Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.045%

Price spread now: Perpl against Vest−0.001%7-day average −0.007% · you buy dearer than you sell

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

Long on Vest Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.001%, 7d avg −0.007%

Together, before fees−0.024%+ Points / potential airdropVest: Active · Perpl: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.021% in total (about -2.3% 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	Vest ETH-PERP	2,753.5	0.0100	pay 0.0013% / 1h	22m 11s	—	$869K	50x
Short	Perpl ETH	2,753.4	−0.0447	pay 0.0040% / 43m	27m 11s	$311K	$6.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Vest. 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 VestbpFee PerplbpOrdersPrice spread, now −0.001%Rate

Funding earned: −$114.77
Price spread: −0.001% → −0.007%: $0.62
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$129.95
Costs to cover: 0.158%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; 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 Vest no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Vest and 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
Perpl ETHshort	−0.0447%	43m	2,753.4	−0.001%	$311K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,752.1	−0.049%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.8	−0.023%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,752	−0.051%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	−0.024%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.4	−0.001%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,752	−0.054%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,753	−0.017%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,752.6	−0.030%	$8.7M	$31.5M	100x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,751.7	−0.065%	—	$1.18B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0047%	8h	2,751.3	−0.078%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,751	−0.090%	$1.07B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,752.9	−0.020%	$371.1M	$607.6M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,752.3	−0.040%	$253.1M	$857.4M	200x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,752.8	−0.023%	$1.57B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,749.1	−0.157%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,751.2	−0.081%	$6.39B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.3	−0.041%	$59.1M	$4.35B	50x	as long as short
Gate ETH_USDT	+0.0092%	8h	2,752.1	−0.049%	$3.39B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0094%	8h	2,751.7	−0.064%	$2.08B	$2.83B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,751.6	−0.067%	$113.0M	$443.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.8	−0.024%	$24.9M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,753.1	−0.012%	—	$35.5M	500x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,752.2	−0.047%	$267.6M	$66.0M	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,757.8	+0.157%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,751.5	−0.071%	$479K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,752.8	−0.025%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,754.9	+0.052%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753.2	−0.009%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.3	−0.077%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752.6	−0.031%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.3	−0.007%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751.1	−0.087%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	−0.006%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	−0.067%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.9	+0.017%	$160.2M	$83.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.2	−0.082%	$21.3M	$67.9M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,753.5	long leg	—	$869K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,753.1	−0.013%	$10.8M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,752.1	−0.048%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,752.4	−0.037%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.2	−0.008%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.7	−0.063%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751	−0.089%	$54.8M	$187.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.060%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,751.5	−0.071%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.9	−0.093%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,752.5	−0.035%	$258.5M	$200.0M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,753.2	−0.009%	$7.9M	$675.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,753.9	+0.018%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,751.7	−0.062%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753	−0.017%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,752.3	−0.042%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.8	−0.059%	$89.5M	$316.6M	100x	as long as short