22m 49s	$258.5M	$199.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.044%Rate

Funding earned: $122.12
Price spread: +0.044% → +0.029%: $1.45
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $102.77
Costs to cover: 0.208%
Break-even: 1.1 days

Slippage unknown: Perpl: no order-book sample; Deribit: live order book, 1 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 Deribit live order book, 1 min ago	0.18 bp	3.9 bp −$4	5.3 bp −$53	12.5 bp −$1,249	35.3 bp −$17.6K

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 54 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	−0.0447%	43m	2,751.9	long leg	$312K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,752.1	+0.009%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.1	+0.009%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,752	+0.004%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	+0.034%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,752	+0.005%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,752	+0.004%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,752	+0.005%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,752.6	+0.028%	$8.7M	$31.5M	100x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,752.8	+0.032%	—	$1.18B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0047%	8h	2,752.7	+0.031%	$1.70B	$10.99B	100x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,751.3	−0.021%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,752.7	+0.032%	$253.1M	$857.5M	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,752.8	+0.036%	$379.6M	$607.6M	100x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,753.3	+0.053%	$1.58B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,749.2	−0.098%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,752.6	+0.028%	$6.37B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.8	+0.035%	$59.2M	$4.35B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,753	+0.043%	$3.39B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,752.9	+0.037%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,752.7	+0.030%	$113.1M	$443.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,754.4	+0.090%	$24.9M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.8	−0.001%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.5	+0.169%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.9	−0.035%	$478K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.4	−0.017%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,754.8	+0.107%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.2	+0.012%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,752.8	+0.036%	$2.47B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.9	−0.035%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,752.3	+0.016%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751.1	−0.029%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	+0.052%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	−0.009%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.9	+0.075%	$160.2M	$83.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.2	−0.024%	$21.3M	$67.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.7	+0.031%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,752.4	+0.020%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,751.6	−0.011%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.7	−0.005%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.4	+0.056%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.8	−0.040%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751.6	−0.009%	$54.8M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.6	−0.011%	$267.5M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.002%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,751.1	−0.027%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,752.8	+0.035%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUALshort	+0.0135%	1h	2,753.1	+0.044%	$258.5M	$199.9M	50x
Kalshi KXETHPERP	+0.0142%	8h	2,752.5	+0.023%	$7.8M	$675.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,754.1	+0.080%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,751.7	−0.004%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753	+0.041%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,751.5	−0.012%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0353%	1h	2,752.5	+0.024%	$89.5M	$316.6M	100x	as long as short