Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.010%

Price spread now: Bluefin against Orderly−0.078%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Bluefin is 0.078% cheaper against Orderly than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,772	0.0155	pay 0.0155% / 8h	7h 16m	$32.7M	$11.1M	100x
Short	Bluefin ETH-PERP	2,769.8	0.0100	get 0.0013% / 1h	16m 14s	$21K	$22K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Orderly. 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 OrderlybpFee BluefinbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$11.54
Price spread: −0.078% → 0.000%: −$7.76
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$32.3
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: 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 Orderly no order-book sample	—	—	—	—	—
Sell Bluefin no order-book sample	—	—	—	—	—

Orderly 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	2,765.8	−0.223%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769	−0.107%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,768	−0.145%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.1	−0.176%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.1	−0.104%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	0.000%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	−0.076%	$12.3M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.9	−0.076%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,768.8	−0.116%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,770	−0.072%	$1.70B	$11.15B	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	+0.0031%	1h	2,770	−0.072%	$55.2M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,769.7	−0.081%	$12.7M	—	200x	as long as short
Phemex ETHUSDT	+0.0045%	8h	2,769.8	−0.080%	$269.5M	$67.3M	150x	as long as short
Aster ETHUSDT	+0.0045%	8h	2,769.5	−0.091%	$256.5M	$885.6M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.5	−0.127%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.8	−0.078%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,769.8	−0.078%	$6.48B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,769.5	−0.091%	$3.38B	$9.07B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,770.2	−0.065%	$2.10B	$2.87B	150x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,769.9	−0.074%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.5	−0.018%	$60.4M	$4.43B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,769.1	−0.105%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,770.2	−0.063%	$420.7M	$604.4M	100x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,769.6	−0.088%	$1.08B	$1.24B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.4	−0.058%	$115.0M	$459.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.7	−0.009%	$25.6M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	−0.137%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.9	+0.033%	$15.9M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769	−0.108%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.7	−0.119%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.7	−0.010%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.9	−0.077%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.2	−0.066%	$2.51B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.2	−0.137%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.6	−0.086%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.305%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,768.8	−0.115%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.8	−0.153%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.128%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	−0.140%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	−0.116%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.5	−0.162%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.2	−0.101%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,769.8	−0.078%	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,771.8	−0.008%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.9	−0.111%	$970K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.3	−0.099%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,767.6	−0.159%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,770.1	−0.068%	$8.1M	$677.4M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.7	−0.011%	$97.9M	$320.6M	100x	as long as short
Orderly PERP_ETH_USDClong	+0.0155%	8h	2,772	long leg	$32.7M	$11.1M	100x
Hibachi ETH/USDT-P	+0.0160%	1h	2,766.5	−0.198%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,767.2	−0.173%	$287.6M	$178.6M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0187%	1h	2,771.7	−0.010%	$259.1M	$203.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,769	−0.107%	$7.3M	$1.1M	25x	as long as short