Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.063%

Price spread now: Perpl against Bluefin−0.011%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 Perpl

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—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,748.5	0.0100	pay 0.0013% / 1h	31m 05s	$21K	$22K	25x
Short	Perpl ETH	2,748.2	−0.0447	pay 0.0040% / 43m	36m 05s	$310K	$6.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$114.77
Price spread: −0.011% → 0.000%: −$1.09
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$136.66
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Perpl: no order-book sample. 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 Perpl no order-book sample	—	—	—	—	—

Bluefin and Perpl: 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 ETHshort	−0.0447%	43m	2,748.2	−0.011%	$310K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,748.4	−0.003%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,748.8	+0.011%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.130%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.6	+0.002%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.076%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748	−0.017%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.4	−0.004%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,749.1	+0.022%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,747.5	−0.035%	—	$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	+0.0043%	8h	2,748.3	−0.006%	$1.69B	$11.03B	100x	as long as short
HTX ETH-USDT	+0.0044%	8h	2,747.9	−0.022%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0061%	8h	2,748.1	−0.015%	$252.8M	$859.6M	200x	as long as short
MEXC ETH_USDT	+0.0071%	8h	2,747.6	−0.032%	$1.56B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,746.2	−0.083%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0072%	8h	2,748.2	−0.011%	$6.36B	$16.25B	150x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,747.5	−0.037%	$381.1M	$605.9M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.8	+0.009%	$59.0M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0090%	8h	2,748.1	−0.016%	$2.07B	$2.85B	150x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,748.2	−0.011%	$3.39B	$8.86B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,748	−0.019%	$112.8M	$442.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.5	+0.037%	$24.8M	$106.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.2	−0.011%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753	+0.163%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.8	−0.025%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.6	−0.031%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750	+0.055%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.7	+0.009%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.1	−0.013%	$2.46B	$4.34B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748	−0.018%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.3	+0.029%	$2.8M	$16.6M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.5	−0.036%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.038%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.150%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.098%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749	+0.019%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.3	+0.031%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.4	−0.003%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.4	−0.003%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,748.5	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,749.7	+0.043%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.7	−0.028%	$964K	$12.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748	−0.018%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.1	−0.015%	$267.1M	$66.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.166%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,746.9	−0.060%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.3	−0.042%	$30.4M	$74.3M	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,748.9	+0.015%	$7.8M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,750.6	+0.076%	$32.4M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0168%	1h	2,749.3	+0.029%	$258.5M	$201.0M	50x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,750.7	+0.080%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.007%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,748.4	−0.003%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.6	+0.006%	$89.9M	$316.5M	100x	as long as short