Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.027%

Price spread now: BingX against Bluefin−0.017%57s7-day average — · you buy dearer than you sell

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

Long on Bluefin Short on BingX

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate. 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	Bluefin ETH-PERP	2,746.2	0.0100	pay 0.0013% / 1h	7m 25s	$21K	$21K	25x
Short	BingX ETH-USDC	2,745.7	0.0040	get 0.0040% / 8h	6h 07m	—	$18.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bluefin. 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 BluefinbpFee BingXbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$12.6
Price spread: −0.017% → 0.000%: −$1.68
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$31.28
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; BingX: live order book, 1 min ago. 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 Bluefin no order-book sample	—	—	—	—	—
Sell BingX live order book, 1 min ago	0.24 bp	5.2 bp −$5	5.7 bp −$57	8.1 bp −$809	11.9 bp −$5,972

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 54 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	−0.0112%	43m	2,745.3	−0.034%	$310K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.1	+0.034%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.2	0.000%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.3	+0.006%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,744.8	−0.050%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.3	+0.006%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.4	+0.008%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.2	+0.001%	$181K	$1.0M	50x	as long as short
BingX ETH-USDCshort	+0.0040%	8h	2,745.7	−0.017%	—	$18.5M	—
OKX ETH-USDT-SWAP	+0.0052%	8h	2,745.3	−0.033%	$1.69B	$10.82B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0066%	1h	2,741.8	−0.161%	$8.7M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,745.9	−0.008%	$370.1M	$608.7M	100x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,745.4	−0.029%	$1.06B	$1.19B	200x	as long as short
Aster ETHUSDT	+0.0067%	8h	2,745.7	−0.016%	$253.5M	$853.6M	200x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,745.4	−0.028%	$6.38B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,745.9	−0.011%	$1.57B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.3	−0.070%	$4.9M	$167K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,746.3	+0.003%	$58.9M	$4.31B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,746	−0.006%	$3.39B	$8.94B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,746.8	+0.023%	$112.9M	$444.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.3	+0.076%	$24.8M	$107.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.5	−0.025%	—	$34.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749.2	+0.112%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	−0.024%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.5	+0.011%	$13.9M	$109.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.4	+0.045%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.8	+0.023%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.3	−0.033%	$2.46B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.2	+0.001%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.5	+0.010%	$2.8M	$16.4M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.8	−0.013%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	−0.009%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	−0.045%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.2	−0.145%	$181.3M	$699.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.105%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.8	−0.013%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	0.000%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.2	+0.001%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.9	−0.010%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,746.2	long leg	$21K	$21K	25x
Derive ETH-PERP	+0.0100%	1h	2,748	+0.068%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.1	−0.111%	$961K	$12.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.1	−0.003%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.1	−0.003%	$267.3M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.054%	$164.0M	$301.0M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,746.6	+0.015%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.1	−0.040%	$30.5M	$73.1M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,745.4	−0.028%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0178%	8h	2,748.7	+0.092%	$32.3M	$11.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,747	+0.032%	$258.8M	$200.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,745	−0.043%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,745.6	−0.021%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,746.6	+0.017%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,746.5	+0.011%	$88.1M	$316.0M	100x	as long as short