Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.008%

Price spread now: OKX against SoDEX+0.033%7-day average +0.002% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on SoDEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.033%, 7d avg +0.002%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.031% dearer against SoDEX than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of +0.002%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 3 days (−0.019% in total) that is about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,777	0.0062	pay 0.0008% / 1h	3m 42s	$55.3M	$229.0M	40x
Short	OKX ETH-USDT-SWAP	2,777.9	0.0017	get 0.0017% / 8h	1h 03m	$1.71B	$11.87B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against SoDEX. 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 SoDEXbpFee OKXbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$9.45
Price spread: +0.033% → +0.002%: $3.09
Slippage, 4 orders: −$0.4
Fee SoDEX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$24.76
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from SoDEX: live order book, just now; OKX: live order book, 5 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 SoDEX live order book, just now	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.8 bp −$575	35.5 bp −$17.8K
Sell OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$540	7.1 bp −$3,556

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	2,775.9	−0.039%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.6	+0.021%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.3	+0.011%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.191%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.1	+0.004%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.6	+0.057%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.050%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.9	+0.032%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0009%	1h	2,774.7	−0.085%	$29K	$22K	20x	as long as short
OKX ETH-USDT-SWAPshort	+0.0017%	8h	2,777.9	+0.033%	$1.71B	$11.87B	100x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0022%	8h	2,777.3	+0.009%	$270.5M	$68.8M	150x	as long as short
Bullet ETH-USD	+0.0024%	1h	2,776.8	−0.007%	$182K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.8	+0.028%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,777.7	+0.024%	$256.0M	$995.0M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.224%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0056%	1h	2,776.7	−0.009%	$14.2M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.4	−0.095%	$5.0M	$636K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,778.8	+0.064%	$258.7M	$222.6M	50x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,777.8	+0.029%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,777.8	+0.029%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USDlong	+0.0062%	1h	2,777	long leg	$55.3M	$229.0M	40x
Bitget ETHUSDT	+0.0066%	8h	2,777.8	+0.029%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.9	+0.033%	$3.30B	$9.68B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,776.5	−0.017%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,778.1	+0.041%	$2.52B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0092%	8h	2,778	+0.037%	—	$1.20B	—	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,777.4	+0.015%	$422.2M	$739.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	+0.046%	$115.3M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.4	+0.085%	$25.5M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.7	+0.024%	—	$41.6M	500x	as long as short
Vest ETH-PERP	+0.0099%	1h	2,776.9	−0.003%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778	+0.035%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.4	+0.014%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.2	+0.115%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	+0.041%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	+0.007%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.2	+0.079%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.222%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.5	+0.018%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.118%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.4	−0.239%	$181.4M	$780.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773.3	−0.132%	$161.3M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.3	−0.061%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.2	+0.043%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	+0.004%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.089%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776	−0.035%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.4	+0.015%	$32.6M	$77.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.5	+0.055%	$59.9M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,777.4	+0.014%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,779.4	+0.086%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.4	+0.051%	$86.4M	$332.4M	100x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,775.4	−0.057%	$285.1M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,776.7	−0.012%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,776.6	−0.015%	$270K	$1.5M	20x	as long as short