Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0299%/8h= +32.8% APRpaid last 24h −0.012%

Price spread now: HTX against RISEx−0.012%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on RISEx Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now −0.012%, 7d avg −0.035%

Together, before fees−0.119%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and HTX is 0.022% dearer against RISEx than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.035%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.047% in total (about -5.0% 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	RISEx ETH/USDC	2,779.3	−0.0206	get 0.0026% / 1h	41m 43s	$5.7M	$11.9M	25x
Short	HTX ETH-USDT	2,779	0.0093	get 0.0093% / 8h	41m 43s	$1.08B	$1.32B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against RISEx. 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 RISExbpFee HTXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $62.88
Price spread: −0.012% → −0.035%: $2.22
Slippage, 4 orders: −$0.97
Fee RISEx: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: $46.13
Costs to cover: 0.190%
Break-even: 1.9 days

Slippage from RISEx: live order book, 2 min ago; HTX: live order book, 2 min ago.

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 RISEx live order book, 2 min ago	0.02 bp	3.7 bp −$4	4.9 bp −$49	290.9 bp −$29.1K	doesn't fit
Sell HTX live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.3 bp −$63	8.6 bp −$861	12.5 bp −$6,253

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 ETH	−0.0447%	43m	2,780	+0.024%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDClong	−0.0206%	1h	2,779.3	long leg	$5.7M	$11.9M	25x
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.092%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,780	+0.024%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0043%	1h	2,784.9	+0.198%	$8.9M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,779.9	+0.020%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0005%	1h	2,783.2	+0.138%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780.7	+0.049%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.8	+0.160%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,779.7	+0.013%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,779	−0.012%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,780.4	+0.038%	$1.70B	$11.92B	100x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,780	+0.023%	$271.0M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,779.5	+0.007%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,779.2	−0.005%	$257.3M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0058%	1h	2,779	−0.012%	$183K	$1.7M	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,779	−0.011%	$2.10B	$3.11B	150x	as long as short
SoDEX ETH-USD	+0.0067%	1h	2,778.6	−0.027%	$55.3M	$229.1M	40x	as long as short
Binance ETHUSDT	+0.0069%	8h	2,779.1	−0.011%	$6.46B	$17.32B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,779	−0.012%	$3.30B	$9.62B	200x	as long as short
MEXC ETH_USDT	+0.0070%	8h	2,778.7	−0.022%	$1.60B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,777.4	−0.071%	$5.0M	$636K	20x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,779	−0.014%	$422.6M	$740.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,779.6	+0.011%	$60.1M	$4.61B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,779.6	+0.010%	$2.52B	$4.64B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,780.4	+0.038%	$258.9M	$223.1M	50x	as long as short
HTX ETH-USDTshort	+0.0093%	8h	2,779	−0.012%	$1.08B	$1.32B	200x
Vest ETH-PERP	+0.0096%	1h	2,780.7	+0.047%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,780	+0.022%	$116.1M	$496.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781.2	+0.066%	$25.5M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.7	+0.012%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,779.2	−0.005%	$16.0M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,779.8	+0.016%	$478K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,779.2	−0.005%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.4	+0.074%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779.6	+0.008%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.7	+0.013%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.8	+0.052%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.175%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.8	−0.019%	$15.1M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,783.3	+0.141%	$147.8M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,784.6	+0.190%	$183.5M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.3	+0.179%	$161.9M	$89.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784.1	+0.171%	$21.5M	$58.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,780.1	+0.027%	$10.7M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780.1	+0.026%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,781.3	+0.070%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,779.2	−0.006%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.4	−0.034%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0122%	8h	2,780.7	+0.049%	$8.3M	$684.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,780	+0.022%	$86.6M	$334.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,781.5	+0.076%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0190%	8h	2,780.6	+0.046%	$285.1M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,779.1	−0.008%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,784.6	+0.191%	$271K	$1.5M	20x	as long as short