Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0022%/8h= +2.5% APRpaid last 24h −0.032%

Price spread now: Deribit against BloFin+0.140%57s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.221% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.180%−$18 on $10k

Price spread, last 3 days (all we have)−0.045%−$5 · spread now +0.140%, 7d avg +0.042%

Together, before fees−0.225%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.098% dearer against BloFin than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.042%. Mind the row above: over the last 7 days funding on this pair cost −0.180%, so the current rate has only just turned in your favour. 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	BloFin ETH-USDT	2,769.8	0.0164	pay 0.0164% / 8h	2h 48m	$286.5M	$196.4M	150x
Short	Deribit ETH-PERPETUAL	2,773.7	0.0186	get 0.0023% / 1h	48m 16s	$259.0M	$223.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now +0.140%Rate

Funding earned: $4.72
Price spread: +0.140% → +0.042%: $9.82
Slippage, 4 orders: −$3.13
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$7.58
Costs to cover: 0.221%
Break-even: 18.2 days

Slippage from BloFin: live order book, 6 min ago; Deribit: live order book, 1 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 BloFin live order book, 6 min ago	0.85 bp	6.8 bp −$7	6.9 bp −$69	7.9 bp −$793	9.8 bp −$4,903
Sell Deribit live order book, 1 min ago	0.09 bp	3.7 bp −$4	4.6 bp −$46	10.8 bp −$1,076	21.5 bp −$10.7K

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	2,771.5	+0.060%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.019%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.032%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	+0.006%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.4	+0.057%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.248%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.1	+0.048%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.097%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	+0.101%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,771.4	+0.056%	$266.6M	$65.8M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.4	+0.057%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.3	+0.091%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0038%	1h	2,773.3	+0.127%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.7	−0.006%	$5.0M	$636K	20x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.5	+0.060%	$255.9M	$997.1M	200x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.7	+0.066%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.7	+0.067%	$6.44B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,771.5	+0.060%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.7	+0.066%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,771.4	+0.057%	$187K	$1.8M	20x	as long as short
SoDEX ETH-USD	+0.0086%	1h	2,771.6	+0.064%	$55.2M	$228.6M	40x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	0.000%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	+0.085%	$115.2M	$508.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.6	+0.136%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.6	+0.102%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.2	+0.088%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.7	+0.068%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.7	+0.068%	$16.1M	$115.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.2	+0.158%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.093%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.5	+0.060%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.4	+0.057%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.4	+0.127%	$2.8M	$17.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.036%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.6	+0.064%	$426.3M	$745.1M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771.5	+0.061%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	+0.041%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.113%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.9	+0.005%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.5	−0.012%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772	+0.080%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	+0.115%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	+0.094%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.156%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.1	+0.011%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.6	+0.028%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	+0.054%	$31.4M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.5	+0.132%	$60.1M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.2	+0.086%	$8.6M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.8	+0.178%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDTlong	+0.0164%	8h	2,769.8	long leg	$286.5M	$196.4M	150x
Deribit ETH-PERPETUALshort	+0.0186%	1h	2,773.7	+0.140%	$259.0M	$223.3M	50x
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	+0.030%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.2	+0.123%	$88.5M	$330.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	+0.039%	$273K	$1.5M	20x	as long as short