Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC+0.0249%/8h= +27.3% APRpaid last 24h +0.067%

Price spread now: RISEx against Perpl−0.020%49s7-day average −0.010% · you buy dearer than you sell

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

Long on Perpl Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.071%+$7 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.020%, 7d avg −0.010%

Together, before fees+0.093%+ Points / potential airdropPerpl: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 49 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 4 days it paid 0.071% in total (about 6.9% 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	2,725	−0.0112	get 0.0010% / 43m	2m 32s	$275K	$5.7M	8.3x
Short	RISEx ETH/USDC	2,724.5	0.0137	get 0.0017% / 1h	30m 32s	$5.6M	$11.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.020%Rate

Funding earned: $52.28
Price spread: −0.020% → −0.010%: −$0.97
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee RISEx: 3 bp × 2 orders: −$6
Net: $31.51
Costs to cover: 0.198%
Break-even: 2.8 days

Slippage unknown: Perpl: no order-book sample; RISEx: 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 RISEx live order book, 4 min ago	0.02 bp	3.7 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	−0.0166%	8h	2,723.9	−0.042%	$279.9M	$176.3M	150x	as long as short
HTX ETH-USDT	−0.0140%	8h	2,723.3	−0.065%	$1.05B	$1.20B	200x	as long as short
Perpl ETHlong	−0.0112%	43m	2,725	long leg	$275K	$5.7M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,724	−0.037%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0079%	8h	2,722.7	−0.085%	$2.31B	$4.29B	150x	as long as short
SunX ETH-USDT	−0.0073%	8h	2,723.8	−0.046%	$939K	$10.6M	100x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,726.8	+0.063%	$8.3M	$31.3M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,732	+0.256%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725	−0.001%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,726.5	+0.054%	$10.5M	$41.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,725.1	+0.003%	$6.7M	$669.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.8	−0.010%	$264.3M	$219.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724.5	−0.020%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0012%	8h	2,723.9	−0.043%	$3.27B	$8.27B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,723.9	−0.041%	$194K	$886K	50x	as long as short
Hibachi ETH/USDT-P	+0.0040%	1h	2,725.7	+0.025%	$237K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,723.7	−0.048%	$54.3M	$182.4M	40x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,723.5	−0.054%	$252.0M	$841.2M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,723	−0.073%	$1.65B	$10.59B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.7	−0.013%	$4.9M	$195K	20x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,724	−0.037%	$382.4M	$564.9M	100x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,724	−0.037%	$1.58B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,723.2	−0.067%	$6.30B	$15.98B	150x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,723.9	−0.041%	$175K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,724.7	−0.010%	$112.3M	$402.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726	+0.036%	$23.6M	$96.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,725.4	+0.015%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.6	−0.052%	$497K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.9	+0.104%	$15.4M	$7.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725	0.000%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.4	+0.051%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.2	+0.007%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.6	−0.052%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.6	−0.017%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	+0.160%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,723.9	−0.041%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,723.2	−0.066%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.6	−0.017%	$15.1M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.034%	$131.7M	$315.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.5	+0.092%	$185.6M	$683.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.8	+0.249%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.6	+0.058%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726.7	+0.061%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,722.9	−0.078%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,725.9	+0.033%	$40.5M	$29.1M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,724.7	−0.010%	$262.5M	$63.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,723	−0.076%	$30.5M	$70.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,724.7	−0.013%	$81.8M	$309.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,729.4	+0.162%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,724.8	−0.008%	$45.8M	$4.21B	50x	as long as short
RISEx ETH/USDCshort	+0.0137%	1h	2,724.5	−0.020%	$5.6M	$11.4M	25x
Reya ETHRUSDPERP	+0.0172%	1h	2,723.7	−0.049%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0183%	8h	2,726.1	+0.038%	$32.1M	$10.9M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,729.2	+0.153%	$204K	$21.4M	52x	as long as short
Bluefin ETH-PERP	+0.1639%	1h	2,724.9	−0.006%	$20K	$23K	25x	as long as short