Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.018%

Price spread now: Paradex against Bluefin+0.148%7-day average — · you sell dearer than you buy

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

Long on Bluefin Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.148% dearer against Bluefin than usual: you sell high and buy low, +$15 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,754.1	0.0100	pay 0.0013% / 1h	26m 22s	$21K	$21K	25x
Short	Paradex ETH-USD-PERP	2,758.2	0.0099	get 0.0099% / 8h	6h 26m	$16.3M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.148%Rate

Funding earned: −$0.13
Price spread: +0.148% → 0.000%: $14.8
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $3.67
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bluefin: no order-book sample; Paradex: live order book, 3 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 Paradex live order book, 3 min ago	2.27 bp	4.3 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit

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	2,753	−0.039%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,751.4	−0.098%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.8	−0.012%	$5.6M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,754.1	−0.001%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.171%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,752	−0.078%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.133%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,754.3	+0.006%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,754.1	0.000%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0034%	8h	2,753.4	−0.027%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,754.1	0.000%	$1.69B	$10.99B	100x	as long as short
HTX ETH-USDT	+0.0052%	8h	2,750.7	−0.123%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,753.5	−0.020%	$253.2M	$856.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,753.2	−0.034%	$380.6M	$607.1M	100x	as long as short
MEXC ETH_USDT	+0.0077%	8h	2,754	−0.004%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,753.8	−0.011%	$6.37B	$16.19B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,751.5	−0.093%	$4.9M	$168K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.1	−0.073%	$59.1M	$4.36B	50x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,750.9	−0.117%	$267.4M	$65.9M	150x	as long as short
Bitget ETHUSDT	+0.0092%	8h	2,754.2	+0.002%	$2.08B	$2.84B	150x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,754.2	+0.004%	$3.40B	$8.88B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,752.3	−0.066%	$113.1M	$442.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.3	−0.029%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,752.9	−0.045%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERPshort	+0.0099%	8h	2,758.2	+0.148%	$16.3M	$8.2M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,752.6	−0.055%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,753.2	−0.033%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,756	+0.069%	$3.14B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753	−0.039%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,754	−0.003%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,751.8	−0.084%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.9	−0.009%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.5	−0.131%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	−0.030%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.1	−0.144%	$181.8M	$700.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.1	−0.217%	$159.8M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	−0.062%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,753.9	−0.008%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,754.3	+0.007%	$10.8M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,753.8	−0.011%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,754.1	long leg	$21K	$21K	25x
Derive ETH-PERP	+0.0100%	1h	2,755.7	+0.057%	$41.9M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.6	−0.093%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.9	−0.117%	$54.8M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.084%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,749.8	−0.157%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,752.3	−0.067%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0139%	1h	2,752.3	−0.067%	$258.5M	$200.2M	50x	as long as short
Kalshi KXETHPERP	+0.0141%	8h	2,752.6	−0.055%	$7.6M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0170%	8h	2,756.5	+0.087%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,751.7	−0.087%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.4	−0.207%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,753.6	−0.019%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	−0.087%	$90.0M	$316.4M	100x	as long as short