Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Bluefin against Ondo Perps+0.032%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps 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—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.032% dearer against Ondo Perps than usual: you sell high and buy low, +$3 on $10k if it 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	Ondo Perps ETH-USD.P	2,770.2	0.0100	pay 0.0013% / 1h	13m 24s	$2.8M	$16.8M	25x
Short	Bluefin ETH-PERP	2,771.1	0.0100	get 0.0013% / 1h	13m 24s	$21K	$22K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Ondo Perps. 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 Ondo PerpsbpFee BluefinbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0
Price spread: +0.032% → 0.000%: $3.25
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$8.75
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bluefin no order-book sample	—	—	—	—	—

Ondo Perps and 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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.130%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.2	0.000%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,771.1	+0.034%	$325K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	+0.011%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,770.4	+0.007%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.2	0.000%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.5	+0.046%	$12.3M	$43.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.3	+0.040%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,770.1	−0.005%	$187K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0029%	8h	2,771.1	+0.033%	$1.71B	$11.08B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0037%	1h	2,770.8	+0.022%	$55.2M	$187.9M	40x	as long as short
Phemex ETHUSDT	+0.0042%	8h	2,773	+0.102%	$269.9M	$67.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,770.9	+0.026%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,771.7	+0.054%	$256.3M	$886.0M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.9	−0.082%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,769.9	−0.011%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,770.4	+0.008%	$6.48B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,770.9	+0.024%	$3.38B	$9.08B	200x	as long as short
Bitget ETHUSDT	+0.0077%	8h	2,771	+0.030%	$2.10B	$2.84B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.8	+0.021%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.3	+0.040%	$60.4M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,770.7	+0.020%	—	$876K	50x	as long as short
HTX ETH-USDT	+0.0084%	8h	2,772.5	+0.083%	$1.08B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,770.3	+0.002%	$420.9M	$604.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	−0.032%	$8.6M	$32.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,771.3	+0.040%	$115.2M	$459.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.6	+0.087%	$25.6M	$111.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.8	+0.203%	$16.0M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.6	+0.014%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.3	+0.004%	$14.6M	$113.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.5	+0.083%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.5	+0.046%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.3	+0.038%	$2.51B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,770.2	long leg	$2.8M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,770.8	+0.020%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.241%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.3	+0.005%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.9	+0.135%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.064%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.045%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.3	+0.003%	$161.1M	$84.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.2	+0.072%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.9	−0.011%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,771.1	+0.032%	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.099%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.4	+0.005%	$972K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.5	+0.011%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.9	+0.133%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,772.4	+0.079%	$8.1M	$676.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.7	+0.054%	$98.0M	$315.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.2	+0.036%	$253K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,773.5	+0.118%	$32.7M	$11.0M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,769.8	−0.014%	$288.0M	$178.8M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0190%	1h	2,772.2	+0.072%	$259.1M	$203.0M	50x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,769.9	−0.010%	$7.3M	$1.1M	25x	as long as short