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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 00:00 UTC+0.0129%/8h= +14.1% APRnext payment +$0.16 per $10,000 · paid last 24h +0.047%
Price spread now: Bullet against Hotstuff−0.043%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on HotstuffShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)—no history yet
Price spread, last 7 days—no price history on both exchanges yet
Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories
Funding pays, the price is against you. Bullet is 0.043% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 27 hours of funding at the current rate (+$4 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHotstuff ETH-PERP2,776−0.0080get 0.0010% / 1h35m 16s$5K$2K50x
ShortBullet ETH-USD2,774.80.0049get 0.0006% / 1h35m 16s$182K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet against Hotstuff. 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

Funding earned
$27.02
Price spread: −0.043% → 0.000%
−$4.28
Slippage, 4 orders
no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders
−$5
Fee Bullet: 4 bp × 2 orders
−$8
Net
$9.74
Costs to cover
0.130%
Break-even
4.5 days
Slippage unknown: Hotstuff: no order-book sample; Bullet: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hotstuff no order-book sample—————
Sell Bullet live order book, 4 min ago0.18 bp4.2 bp −$49.1 bp −$91doesn't fitdoesn't fit
Hotstuff: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,775.9−0.005%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,775.5−0.018%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,781.9+0.213%$119K$22.5M52xas long as short
Hotstuff ETH-PERPlong−0.0080%1h2,776long leg$5K$2K50x
ApeX Omni ETHUSDT−0.0050%1h2,776.9+0.033%$8.9M$32.8M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,775.9−0.004%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,776.1+0.003%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,778.6+0.094%$879K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,775.5−0.018%$22.4M—200xas long as short
Aftermath Perps ETHUSD+0.0007%1h2,779+0.107%$29K$22K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDC+0.0016%8h2,774.4−0.057%—$17.4M—as long as short
OKX ETH-USDT-SWAP+0.0020%8h2,774.5−0.053%$1.70B$11.87B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,775.7−0.012%$12.9M—200xas long as short
Phemex ETHUSDT+0.0031%8h2,774.5−0.053%$270.5M$69.0M150xas long as short
Aster ETHUSDT+0.0036%8h2,774.8−0.045%$256.5M$1.00B200xas long as short
Deribit ETH-PERPETUAL+0.0045%1h2,776+0.001%$259.0M$222.4M50xas long as short
Bullet ETH-USDshort+0.0049%1h2,774.8−0.043%$182K$1.7M20x
SoDEX ETH-USD+0.0053%1h2,774.1−0.068%$55.2M$229.1M40xas long as short
Binance ETHUSDT+0.0064%8h2,774.3−0.060%$6.46B$17.29B150xas long as short
Aevo ETH-PERP+0.0064%1h2,772.1−0.139%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0065%8h2,774.3−0.062%$1.59B$2.64B500xas long as short
Bitget ETHUSDT+0.0067%8h2,774.4−0.059%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0070%8h2,774.9−0.039%$3.30B$9.63B200xas long as short
KuCoin ETHUSDTM+0.0088%8h2,775.5−0.017%$421.9M$739.8M100xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,775.4−0.022%$60.0M$4.60B50xas long as short
Bybit ETHUSDT+0.0091%8h2,774.3−0.060%$2.51B$4.63B150xas long as short
HTX ETH-USDT+0.0094%8h2,775−0.036%$1.08B$1.32B200xas long as short
Vest ETH-PERP+0.0095%1h2,775.9−0.004%—$1.1M50xas long as short
Lighter ETH+0.0096%1h2,775.1−0.033%$116.0M$497.5M50xas long as short
Lighter RH ETH+0.0096%1h2,776.4+0.015%$25.3M$121.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,776.5+0.020%—$42.0M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,774.7−0.046%$15.9M$10.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,775.7−0.011%$477K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,775.4−0.021%$14.3M$118.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,777.6+0.058%$3.19B$2.35B25xas long as short
Pacifica ETH+0.0100%1h2,775.8−0.007%$31.2M$310.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,774.8−0.043%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,776.6+0.021%$2.8M$17.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,777.9+0.068%$167.7M$256.4M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,776.5+0.018%$15.1M$44.4M50xas long as short
Variational Omni ETH+0.0100%8h2,775.8−0.009%$147.4M$335.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,776.7+0.026%$182.3M$783.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,776.5+0.018%$161.4M$89.5M50xas long as short
StandX ETH-USD+0.0100%1h2,777.5+0.054%$21.5M$58.5M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,775.7−0.011%$10.7M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,775.6−0.014%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,777+0.037%$42.7M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,775−0.036%$973K$13.9M100xas long as short
Extended ETH-USD+0.0104%1h2,773.8−0.081%$32.7M$78.0M50xas long as short
Kalshi KXETHPERP+0.0119%8h2,776.1+0.004%$8.3M$685.3M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,775.3−0.024%$86.5M$333.6M100xas long as short
Orderly PERP_ETH_USDC+0.0139%8h2,777.2+0.041%$32.6M$12.1M100xas long as short
BloFin ETH-USDT+0.0184%8h2,775−0.036%$286.5M$194.2M150xas long as short
Reya ETHRUSDPERP+0.0200%1h2,774.7−0.046%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,777.2+0.043%$252K$1.6M20xas long as short