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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0006%/8h= +0.7% APRnext payment +$0.01 per $10,000 · paid last 24h +0.004%
Price spread now: Deribit against Bulk+0.098%7-day average +0.024% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$8as in the Price arb table
costs, in and out, $10k−$160.159% of the position
Long on BulkShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.012%−$1 on $10k
Price spread, last 3 days (all we have)−0.160%−$16 · spread now +0.098%, 7d avg +0.024%
Together, before fees−0.172%−$17 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.075% dearer against Bulk than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.024%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBulk ETH-USD2,778.10.0100pay 0.0013% / 1h16m 32s$165.4M$253.6M25x
ShortDeribit ETH-PERPETUAL2,780.80.0106get 0.0013% / 1h16m 32s$258.5M$225.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Bulk. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$1.26
Price spread: +0.098% → +0.024%
$7.47
Slippage, 4 orders
−$1.9
Fee Bulk: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
−$7.17
Costs to cover
0.159%
Break-even
46.8 days
Slippage from Bulk: live order book, 3 min ago; Deribit: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bulk live order book, 3 min ago0.02 bp3.5 bp −$43.7 bp −$375.0 bp −$4956.0 bp −$2,997
Sell Deribit live order book, 3 min ago0.09 bp3.6 bp −$43.9 bp −$3910.7 bp −$1,07427.4 bp −$13.7K

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,777.6−0.018%$290K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,776.6−0.054%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,778.2+0.004%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0048%1h2,777.9−0.007%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,778.2+0.004%$859K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,777.8−0.010%$5.8M$11.7M25xas long as short
Aftermath Perps ETHUSD−0.0002%1h2,776.1−0.072%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,779.8+0.062%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,779.7+0.058%$22.5M—200xas long as short
Phemex ETHUSDT+0.0013%8h2,779.2+0.040%$267.6M$66.0M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0022%8h2,776.4−0.061%$1.71B$11.91B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,779.6+0.056%$13.2M—200xas long as short
ApeX Omni ETHUSDT+0.0040%1h2,777.7−0.015%$8.8M$32.6M100xas long as short
Aster ETHUSDT+0.0040%8h2,778.9+0.030%$257.0M$995.5M200xas long as short
Aevo ETH-PERP+0.0048%1h2,777.7−0.013%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0050%8h2,779.2+0.039%$1.60B$2.68B500xas long as short
Binance ETHUSDT+0.0050%8h2,777.6−0.016%$6.45B$17.22B150xas long as short
Gate ETH_USDT+0.0075%8h2,778.9+0.029%$3.28B$9.68B200xas long as short
Bitget ETHUSDT+0.0075%8h2,776.7−0.050%$2.10B$3.13B150xas long as short
Bullet ETH-USD+0.0084%1h2,779+0.033%$184K$1.8M20xas long as short
Variational Omni ETH+0.0096%8h2,776.8−0.048%$141.1M$320.7M—as long as short
Lighter ETH+0.0096%1h2,779.6+0.055%$115.3M$514.7M50xas long as short
Lighter RH ETH+0.0096%1h2,781+0.103%$25.4M$122.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,779.7+0.058%—$41.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,779.1+0.037%$16.0M$10.8M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,778−0.003%$488K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,778.9+0.028%$15.3M$117.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,779.5+0.051%$3.20B$2.39B25xas long as short
Pacifica ETH+0.0100%1h2,779.6+0.054%$31.4M$289.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,776.9−0.043%$2.52B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777−0.039%$2.9M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,779.6+0.052%$2.8M$17.4M25xas long as short
Bulk ETH-USDlong+0.0100%1h2,778.1long leg$165.4M$253.6M25x
KuCoin ETHUSDTM+0.0100%8h2,779.2+0.038%$423.3M$741.8M100xas long as short
BingX ETH-USDT+0.0100%8h2,777.5−0.022%—$1.18B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,779.6+0.056%$15.4M$42.8M50xas long as short
edgeX ETHUSDC+0.0100%4h2,775.9−0.077%$179.9M$794.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,775.7−0.088%$161.4M$97.4M50xas long as short
StandX ETH-USD+0.0100%1h2,776.8−0.047%$21.4M$57.8M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,778.4+0.011%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,779.5+0.049%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,781.4+0.120%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,778.3+0.009%$974K$14.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,779.1+0.036%$55.3M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,778.6+0.020%$1.08B$1.32B200xas long as short
Vest ETH-PERP+0.0100%1h2,778.2+0.002%—$1.1M50xas long as short
Extended ETH-USD+0.0104%1h2,777−0.039%$31.4M$75.7M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,780.6+0.091%$60.1M$4.64B50xas long as short
Deribit ETH-PERPETUALshort+0.0106%1h2,780.8+0.098%$258.5M$225.1M50x
Kalshi KXETHPERP+0.0121%8h2,778.6+0.018%$8.6M$674.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0134%8h2,782+0.141%$32.6M$12.0M100xas long as short
BloFin ETH-USDT+0.0170%8h2,778.9+0.029%$284.7M$196.1M150xas long as short
Reya ETHRUSDPERP+0.0184%1h2,776.6−0.053%$7.4M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0240%1h2,780.5+0.087%$86.9M$330.9M100xas long as short
Hibachi ETH/USDT-P+0.0448%1h2,780+0.067%$282K$1.5M20xas long as short