Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h +0.030%

Price spread now: BloFin against Nado+0.178%103s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.194% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 4 days (all we have)−0.445%−$44 · spread now +0.178%, 7d avg +0.001%

Together, before fees−0.348%+ Points / potential airdropNado: Active · farm board−$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.176% dearer against Nado than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.001%. The two prices were read 103 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	Nado ETH-PERP	2,738.2	0.0100	pay 0.0012% / 1h	41m 32s	$13.9M	$106.2M	50x
Short	BloFin ETH-USDT	2,743	0.0209	get 0.0209% / 8h	5h 41m	$286.0M	$177.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Nado. 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 NadobpFee BloFinbpOrdersPrice spread, now +0.178%Rate

Funding earned: $22.88
Price spread: +0.178% → +0.001%: $17.64
Slippage, 4 orders: −$0.4
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $21.12
Costs to cover: 0.194%
Break-even: 0.5 days

Slippage from Nado: live order book, 3 min ago; BloFin: live order book, 3 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 Nado live order book, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.5 bp −$550	12.8 bp −$6,404
Sell BloFin live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$752	10.5 bp −$5,273

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	−0.0112%	43m	2,743.9	+0.211%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740	+0.067%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.180%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745	+0.248%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.2	+0.036%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745	+0.248%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	+0.089%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,738.3	+0.005%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0047%	8h	2,738.7	+0.018%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,737.9	−0.010%	$1.70B	$10.56B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,738.8	+0.022%	$383.2M	$597.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,738.3	+0.005%	$5.6M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,739.1	+0.035%	$251.9M	$841.2M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,741.7	+0.129%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,738.1	−0.001%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,738	−0.007%	$6.36B	$15.71B	150x	as long as short
Bullet ETH-USD	+0.0090%	1h	2,744.5	+0.233%	$183K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,739.2	+0.039%	$112.6M	$432.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.6	+0.089%	$24.6M	$103.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.6	+0.200%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746	+0.286%	$59.0M	$4.28B	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,744	+0.213%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,741.5	+0.123%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.5	+0.012%	$467K	$3.0M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,738.2	long leg	$13.9M	$106.2M	50x
Hyperliquid ETH	+0.0100%	1h	2,740.9	+0.100%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.3	+0.041%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,738.7	+0.019%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.4	+0.009%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.1	+0.033%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.196%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.9	+0.026%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.6	+0.015%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.3	+0.189%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	+0.081%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	+0.152%	$182.2M	$689.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.195%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.156%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.239%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.2	+0.075%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.8	+0.279%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.5	+0.231%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	+0.306%	$41.6M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.9	+0.209%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.8	+0.242%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.3	+0.226%	$267.0M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.1	−0.002%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,743.6	+0.199%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0154%	8h	2,745	+0.250%	$7.7M	$668.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0176%	1h	2,746.2	+0.292%	$258.8M	$195.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,746.6	+0.310%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDTshort	+0.0209%	8h	2,743	+0.178%	$286.0M	$177.5M	150x
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,745.6	+0.273%	$87.3M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,744.3	+0.222%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.4	+0.155%	$249K	$1.4M	20x	as long as short