Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0131%/8h= +14.4% APRpaid last 24h +0.031%

Price spread now: BloFin against Deribit+0.028%57s7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.212% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 3 days (all we have)−0.123%−$12 · spread now +0.028%, 7d avg −0.042%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.070% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.042%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,774.9	0.0042	pay 0.0005% / 1h	53m 48s	$258.4M	$225.0M	50x
Short	BloFin ETH-USDT	2,775.7	0.0173	get 0.0173% / 8h	1h 53m	$286.5M	$195.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.028%Rate

Funding earned: $27.55
Price spread: +0.028% → −0.042%: $7.03
Slippage, 4 orders: −$2.24
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $13.34
Costs to cover: 0.212%
Break-even: 3.6 days

Slippage from Deribit: live order book, just now; BloFin: live order book, 5 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 Deribit live order book, just now	0.54 bp	4.6 bp −$5	5.6 bp −$56	11.1 bp −$1,108	22.4 bp −$11.2K
Sell BloFin live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$647	8.7 bp −$4,333

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	2,775.2	+0.012%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.2	+0.047%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.7	+0.065%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.8	−0.039%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.2	+0.047%	$169K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.6	+0.026%	$886K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.2	+0.083%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0006%	1h	2,772.8	−0.074%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.3	−0.022%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,772.8	−0.074%	—	$1.19B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ETH-PERP	+0.0018%	1h	2,775.5	+0.023%	$14.3M	$118.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.5	−0.086%	$1.71B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,773.2	−0.062%	$267.2M	$65.9M	150x	as long as short
Hibachi ETH/USDT-P	+0.0024%	1h	2,778.4	+0.127%	$277K	$1.5M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,774.4	−0.019%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.4	−0.054%	$256.5M	$993.8M	200x	as long as short
Deribit ETH-PERPETUALlong	+0.0042%	1h	2,774.9	long leg	$258.4M	$225.0M	50x
Bullet ETH-USD	+0.0050%	1h	2,773.7	−0.043%	$182K	$1.8M	20x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,773	−0.068%	$1.61B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,772.8	−0.076%	$6.43B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.2	−0.097%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,772.7	−0.080%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,773.4	−0.054%	$3.28B	$9.53B	200x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,773.2	−0.061%	$55.2M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,773.2	−0.062%	$115.0M	$494.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.6	−0.011%	$25.4M	$120.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	+0.069%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.099%	$135.2M	$326.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,773.5	−0.052%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.5	+0.058%	$16.0M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	+0.051%	$482K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	+0.004%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.1	+0.081%	$31.3M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.7	−0.079%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	+0.047%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.7	+0.138%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.142%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,772.9	−0.073%	$424.1M	$740.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.2	−0.062%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	−0.243%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	−0.148%	$161.2M	$96.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,767.8	−0.254%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	+0.076%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.7	+0.030%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.4	+0.054%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.7	−0.007%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.033%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.9	+0.001%	$972K	$14.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.6	−0.084%	$31.4M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.5	−0.014%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,776.8	+0.069%	$8.6M	$673.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,776.2	+0.047%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.1	−0.029%	$86.2M	$331.6M	100x	as long as short
BloFin ETH-USDTshort	+0.0173%	8h	2,775.7	+0.028%	$286.5M	$195.2M	150x
Reya ETHRUSDPERP	+0.0187%	1h	2,774.5	−0.013%	$7.4M	$1.1M	25x	as long as short