Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.018%

Price spread now: Extended against OKX−0.058%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.058%, 7d avg −0.080%

Together, before fees+0.010%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.022% dearer against OKX than usual: you sell high and buy low (spread −0.058% now, against its 7-day average of −0.080%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETHFI-USDT-SWAP	0.7106	0.0100	pay 0.0050% / 4h	2h 07m	$4.9M	$12.4M	20x
Short	Extended ETHFI-USD	0.7102	0.0080	get 0.0010% / 1h	7m 22s	$92K	$495K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against OKX. 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 OKXbpFee ExtendedbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$4.2
Price spread: −0.058% → −0.080%: $2.21
Slippage, 4 orders: −$49.87
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$66.87
Costs to cover: 0.649%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Extended: live order book, 15 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 OKX live order book, 1 min ago	1.40 bp	16.8 bp −$17	50.0 bp −$500	doesn't fit	doesn't fit
Sell Extended live order book, 15 min ago	1.89 bp	17.7 bp −$18	181.6 bp −$1,816	doesn't fit	doesn't fit

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0875%	1h	0.7105	−0.014%	$42K	$18K	10x	as long as short
HTX ETHFI-USDT	−0.0270%	4h	0.7108	+0.028%	$82K	$165K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0215%	1h	0.7108	+0.023%	$279K	$145K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0172%	4h	0.7101	−0.070%	$16K	$1K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.886%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0038%	8h	0.7110	+0.050%	$6K	—	5x	as long as short
Bitget ETHFIUSDT	+0.0040%	4h	0.7100	−0.084%	$6.0M	$5.6M	75x	as long as short
Binance ETHFIUSDT	+0.0077%	4h	0.7103	−0.045%	$24.7M	$37.0M	75x	as long as short
Extended ETHFI-USDshort	+0.0080%	1h	0.7102	−0.058%	$92K	$495K	10x
MEXC ETHFI_USDT	+0.0082%	4h	0.7109	+0.042%	$15.1M	$3.9M	125x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7122	+0.222%	$1.1M	$909K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7116	+0.139%	$18.0M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7116	+0.141%	$182K	$256K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7107	+0.014%	$18.2M	$12.8M	25x	as long as short
OKX ETHFI-USDT-SWAPlong	+0.0100%	4h	0.7106	long leg	$4.9M	$12.4M	20x
Gate ETHFI_USDT	+0.0100%	4h	0.7115	+0.127%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7121	+0.211%	$1.2M	$270K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7106	0.000%	—	$25.9M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7143	+0.525%	$1.0M	$729K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7115	+0.124%	$60K	$85K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7106	0.000%	$1K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7100	−0.084%	$8K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0152%	1h	0.7165	+0.830%	$31K	$9K	50x	as long as short
BloFin ETHFI-USDT	+0.0326%	4h	0.7128	+0.310%	$1.3M	$293K	75x	as long as short