Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.035%

Price spread now: Phemex against Bluefin−0.008%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 Phemex

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: $0 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	2,726.7	0.0100	pay 0.0013% / 1h	7m 54s	$21K	$20K	25x
Short	Phemex ETHUSDT	2,726.4	0.0087	get 0.0087% / 8h	3h 07m	$264.2M	$64.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$2.7
Price spread: −0.008% → 0.000%: −$0.81
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.51
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Phemex: live order book, 6 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 Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	6.8 bp −$68	10.7 bp −$1,071	14.8 bp −$7,378

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	−0.0335%	43m	2,725.6	−0.039%	$301K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.2	−0.017%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0019%	8h	2,726	−0.023%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.8	+0.004%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,728.7	+0.075%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.8	+0.005%	$6.2M	$685.9M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,726.8	+0.004%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.8	+0.006%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0028%	8h	2,726.4	−0.011%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0037%	1h	2,726.3	−0.013%	$177K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0037%	8h	2,727.5	+0.030%	$2.36B	$4.39B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,726.3	−0.013%	$186K	$814K	50x	as long as short
SunX ETH-USDT	+0.0055%	8h	2,725.7	−0.036%	$955K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,727.2	+0.020%	$377.4M	$574.7M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,727.1	+0.015%	$252.2M	$842.3M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,727.9	+0.044%	$1.67B	$10.73B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724	−0.098%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,727.8	+0.041%	$1.56B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,727.1	+0.017%	$6.32B	$15.95B	150x	as long as short
Phemex ETHUSDTshort	+0.0087%	8h	2,726.4	−0.008%	$264.2M	$64.2M	150x
ApeX Omni ETHUSDT	+0.0087%	1h	2,728	+0.051%	$8.7M	$31.2M	100x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,726.4	−0.010%	$54.3M	$187.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,726.8	+0.005%	$112.4M	$435.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.2	+0.055%	$23.3M	$104.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,726.1	−0.020%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.152%	$117K	$22.5M	52x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,728.4	+0.063%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.5	−0.043%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.4	+0.026%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.6	−0.040%	$13.8M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.1	+0.089%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.8	+0.005%	$31.8M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.9	−0.065%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.4	−0.011%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	+0.057%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.1	+0.015%	$3.33B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.9	+0.045%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.7	0.000%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	+0.012%	$134.7M	$322.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	+0.053%	$183.5M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	+0.077%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.8	+0.042%	$21.0M	$72.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727	+0.012%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.4	+0.027%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,726.7	long leg	$21K	$20K	25x
Derive ETH-PERP	+0.0100%	1h	2,728.2	+0.057%	$40.9M	$30.1M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.1	+0.017%	$30.6M	$73.6M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,726.2	−0.015%	$5.6M	$11.7M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0109%	1h	2,727.7	+0.039%	$258.4M	$202.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,727.5	+0.030%	$50.4M	$4.27B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,727.3	+0.022%	$83.4M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,729.2	+0.092%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,725.6	−0.041%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,726.8	+0.005%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0337%	8h	2,725.1	−0.057%	$281.4M	$174.3M	150x	as long as short