Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0505%/8h= +55.3% APRpaid last 24h +0.027%

Price spread now: Bluefin against BingX−0.036%57s7-day average — · you buy dearer than you sell

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

Long on BingX Short on Bluefin

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

Funding pays, the price is against you. Bluefin is 0.036% cheaper against BingX than usual: you would sell low and buy high (spread −0.036% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$15 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDT	2,746.5	0.0053	pay 0.0053% / 8h	5h 17m	—	$1.15B	—
Short	Bluefin ETH-PERP	2,745.5	0.0558	get 0.0070% / 1h	17m 28s	$21K	$20K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against BingX. 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 BingXbpFee BluefinbpOrdersPrice spread, now −0.036%Rate

Funding earned: $106.13
Price spread: −0.036% → 0.000%: −$3.57
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $85.56
Costs to cover: 0.170%
Break-even: 1.4 days

Slippage unknown: BingX: live order book, 2 min ago; Bluefin: 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 BingX live order book, 2 min ago	0.05 bp	5.2 bp −$5	5.6 bp −$56	6.0 bp −$597	6.4 bp −$3,206
Sell Bluefin no order-book sample	—	—	—	—	—

Bluefin: 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 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
Hotstuff ETH-PERP	−0.0080%	1h	2,747	+0.020%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	−0.137%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.1	−0.050%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746	−0.018%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,746.3	−0.006%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,746.9	+0.015%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,747	+0.020%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,746.9	+0.016%	$182K	$849K	50x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,747.3	+0.030%	$8.9M	$30.7M	100x	as long as short
BingX ETH-USDTlong	+0.0053%	8h	2,746.5	long leg	—	$1.15B	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0066%	8h	2,746.1	−0.012%	$1.70B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,746.3	−0.004%	$382.1M	$575.5M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,746.5	+0.001%	$184K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.9	+0.015%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,746.2	−0.008%	$254.1M	$840.9M	200x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,744.8	−0.060%	$54.7M	$187.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,746.9	+0.017%	$113.0M	$435.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.3	+0.066%	$24.6M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.8	+0.012%	—	$30.5M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,746.4	−0.003%	$1.56B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,742.1	−0.160%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,747.2	+0.028%	$57.9M	$4.26B	50x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,746.3	−0.008%	$6.38B	$15.67B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751	+0.165%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.4	−0.002%	$468K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.1	−0.011%	$13.9M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.8	+0.085%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.2	+0.027%	$31.7M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.3	−0.007%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.1	−0.050%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.9	+0.015%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.151%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.5	0.000%	$3.39B	$8.76B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.4	−0.003%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.1	−0.051%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.025%	$133.3M	$326.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.5	−0.070%	$182.4M	$673.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,746.6	+0.006%	$159.7M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.7	+0.009%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.1	+0.024%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.4	+0.034%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.3	−0.005%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.5	−0.034%	$963K	$11.5M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,745	−0.053%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.8	−0.024%	$266.9M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.5	−0.033%	$30.7M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,745.7	−0.028%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,746.7	+0.009%	$7.8M	$670.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0173%	1h	2,746.6	+0.005%	$259.8M	$196.2M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,746.6	+0.006%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.1	−0.012%	$86.6M	$310.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,745.6	−0.030%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,746.6	+0.005%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0313%	8h	2,746	−0.017%	$285.1M	$181.2M	150x	as long as short
Bluefin ETH-PERPshort	+0.0558%	1h	2,745.5	−0.036%	$21K	$20K	25x