Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.053%

Price spread now: Bluefin against Gate+0.021%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Bluefin

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.021% dearer against Gate than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ETH_USDT	2,765.6	0.0062	pay 0.0062% / 8h	2h 40m	$3.29B	$9.58B	200x
Short	Bluefin ETH-PERP	2,766.2	0.0100	get 0.0013% / 1h	40m 17s	$21K	$25K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Gate. 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 GatebpFee BluefinbpOrdersPrice spread, now +0.021%Rate

Funding earned: $7.98
Price spread: +0.021% → 0.000%: $2.06
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$11.96
Costs to cover: 0.220%
Break-even: 17.5 days

Slippage unknown: Gate: live order book, 4 min ago; Bluefin: 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 Gate live order book, 4 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	10.2 bp −$1,024	19.2 bp −$9,613
Sell Bluefin no order-book sample	—	—	—	—	—

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
ApeX Omni ETHUSDT	−0.0119%	1h	2,768.2	+0.092%	$10.5M	$30.9M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,765.8	+0.005%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	+0.018%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,766.3	+0.025%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,765.6	0.000%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.3	+0.206%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,765.7	+0.004%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.9	+0.011%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,766.4	+0.027%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,765.3	−0.011%	$1.70B	$11.83B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0023%	1h	2,769.3	+0.133%	$29K	$21K	20x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,765.7	+0.003%	$266.1M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,766.3	+0.025%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,765.2	−0.014%	$255.7M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,765.7	+0.004%	$1.61B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,765.6	−0.001%	$6.43B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,763.4	−0.079%	$5.0M	$636K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,766.9	+0.046%	$258.4M	$224.4M	50x	as long as short
Gate ETH_USDTlong	+0.0062%	8h	2,765.6	long leg	$3.29B	$9.58B	200x
Bitget ETHUSDT	+0.0074%	8h	2,765.2	−0.014%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,765.3	−0.009%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.008%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,766.3	+0.024%	$115.0M	$510.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,767.4	+0.066%	$25.3M	$121.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,766.3	+0.026%	—	$41.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,765.3	−0.010%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,765.6	0.000%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,765.3	−0.010%	$14.9M	$116.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.2	+0.094%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,766.4	+0.029%	$31.2M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,765.2	−0.015%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,765.7	+0.004%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.8	+0.078%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.002%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,765.6	+0.001%	$424.4M	$742.4M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,765.4	−0.009%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,766.3	+0.024%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.1	+0.126%	$178.0M	$791.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.5	+0.106%	$161.0M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,766.4	+0.029%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,766.6	+0.037%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.1	+0.054%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,766.2	+0.021%	$21K	$25K	25x
Derive ETH-PERP	+0.0100%	1h	2,767.9	+0.081%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,765.3	−0.010%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,765.1	−0.018%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,765	−0.023%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,764.8	−0.030%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,767.5	+0.068%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,766.5	+0.033%	$8.6M	$672.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,768.4	+0.103%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,765.5	−0.005%	$286.3M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,764.7	−0.034%	$7.5M	$986K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,766.5	+0.032%	$88.3M	$330.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0408%	1h	2,769.1	+0.125%	$272K	$1.5M	20x	as long as short