Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.022%

Price spread now: MEXC against Bluefin−0.045%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 MEXC

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 −$2 a day on $10k at the current rate, and MEXC is 0.045% cheaper against Bluefin than usual: you would sell low and buy high (−$5 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	30m 07s	$21K	$25K	25x
Short	MEXC ETH_USDT	2,768	0.0045	get 0.0045% / 8h	2h 30m	$1.61B	$2.66B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$11.55
Price spread: −0.045% → 0.000%: −$4.51
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$25.06
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; MEXC: 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 MEXC live order book, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.3 bp −$135	3.9 bp −$1,962

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	−0.0112%	43m	2,769.5	+0.010%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.114%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,766.7	−0.092%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,769.4	+0.005%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767	−0.081%	$794K	$3.7M	25x	as long as short
ApeX Omni ETHUSDT	−0.0011%	1h	2,766.3	−0.107%	$8.8M	$32.5M	100x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.4	+0.006%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.3	+0.003%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769	−0.009%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0017%	1h	2,767.8	−0.051%	$29K	$21K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0020%	8h	2,768.4	−0.030%	$1.71B	$11.86B	100x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,767.9	−0.050%	$266.5M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769	−0.009%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,768.2	−0.038%	$255.8M	$996.0M	200x	as long as short
MEXC ETH_USDTshort	+0.0045%	8h	2,768	−0.045%	$1.61B	$2.66B	500x
Binance ETHUSDT	+0.0045%	8h	2,768.4	−0.030%	$6.42B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,766.1	−0.115%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0066%	8h	2,768.4	−0.031%	$3.29B	$9.62B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,768.3	−0.034%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,768.3	−0.034%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,768.2	−0.037%	$140.3M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768.5	−0.027%	$115.3M	$512.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770	+0.026%	$25.4M	$122.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770	+0.026%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	−0.002%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.2	−0.002%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.1	−0.005%	$14.7M	$116.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.9	+0.060%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.9	+0.023%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.4	−0.030%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.1	−0.005%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.3	+0.075%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.120%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.3	+0.003%	$424.8M	$740.9M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,768.4	−0.030%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.7	−0.022%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.1	−0.115%	$177.8M	$792.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.8	−0.126%	$160.8M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.6	−0.023%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.7	+0.015%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.5	+0.045%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,769.3	long leg	$21K	$25K	25x
Derive ETH-PERP	+0.0100%	1h	2,770.5	+0.043%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.2	−0.038%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,767.9	−0.049%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.2	−0.039%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.4	−0.066%	$31.4M	$76.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,769.8	+0.018%	$258.4M	$224.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,769.8	+0.019%	$60.1M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,770	+0.027%	$8.7M	$672.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,770.9	+0.058%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,768.8	−0.017%	$285.6M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,767.9	−0.050%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,769	−0.010%	$87.1M	$330.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0424%	1h	2,770.9	+0.060%	$288K	$1.5M	20x	as long as short