Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC−0.0515%/8h= −56.4% APRpaid last 24h −0.054%

Price spread now: Perpl against Bullet−0.044%59s7-day average +0.006% · you buy dearer than you sell

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

Long on Bullet Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+0.041%+$4 · spread now −0.044%, 7d avg +0.006%

Together, before fees+0.038%+ Points / potential airdropPerpl: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Perpl is 0.050% cheaper against Bullet than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.006%). Swap the legs. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.003% in total (about -0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ETH-USD	2,718.8	0.0068	pay 0.0009% / 1h	39m 26s	$178K	$1.7M	20x
Short	Perpl ETH	2,717.6	−0.0447	pay 0.0040% / 43m	19m 26s	$282K	$5.7M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bullet. 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 BulletbpFee PerplbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$108.09
Price spread: −0.044% → +0.006%: −$5.01
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$134.9
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 5 min ago; 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 Bullet live order book, 5 min ago	0.55 bp	5.3 bp −$5	8.8 bp −$88	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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 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 ETHshort	−0.0447%	43m	2,717.6	−0.044%	$282K	$5.7M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,718.4	−0.013%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0014%	8h	2,717.9	−0.033%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.1	+0.012%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,724.5	+0.211%	$817K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,719.5	+0.027%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,724	+0.193%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0015%	1h	2,719.1	+0.012%	$10.7M	$42.3M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,718.4	−0.015%	—	$1.14B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,717.6	−0.043%	$185K	$788K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0041%	8h	2,717.4	−0.050%	$2.34B	$4.41B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0044%	1h	2,720.2	+0.052%	$258.8M	$204.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0062%	1h	2,725	+0.231%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0064%	8h	2,718.5	−0.008%	$954K	$11.2M	100x	as long as short
Bullet ETH-USDlong	+0.0068%	1h	2,718.8	long leg	$178K	$1.7M	20x
KuCoin ETHUSDTM	+0.0073%	8h	2,718.2	−0.021%	$375.0M	$577.9M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,716.7	−0.076%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,717	−0.063%	$251.5M	$845.0M	200x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,718.4	−0.013%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,717.6	−0.044%	$6.30B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0088%	8h	2,718	−0.027%	$1.65B	$10.78B	100x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,719.3	+0.020%	$263.0M	$64.2M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.6	−0.008%	$111.1M	$432.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,719.8	+0.038%	$23.3M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,717.6	−0.043%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,720.5	+0.066%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,719.1	+0.013%	$13.7M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,720.6	+0.068%	$3.08B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,719.5	+0.027%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,718	−0.028%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,718.6	−0.005%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.186%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.3	−0.018%	$3.31B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.8	+0.002%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,719	+0.009%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,720.3	+0.057%	$133.3M	$326.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.8	+0.223%	$183.0M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,721.5	+0.102%	$158.3M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,722.4	+0.133%	$8.6M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,719.1	+0.013%	$20.9M	$73.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,719.9	+0.041%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,719.2	+0.016%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.4	+0.023%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,720.5	+0.064%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,719.2	+0.016%	$54.1M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.3	−0.054%	$30.5M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,718.5	−0.011%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,720.3	+0.058%	$49.8M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,718	−0.028%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,719.2	+0.016%	$6.2M	$690.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.8	+0.037%	$82.7M	$316.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,721.7	+0.110%	$32.0M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,718	−0.027%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,722.9	+0.151%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,717.8	−0.035%	$281.5M	$174.1M	150x	as long as short