Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.036%

Price spread now: BloFin against Coinbase International−0.068%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 3 days (all we have)−0.045%−$5 · spread now −0.068%, 7d avg −0.031%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.037% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.031%). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,779	0.0104	pay 0.0013% / 1h	54m 41s	$60.4M	$4.67B	50x
Short	BloFin ETH-USDT	2,777.1	0.0164	get 0.0164% / 8h	2h 54m	$287.5M	$197.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $12.59
Price spread: −0.068% → −0.031%: −$3.72
Slippage, 4 orders: −$0.13
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$13.26
Costs to cover: 0.221%
Break-even: 14.4 days

Slippage from Coinbase International: live order book, 5 min ago; BloFin: live order book, 4 min ago.

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 Coinbase International live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.2 bp −$52	8.8 bp −$880	22.5 bp −$11.2K
Sell BloFin live order book, 4 min ago	0.04 bp	6.1 bp −$6	6.1 bp −$61	6.3 bp −$635	7.2 bp −$3,615

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	−0.0447%	43m	2,775.7	−0.116%	$290K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.205%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	−0.153%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	−0.103%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,776.2	−0.099%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	−0.081%	$799K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,772.7	−0.224%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.4	−0.128%	$13.0M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778	−0.036%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,771.7	−0.261%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,777.1	−0.068%	$267.2M	$66.0M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.3	−0.276%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.9	−0.039%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0029%	1h	2,779.4	+0.017%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,775.4	−0.128%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,772.9	−0.219%	$1.61B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,773.2	−0.208%	$6.45B	$17.25B	150x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,773.6	−0.193%	$256.4M	$997.5M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,772.6	−0.230%	$3.29B	$9.52B	200x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,777.1	−0.067%	$55.3M	$228.5M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.8	−0.257%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,776.9	−0.074%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	−0.115%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	−0.163%	$115.2M	$507.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	−0.140%	$25.5M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	−0.161%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.3	−0.202%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.9	−0.218%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.7	−0.116%	$16.2M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.9	−0.074%	$3.20B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774	−0.179%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.1	−0.246%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.239%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	−0.154%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.056%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,773	−0.214%	$426.4M	$746.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.1	−0.031%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.2	−0.135%	$177.5M	$786.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.6	−0.120%	$161.5M	$98.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	−0.074%	$21.4M	$57.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.079%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	−0.020%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	−0.044%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.7	+0.029%	$43.0M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.8	−0.076%	$973K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777	−0.070%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.8	−0.292%	$31.6M	$76.6M	50x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0104%	1h	2,779	long leg	$60.4M	$4.67B	50x
Kalshi KXETHPERP	+0.0111%	8h	2,776.6	−0.085%	$8.5M	$671.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,780.1	+0.042%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDTshort	+0.0164%	8h	2,777.1	−0.068%	$287.5M	$197.2M	150x
Deribit ETH-PERPETUAL	+0.0171%	1h	2,779.2	+0.010%	$258.9M	$223.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,776.3	−0.096%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.7	−0.008%	$88.8M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0352%	1h	2,775	−0.142%	$273K	$1.5M	20x	as long as short