Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: Bybit against Bluefin−0.007%7-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 Bybit

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,749.2	0.0100	pay 0.0013% / 1h	32m 23s	$21K	$22K	25x
Short	Bybit ETHUSDT	2,749	0.0100	get 0.0100% / 8h	6h 32m	$2.46B	$4.35B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0
Price spread: −0.007% → 0.000%: −$0.65
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$18.65
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.2 bp −$723	9.9 bp −$4,942

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	−0.0447%	43m	2,748.9	−0.013%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.9	−0.084%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,749.3	+0.004%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.155%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.5	+0.011%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.102%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.4	+0.007%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.3	+0.004%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,749.4	+0.007%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0032%	8h	2,749.2	0.000%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0042%	8h	2,745.1	−0.151%	$1.06B	$1.22B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0042%	8h	2,748.9	−0.012%	$1.69B	$11.04B	100x	as long as short
Aster ETHUSDT	+0.0061%	8h	2,749	−0.007%	$253.6M	$861.5M	200x	as long as short
MEXC ETH_USDT	+0.0071%	8h	2,749.8	+0.020%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0072%	8h	2,749.4	+0.007%	$6.36B	$16.29B	150x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,747	−0.082%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,749.2	0.000%	$381.7M	$608.1M	100x	as long as short
Gate ETH_USDT	+0.0088%	8h	2,749.7	+0.017%	$3.39B	$8.86B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.6	+0.013%	$59.0M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0090%	8h	2,748.6	−0.023%	$2.07B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,749.4	+0.005%	$112.9M	$442.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.9	+0.025%	$24.9M	$106.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.6	−0.022%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753	+0.137%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.4	−0.029%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.9	−0.048%	$14.0M	$113.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,751.6	+0.087%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	+0.004%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,749	−0.007%	$2.46B	$4.35B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.5	−0.062%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.7	+0.017%	$2.8M	$16.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.6	−0.166%	$15.0M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.6	−0.168%	$133.0M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.176%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.5	−0.135%	$159.7M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.2	−0.109%	$21.2M	$67.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.8	+0.022%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.2	0.000%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.3	+0.004%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,749.2	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,750.2	+0.036%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749	−0.007%	$964K	$12.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.1	−0.040%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.7	−0.162%	$266.8M	$66.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.192%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,746.4	−0.101%	$30K	$21K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748	−0.043%	$30.4M	$74.4M	50x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,746.5	−0.098%	$7.8M	$674.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0143%	1h	2,749.5	+0.011%	$258.5M	$201.5M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,751.2	+0.072%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,746.5	−0.098%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.7	−0.091%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,749.3	+0.002%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.9	−0.011%	$90.0M	$317.0M	100x	as long as short