Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0262%/8hpaid last 24h +0.026%

Price spread now: Injective against Orderly+0.028%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.028% dearer against Orderly than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETHFI_USDC	0.7238	−0.0142	get 0.0071% / 4h	6m 53s	$17K	$1K	10x
Short	Injective ETHFI/USDC PERP	0.7240	−0.0404	pay 0.0050% / 1h	6m 53s	$321	$51K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.028%Rate

Funding earned: −$54.96
Price spread: +0.028% → 0.000%: $2.76
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$58.22
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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.

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
Injective ETHFI/USDC PERPshort	−0.0404%	1h	0.7240	+0.028%	$321	$51K	5.5x
Kraken Futures PF_ETHFIUSD	−0.0394%	1h	0.7246	+0.115%	$282K	$159K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0302%	1h	0.7241	+0.041%	$44K	$18K	10x	as long as short
Orderly PERP_ETHFI_USDClong	−0.0142%	4h	0.7238	long leg	$17K	$1K	10x
Variational Omni ETHFI	−0.0113%	4h	0.7223	−0.208%	$1.1M	$707K	—	as long as short
Bitget ETHFIUSDT	−0.0036%	4h	0.7236	−0.028%	$6.2M	$5.5M	75x	as long as short
Paradex ETHFI-USD-PERP	−0.0035%	8h	0.7234	−0.054%	$6K	—	5x	as long as short
HTX ETHFI-USDT	−0.0021%	4h	0.7218	−0.276%	$84K	$153K	20x	as long as short
Bybit ETHFIUSDT	−0.0003%	4h	0.7236	−0.028%	$18.7M	$12.3M	25x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7239	+0.008%	$1.1M	$890K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ETHFI	+0.0100%	1h	0.7249	+0.151%	$19.7M	$7.4M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7238	−0.002%	$183K	$238K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7234	−0.055%	$25.5M	$35.4M	75x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7238	0.000%	$4.9M	$12.1M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7242	+0.055%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7234	−0.055%	$15.3M	$3.7M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7240	+0.028%	$1.2M	$260K	50x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7238	0.000%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7265	+0.370%	$49K	$55K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7239	+0.014%	$2K	$1.0M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7234	−0.051%	$104K	$489K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7245	+0.097%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0336%	1h	0.7241	+0.041%	$32K	$8K	50x	as long as short
BloFin ETHFI-USDT	+0.0340%	4h	0.7237	−0.014%	$1.3M	$303K	75x	as long as short