Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.050%

Price spread now: Gate against Bluefin−0.063%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 Gate

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.063% cheaper against Bluefin than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,769.3	0.0100	pay 0.0013% / 1h	19m 55s	$21K	$22K	25x
Short	Gate ETH_USDT	2,767.6	0.0054	get 0.0054% / 8h	7h 19m	$3.37B	$9.04B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.063%Rate

Funding earned: −$9.66
Price spread: −0.063% → 0.000%: −$6.28
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.94
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Gate: live order book, 4 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 Gate live order book, 4 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	9.1 bp −$915	17.8 bp −$8,883

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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.273%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,767.9	−0.053%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.9	−0.052%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.8	−0.056%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,767.9	−0.052%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.096%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.2	−0.005%	$12.2M	$43.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.9	−0.017%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,768.1	−0.047%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,767.6	−0.065%	$1.71B	$11.13B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0032%	1h	2,768.2	−0.041%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,768.7	−0.024%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0049%	8h	2,768.1	−0.044%	$256.0M	$885.1M	200x	as long as short
Gate ETH_USDTshort	+0.0054%	8h	2,767.6	−0.063%	$3.37B	$9.04B	200x
Binance ETHUSDT	+0.0060%	8h	2,766.4	−0.105%	$6.47B	$16.28B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,767	−0.085%	$1.63B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768.2	−0.042%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.8	+0.088%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,767.3	−0.073%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.4	0.000%	$60.3M	$4.42B	50x	as long as short
Phemex ETHUSDT	+0.0081%	8h	2,768.3	−0.039%	$269.4M	$67.4M	150x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,768.3	−0.039%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,767.7	−0.058%	$420.0M	$619.7M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,768.2	−0.040%	$114.9M	$458.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770	+0.024%	$25.6M	$111.7M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0097%	1h	2,769.7	+0.012%	$259.1M	$204.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	+0.021%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.9	−0.052%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767	−0.084%	$14.6M	$113.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770	+0.024%	$3.17B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.8	−0.057%	$31.2M	$325.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.5	−0.032%	$2.51B	$4.34B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.8	−0.092%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.5	−0.031%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.127%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,766.3	−0.109%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.6	−0.065%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.029%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.9	+0.091%	$182.0M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.232%	$161.4M	$84.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.6	+0.083%	$8.7M	$32.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.8	−0.019%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.056%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,769.3	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,770.4	+0.038%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.3	−0.074%	$970K	$13.1M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768	−0.047%	$1.08B	$1.25B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.5	−0.102%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	−0.013%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,768.8	−0.019%	$8.0M	$679.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.6	+0.010%	$96.0M	$318.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771	+0.060%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0154%	8h	2,771.6	+0.082%	$32.6M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,768.7	−0.023%	$287.1M	$181.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,767.5	−0.067%	$7.3M	$1.1M	25x	as long as short