Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0406%/8h= +44.4% APRpaid last 24h +0.002%

Price spread now: Injective against Perpl+0.022%54s7-day average +0.049% · you sell dearer than you buy

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

Long on Perpl Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 3 days (all we have)−0.205%−$21 · spread now +0.022%, 7d avg +0.049%

Together, before fees−0.122%+ Points / potential airdropPerpl: Active · farm board−$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.027% cheaper against Perpl than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.049%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.084% in total) that is about 2.2 days. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.084% in total (about 4.4% 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	2,776.5	−0.0447	get 0.0040% / 43m	4m 04s	$289K	$6.9M	8.3x
Short	Injective ETH/USDC PERP	2,777.1	−0.0041	pay 0.0005% / 1h	34m 04s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.022%Rate

Funding earned: $85.18
Price spread: +0.022% → +0.049%: −$2.66
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $68.7
Costs to cover: 0.138%
Break-even: 1.4 days

Slippage unknown: Perpl: no order-book sample; Injective: live order book, 5 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 Injective live order book, 5 min ago	15.09 bp	45.2 bp −$45	46.2 bp −$462	46.4 bp −$4,635	doesn't fit

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	−0.0447%	43m	2,776.5	long leg	$289K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,775.2	−0.045%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.8	+0.011%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERPshort	−0.0041%	1h	2,777.1	+0.022%	$119K	$22.5M	52x
01 Exchange ETHUSD	−0.0032%	1h	2,775.3	−0.043%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,777.3	+0.028%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.8	+0.010%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.119%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.2	+0.026%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,776.8	+0.012%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,776.7	+0.007%	$270.1M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,777	+0.018%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777	+0.019%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0035%	8h	2,776.8	+0.010%	$256.6M	$989.9M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,774.9	−0.056%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,777	+0.017%	$14.2M	$117.8M	50x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.8	+0.011%	$6.44B	$17.11B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,776.8	+0.011%	$1.63B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.8	−0.023%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,777.1	+0.021%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.9	+0.016%	$3.29B	$9.59B	200x	as long as short
SoDEX ETH-USD	+0.0089%	1h	2,776.9	+0.015%	$55.3M	$228.8M	40x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.3	−0.008%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,777.1	+0.020%	$2.52B	$4.60B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,777.6	+0.040%	$115.0M	$498.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.8	+0.084%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.9	+0.015%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,777.1	+0.021%	$426.5M	$737.9M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.7	+0.009%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	−0.014%	$480K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.3	+0.101%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.4	+0.033%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	−0.010%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.6	+0.038%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.174%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.043%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.069%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.2	−0.009%	$179.9M	$779.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.3	−0.008%	$161.5M	$91.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	+0.050%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.8	+0.047%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776	−0.018%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	+0.041%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.1	+0.093%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.4	−0.004%	$973K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.7	−0.029%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.3	−0.007%	$31.6M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.4	+0.067%	$60.3M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,777.4	+0.033%	$8.6M	$674.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,778.7	+0.080%	$258.3M	$222.0M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,779.3	+0.101%	$32.6M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,778.6	+0.077%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.4	+0.069%	$86.3M	$330.6M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,777	+0.017%	$284.8M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,774.5	−0.073%	$7.4M	$1.2M	25x	as long as short