Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.074%

Price spread now: Pacifica against Perpl+0.123%46s7-day average −0.009% · you sell dearer than you buy

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

Long on Perpl Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days−0.128%−$13 · spread now +0.123%, 7d avg −0.009%

Together, before fees−0.195%+ Points / potential airdropPerpl: Active · Pacifica: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Pacifica is 0.132% dearer against Perpl than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.009%. Mind the row above: over the last 7 days funding on this pair cost −0.067%, so the current rate has only just turned in your favour. The two prices were read 46 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 -0.067% in total (about -3.5% 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	2,734	−0.0112	get 0.0010% / 43m	37m 37s	$275K	$5.5M	8.3x
Short	Pacifica ETH	2,737.3	0.0100	get 0.0013% / 1h	22m 37s	$32.1M	$331.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.123%Rate

Funding earned: $44.44
Price spread: +0.123% → −0.009%: $13.2
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $35.84
Costs to cover: 0.218%
Break-even: 1.4 days

Slippage unknown: Perpl: no order-book sample; Pacifica: live order book, 2 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 Pacifica live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.6 bp −$46	doesn't fit	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
BloFin ETH-USDT	−0.0154%	8h	2,735	+0.039%	$282.6M	$176.7M	150x	as long as short
Perpl ETHlong	−0.0112%	43m	2,734	long leg	$275K	$5.5M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,731	−0.108%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0064%	8h	2,734.9	+0.035%	$1.05B	$1.19B	200x	as long as short
Bybit ETHUSDT	−0.0061%	8h	2,736.2	+0.082%	$2.32B	$4.25B	150x	as long as short
Phemex ETHUSDT	−0.0048%	8h	2,734.3	+0.012%	$263.3M	$62.5M	150x	as long as short
SunX ETH-USDT	−0.0019%	8h	2,734.4	+0.015%	$942K	$10.4M	100x	as long as short
ApeX Omni ETHUSDT	−0.0015%	1h	2,724.3	−0.355%	$8.3M	$31.0M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,724.7	−0.339%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.8	+0.031%	$11.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	0.0000%	1h	2,737	+0.111%	$10.6M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732.8	−0.042%	$6.6M	$667.3M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.6	+0.022%	$33.0M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0016%	1h	2,729.5	−0.164%	$237K	$1.4M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,732.5	−0.053%	$195K	$882K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0032%	1h	2,736	+0.076%	$266.0M	$220.3M	50x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,735	+0.038%	$54.5M	$182.3M	40x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,736.9	+0.108%	$3.28B	$8.31B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,737.1	+0.115%	$253.4M	$836.4M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,736.7	+0.099%	$1.66B	$10.49B	100x	as long as short
MEXC ETH_USDT	+0.0076%	8h	2,736.6	+0.098%	$1.57B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,737.1	+0.114%	$6.33B	$15.83B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,733.6	−0.012%	$4.9M	$190K	20x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,734.2	+0.008%	$177K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,736.5	+0.092%	$383.8M	$559.6M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,737.9	+0.144%	$113.0M	$403.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.2	+0.155%	$23.7M	$96.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.4	−0.056%	—	$30.3M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.4	+0.089%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,740.7	+0.245%	$15.4M	$6.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.3	−0.062%	$14.2M	$100.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.6	+0.170%	$3.12B	$1.95B	25x	as long as short
Pacifica ETHshort	+0.0100%	1h	2,737.3	+0.123%	$32.1M	$331.2M	50x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.6	+0.097%	$2.7M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737	+0.112%	$1.6M	$15.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,720.7	−0.486%	$164.6M	$337.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.5	+0.092%	$2.12B	$2.68B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,736.2	+0.083%	—	$1.03B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.3	+0.013%	$15.1M	$38.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.3	−0.428%	$131.5M	$313.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.4	−0.351%	$185.4M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725	−0.326%	$158.5M	$81.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.6	−0.196%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.7	−0.011%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.4	−0.020%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.353%	$40.5M	$29.1M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.7	+0.064%	$30.3M	$70.4M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,735.9	+0.070%	$82.1M	$307.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,727.6	−0.232%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,736.5	+0.091%	$45.9M	$4.19B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,737.2	+0.120%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0170%	1h	2,732.6	−0.050%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,736.9	+0.107%	$32.3M	$10.8M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,732.5	−0.053%	$117K	$22.1M	52x	as long as short
Bluefin ETH-PERP	+0.1166%	1h	2,734.7	+0.026%	$20K	$23K	25x	as long as short