Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0082%/8h= +8.9% APRpaid last 24h +0.014%

Price spread now: BloFin against Bluefin−0.058%54s7-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 BloFin

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. BloFin is 0.058% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.058% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.4 days of funding at the current rate (+$2 a day). The two prices were read 54 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	2,780	0.0100	pay 0.0013% / 1h	37m 26s	$21K	$25K	25x
Short	BloFin ETH-USDT	2,778.4	0.0182	get 0.0182% / 8h	1h 37m	$285.3M	$194.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.058%Rate

Funding earned: $17.14
Price spread: −0.058% → 0.000%: −$5.83
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$7.69
Costs to cover: 0.190%
Break-even: 10.1 days

Slippage unknown: Bluefin: no order-book sample; BloFin: live order book, 7 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 BloFin live order book, 7 min ago	0.04 bp	6.0 bp −$6	6.1 bp −$61	6.3 bp −$627	7.8 bp −$3,907

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
Perpl ETH	−0.0447%	43m	2,776.3	−0.133%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.1	−0.142%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.2	−0.102%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.2	−0.030%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,776.1	−0.141%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0022%	1h	2,778.4	−0.058%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.2	−0.067%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	−0.008%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,780.7	+0.026%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0010%	8h	2,778.1	−0.071%	$270.2M	$68.6M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0015%	8h	2,776.2	−0.139%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,775.6	−0.160%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,780.7	+0.023%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,776.9	−0.114%	$256.6M	$989.6M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,775.8	−0.152%	$181K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,776	−0.145%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,777.1	−0.107%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,775.6	−0.159%	$6.44B	$17.10B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,778.2	−0.066%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,775.3	−0.170%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.6	−0.123%	$3.29B	$9.58B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,775.4	−0.168%	$2.52B	$4.59B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,777.1	−0.107%	$115.1M	$498.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	−0.071%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.2	−0.032%	—	$41.5M	500x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,778.6	−0.051%	$1.08B	$1.31B	200x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,776.1	−0.142%	$426.1M	$737.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.7	−0.154%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777	−0.109%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.8	−0.080%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777	−0.109%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.9	−0.149%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.2	−0.064%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.046%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.5	−0.054%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.7	+0.060%	$135.5M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,778.3	−0.062%	$180.1M	$779.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.7	−0.083%	$161.5M	$90.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	−0.078%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.2	+0.006%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.117%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.8	−0.116%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,780	long leg	$21K	$25K	25x
Derive ETH-PERP	+0.0100%	1h	2,781.1	+0.038%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,777.5	−0.090%	$974K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,778.6	−0.051%	$55.3M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.8	−0.151%	$31.6M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779.8	−0.010%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,779.5	−0.019%	$8.7M	$673.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,780.3	+0.009%	$258.4M	$221.8M	50x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,781.1	+0.037%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,782.7	+0.097%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,779.7	−0.012%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDTshort	+0.0182%	8h	2,778.4	−0.058%	$285.3M	$194.6M	150x
Reya ETHRUSDPERP	+0.0189%	1h	2,775.2	−0.174%	$7.4M	$1.1M	25x	as long as short