Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:50 UTC−0.0079%/8h= −8.6% APRpaid last 24h −0.064%

Price spread now: Perpl against SoDEX+0.070%7-day average +0.024% · you sell dearer than you buy

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

Long on SoDEX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.036%−$4 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now +0.070%, 7d avg +0.024%

Together, before fees+0.078%+ Points / potential airdropPerpl: Active · farm board+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.046% dearer against SoDEX than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of +0.024%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 47 hours. At the pace of the last 4 days (−0.036% in total) that is about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,742.9	0.0079	pay 0.0010% / 1h	58m 17s	$54.6M	$160.0M	40x
Short	Perpl ETH	2,744.8	0	get 0.0000% / 43m	13m 17s	$271K	$5.2M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$16.5
Price spread: +0.070% → +0.024%: $4.6
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$33.7
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 1 min ago; Perpl: no order-book sample. 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 SoDEX live order book, 1 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.9 bp −$586	31.0 bp −$15.5K
Sell Perpl no order-book sample	—	—	—	—	—

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 54 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
Hotstuff ETH-PERP	−0.0080%	1h	2,748.4	+0.201%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0039%	8h	2,742.4	−0.020%	$2.35B	$4.15B	150x	as long as short
Hibachi ETH/USDT-P	−0.0024%	1h	2,750	+0.257%	$236K	$1.3M	20x	as long as short
Phoenix ETH	−0.0012%	1h	2,751.4	+0.310%	$814K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.9	+0.217%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.9	+0.038%	$11.1M	$41.4M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,744.4	+0.055%	$6.7M	$664.3M	4.9x	as long as short
Perpl ETHshort	0.0000%	43m	2,744.8	+0.070%	$271K	$5.2M	8.3x
Deribit ETH-PERPETUAL	0.0000%	1h	2,745	+0.076%	$266.4M	$209.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.8	+0.250%	$33.2M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,744.8	+0.069%	$179K	$943K	50x	as long as short
Gate ETH_USDT	+0.0037%	8h	2,743.7	+0.030%	$3.27B	$7.65B	200x	as long as short
Phemex ETHUSDT	+0.0057%	8h	2,743	+0.005%	$263.9M	$59.4M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,742.3	−0.023%	$1.66B	$10.17B	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,749.5	+0.240%	$8.3M	$30.3M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,743.4	+0.017%	$252.8M	$796.7M	200x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,742.5	−0.013%	$1.05B	$1.16B	200x	as long as short
SoDEX ETH-USDlong	+0.0079%	1h	2,742.9	long leg	$54.6M	$160.0M	40x
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,743.7	+0.028%	$82.4M	$290.8M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.5	−0.049%	$4.9M	$200K	20x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,744.2	+0.046%	$1.58B	$2.46B	500x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,743	+0.005%	$6.40B	$15.42B	150x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,743.8	+0.034%	$367.6M	$481.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,744	+0.040%	$113.3M	$378.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.3	+0.052%	$24.8M	$91.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,745.6	+0.097%	—	$24.6M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.4	+0.055%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749	+0.222%	$15.7M	$6.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.2	+0.047%	$14.6M	$100.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,746.2	+0.120%	$3.13B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.8	+0.069%	$32.1M	$326.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.1	+0.044%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745	+0.078%	$1.5M	$15.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.309%	$166.7M	$340.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.8	+0.032%	$2.11B	$2.55B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,742.7	−0.006%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.3	+0.089%	$14.9M	$37.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.4	+0.128%	$131.8M	$307.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,749	+0.222%	$186.3M	$695.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.1	+0.227%	$159.8M	$73.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	+0.193%	$21.1M	$72.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.4	+0.126%	—	$409K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.4	+0.091%	$11.3M	$9.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,744.1	+0.044%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.3	+0.050%	$20K	$15K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.7	−0.008%	$947K	$9.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.9	−0.001%	$30.4M	$68.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,743.6	+0.027%	$45.5M	$4.09B	50x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,748.8	+0.215%	$30K	$12K	20x	as long as short
Reya ETHRUSDPERP	+0.0167%	1h	2,745	+0.075%	$7.3M	$880K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,745.2	+0.085%	$5.6M	$11.2M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,746.3	+0.124%	$32.4M	$10.4M	100x	as long as short
BloFin ETH-USDT	+0.0301%	8h	2,745	+0.077%	$281.8M	$166.0M	150x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,752.8	+0.361%	$122K	$19.9M	52x	as long as short