Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.030%

Price spread now: Nado against BloFin−0.026%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.095%−$10 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.026%, 7d avg +0.002%

Together, before fees+0.036%+ Points / potential airdropNado: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Nado is 0.028% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.095% in total (about -10.3% 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	BloFin ETH-USDT	2,736.6	0.0382	pay 0.0382% / 8h	4h 02m	$283.6M	$175.9M	150x
Short	Nado ETH-PERP	2,735.9	0.0100	get 0.0012% / 1h	2m 24s	$13.6M	$104.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.026%Rate

Funding earned: −$59.32
Price spread: −0.026% → +0.002%: −$2.8
Slippage, 4 orders: −$0.44
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$81.56
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Nado: live order book, 2 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, 7 min ago	0.04 bp	6.0 bp −$6	6.1 bp −$61	7.6 bp −$756	10.0 bp −$4,983
Sell Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.3 bp −$528	13.6 bp −$6,801

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	2,735.9	−0.027%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.088%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.8	+0.007%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.9	+0.010%	$11.9M	—	200x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736.6	0.000%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	−0.099%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,736.7	+0.003%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.9	+0.012%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0015%	1h	2,736.3	−0.010%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,735.9	−0.026%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0043%	8h	2,736.6	−0.001%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,736.9	+0.010%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0063%	1h	2,733.1	−0.127%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,735.9	−0.024%	$380.3M	$573.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,737	+0.015%	$1.67B	$10.73B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,736.5	−0.004%	$265.9M	$65.0M	150x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,736.6	−0.001%	$251.2M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,736.6	0.000%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,736.6	0.000%	$6.36B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.3	−0.011%	$112.9M	$442.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.3	+0.024%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,736.7	+0.003%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734.4	−0.080%	$4.9M	$155K	20x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,736.7	+0.003%	$5.7M	$11.8M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.3	+0.136%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,735.8	−0.029%	$499K	$3.3M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,735.9	−0.026%	$13.6M	$104.4M	50x
Hyperliquid ETH	+0.0100%	1h	2,738.7	+0.077%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.8	+0.008%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,735.9	−0.026%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736.7	+0.002%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.107%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.6	+0.001%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.1	+0.018%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	−0.035%	$15.1M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732	−0.169%	$133.7M	$324.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.4	−0.153%	$183.8M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.6	−0.111%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.4	−0.007%	$21.1M	$68.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.2	+0.058%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.3	+0.026%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.8	+0.082%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.1	−0.055%	$959K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,737	+0.015%	$54.5M	$187.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.2	+0.023%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.8	−0.030%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.6	+0.035%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,734.8	−0.064%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,736.6	0.000%	$6.7M	$678.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0148%	1h	2,738.5	+0.069%	$259.6M	$196.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0198%	8h	2,739.7	+0.114%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,735.8	−0.028%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.9	+0.047%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,737.2	+0.021%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDTlong	+0.0382%	8h	2,736.6	long leg	$283.6M	$175.9M	150x