Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.032%

Price spread now: BloFin against Arcus+0.026%7-day average −0.034% · 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−$13as in the Price arb table

costs, in and out, $10k−$190.185% of the position

Long on Arcus Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 3 days (all we have)−0.329%−$33 · spread now +0.026%, 7d avg −0.034%

Together, before fees−0.230%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BloFin is 0.060% dearer against Arcus than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ETH-USD	2,775.2	0.0100	pay 0.0013% / 1h	56m 33s	$2.8M	$17.7M	25x
Short	BloFin ETH-USDT	2,775.9	0.0166	get 0.0166% / 8h	2h 56m	$287.4M	$197.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Arcus. 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 ArcusbpFee BloFinbpOrdersPrice spread, now +0.026%Rate

Funding earned: $13.79
Price spread: +0.026% → −0.034%: $5.99
Slippage, 4 orders: −$2.05
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $1.23
Costs to cover: 0.185%
Break-even: 6.4 days

Slippage from Arcus: live order book, 3 min ago; BloFin: live order book, 3 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 Arcus live order book, 3 min ago	0.22 bp	2.8 bp −$3	3.7 bp −$37	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.04 bp	6.1 bp −$6	6.1 bp −$61	6.3 bp −$635	7.2 bp −$3,615

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	2,774.1	−0.040%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,773.8	−0.049%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.034%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,772.9	−0.081%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	+0.055%	$794K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773	−0.077%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.9	+0.025%	$13.0M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.8	−0.013%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,776.8	+0.058%	$267.3M	$66.0M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.9	−0.082%	$1.71B	$11.92B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0025%	1h	2,776.1	+0.034%	$55.3M	$228.5M	40x	as long as short
Aftermath Perps ETHUSD	+0.0027%	1h	2,780.1	+0.178%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.3	+0.040%	$13.0M	—	200x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,772.5	−0.094%	$6.45B	$17.35B	150x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,773.1	−0.074%	$1.61B	$2.61B	500x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,774.6	−0.021%	$256.4M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.2	+0.001%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0053%	8h	2,773.5	−0.059%	$3.29B	$9.51B	200x	as long as short
ApeX Omni ETHUSDT	+0.0054%	1h	2,780.8	+0.205%	$10.5M	$30.9M	100x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773.1	−0.075%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,773.8	−0.049%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0093%	8h	2,785.4	+0.370%	$141.2M	$320.4M	—	as long as short
Lighter ETH	+0.0096%	1h	2,776	+0.031%	$115.4M	$506.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.2	+0.075%	$25.5M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.4	+0.045%	—	$46.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.5	+0.014%	$15.9M	$11.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	−0.056%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.5	−0.094%	$16.3M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776	+0.030%	$3.20B	$2.41B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.6	+0.015%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.9	−0.082%	$2.51B	$4.67B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.7	−0.053%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USDlong	+0.0100%	1h	2,775.2	long leg	$2.8M	$17.7M	25x
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.193%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,773.3	−0.068%	$426.8M	$750.0M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,773.4	−0.064%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.6	+0.088%	$15.4M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782	+0.246%	$177.9M	$785.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.7	+0.200%	$161.8M	$98.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.063%	$21.4M	$57.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.9	−0.009%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.1	+0.034%	$21K	$25K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.5	+0.011%	$973K	$14.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,775.3	+0.005%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.8	−0.015%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.3	−0.068%	$31.7M	$76.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.8	+0.095%	$60.4M	$4.67B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,776.4	+0.045%	$8.6M	$673.1M	4.9x	as long as short
Derive ETH-PERP	+0.0115%	1h	2,778.5	+0.119%	$43.0M	$30.0M	15x	as long as short
Orderly PERP_ETH_USDC	+0.0127%	8h	2,778.8	+0.129%	$32.6M	$11.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0146%	1h	2,778.2	+0.108%	$258.9M	$224.3M	50x	as long as short
BloFin ETH-USDTshort	+0.0166%	8h	2,775.9	+0.026%	$287.4M	$197.8M	150x
Reya ETHRUSDPERP	+0.0194%	1h	2,772.5	−0.096%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.8	+0.095%	$88.7M	$333.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0344%	1h	2,778.2	+0.111%	$274K	$1.5M	20x	as long as short