Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0521%/8h= −57.0% APRpaid last 24h −0.005%

Price spread now: Perpl against Bitget−0.192%7-day average +0.019% · you buy dearer than you sell

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

Long on Bitget Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days+0.186%+$19 · spread now −0.192%, 7d avg +0.019%

Together, before fees+0.309%+ Points / potential airdropPerpl: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.211% cheaper against Bitget than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.019%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.123% in total (about 6.4% 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	Bitget ETHUSDT	2,773	0.0074	pay 0.0074% / 8h	1h 57m	$2.10B	$3.12B	150x
Short	Perpl ETH	2,767.7	−0.0447	pay 0.0040% / 43m	0m 11s	$289K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bitget. 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 BitgetbpFee PerplbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$109.31
Price spread: −0.192% → +0.019%: −$21.11
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$156.22
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; 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 Bitget live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.9 bp −$69	8.2 bp −$824	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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 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 ETHshort	−0.0447%	43m	2,767.7	−0.192%	$289K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,768	−0.180%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768	−0.181%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,768.6	−0.159%	$169K	$1.2M	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,768.7	−0.155%	$119K	$22.5M	52x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.5	−0.091%	$884K	$3.6M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770	−0.108%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,770.7	−0.084%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.2	−0.065%	$22.4M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0008%	1h	2,770.8	−0.081%	$279K	$1.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ETH-PERP	+0.0010%	1h	2,768.2	−0.175%	$14.3M	$118.8M	50x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,772.9	−0.004%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.2	−0.030%	$1.71B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.1	−0.070%	$13.2M	—	200x	as long as short
Bullet ETH-USD	+0.0031%	1h	2,769.9	−0.112%	$183K	$1.8M	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,771.8	−0.042%	$256.3M	$994.0M	200x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,770.6	−0.087%	$8.7M	$32.6M	100x	as long as short
Phemex ETHUSDT	+0.0036%	8h	2,771	−0.073%	$266.9M	$65.9M	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.5	−0.162%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,770.8	−0.078%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,773.2	+0.006%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDTlong	+0.0074%	8h	2,773	long leg	$2.10B	$3.12B	150x
Gate ETH_USDT	+0.0076%	8h	2,774	+0.035%	$3.29B	$9.53B	200x	as long as short
SoDEX ETH-USD	+0.0087%	1h	2,770.4	−0.094%	$55.2M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,770.6	−0.088%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.057%	$114.8M	$494.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.7	−0.010%	$25.4M	$120.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.5	−0.162%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0099%	8h	2,770.9	−0.077%	$140.8M	$321.1M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.6	−0.158%	$15.9M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.8	−0.152%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	+0.072%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.2	−0.137%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.3	+0.011%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.5	−0.199%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.8	−0.117%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.074%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.7	−0.082%	$422.2M	$741.3M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.6	+0.020%	$15.2M	$43.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	−0.175%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	−0.055%	$161.2M	$96.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.7	−0.119%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.5	−0.128%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.1	−0.069%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.5	−0.055%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.5	+0.019%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.5	−0.198%	$971K	$14.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.9	−0.112%	$31.5M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	−0.038%	$59.9M	$4.61B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0107%	1h	2,772.3	−0.026%	$258.4M	$225.1M	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,770.8	−0.080%	$8.6M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774	+0.037%	$32.5M	$12.1M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772	−0.037%	$86.1M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,770.6	−0.086%	$285.9M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,770	−0.108%	$7.3M	$1.1M	25x	as long as short