Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.046%

Price spread now: Derive against Perpl+0.053%7-day average +0.045% · you sell dearer than you buy

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

Long on Perpl Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now +0.053%, 7d avg +0.045%

Together, before fees−0.004%+ Points / potential airdropPerpl: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.045%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% 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	2,769.9	−0.0112	get 0.0010% / 43m	33m 45s	$325K	$6.2M	8.3x
Short	Derive ETH-PERP	2,771.4	0.0100	get 0.0013% / 1h	11m 45s	$42.5M	$28.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.053%Rate

Funding earned: $44.44
Price spread: +0.053% → +0.045%: $0.85
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Derive: 3 bp × 2 orders: −$6
Net: $25.49
Costs to cover: 0.198%
Break-even: 3.0 days

Slippage unknown: Perpl: no order-book sample; Derive: no order-book sample. 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 Derive no order-book sample	—	—	—	—	—

Perpl and Derive: 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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.140%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.3	−0.021%	$5.6M	$11.2M	25x	as long as short
Perpl ETHlong	−0.0112%	43m	2,769.9	long leg	$325K	$6.2M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,769.8	−0.004%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,770.2	+0.010%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.2	+0.010%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	−0.001%	$12.3M	$43.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	+0.006%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0013%	1h	2,769.1	−0.029%	$186K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0030%	8h	2,768.9	−0.036%	$1.71B	$11.01B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0039%	1h	2,769.5	−0.015%	$55.2M	$187.8M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,769.9	+0.001%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,769.2	−0.025%	$256.1M	$859.9M	200x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,768.8	−0.040%	$6.47B	$16.16B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,768.9	−0.036%	$1.61B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,766.6	−0.120%	$5.0M	$156K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,769.2	−0.026%	$3.38B	$9.09B	200x	as long as short
HTX ETH-USDT	+0.0076%	8h	2,769	−0.033%	$1.07B	$1.24B	200x	as long as short
Bitget ETHUSDT	+0.0078%	8h	2,769	−0.032%	$2.10B	$2.83B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.3	+0.015%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.7	+0.026%	$60.3M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,769.7	−0.008%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,768.8	−0.039%	$420.0M	$596.7M	100x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,769.4	−0.021%	$269.5M	$66.0M	150x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	−0.022%	$8.6M	$32.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,769.4	−0.020%	$115.1M	$459.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.9	+0.035%	$25.5M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.1	+0.115%	$15.9M	$8.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	−0.001%	$480K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.9	−0.038%	$14.6M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.6	+0.061%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.5	−0.014%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.2	−0.027%	$2.51B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.026%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.9	−0.002%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.231%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769	−0.035%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.8	−0.039%	$15.2M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.054%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.035%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.3	+0.013%	$161.1M	$84.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.5	+0.057%	$21.4M	$64.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.2	−0.026%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.9	−0.002%	$21K	$22K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,771.4	+0.053%	$42.5M	$28.9M	15x
SunX ETH-USDT	+0.0100%	8h	2,768.5	−0.051%	$971K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.2	−0.062%	$30.9M	$74.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.5	+0.022%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0112%	8h	2,770.7	+0.028%	$8.2M	$674.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.1	+0.041%	$97.9M	$314.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,772.1	+0.079%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,771.8	+0.069%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,770	+0.003%	$287.8M	$178.2M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0205%	1h	2,771.2	+0.045%	$259.1M	$202.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,768.7	−0.045%	$7.3M	$1.1M	25x	as long as short