Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:23 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.098%

Price spread now: BloFin against Perpl+0.012%48s7-day average −0.017% · you sell dearer than you buy

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

Long on Perpl Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.012%, 7d avg −0.017%

Together, before fees+0.041%+ Points / potential airdropPerpl: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.030% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.017%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.123% in total (about 6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,722.4	−0.0447	get 0.0040% / 43m	13m 05s	$277K	$5.7M	8.3x
Short	BloFin ETH-USDT	2,722.7	−0.0181	pay 0.0181% / 8h	24m 05s	$281.2M	$177.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Perpl. 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 PerplbpFee BloFinbpOrdersPrice spread, now +0.012%Rate

Funding earned: $55.85
Price spread: +0.012% → −0.017%: $2.97
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $33.02
Costs to cover: 0.258%
Break-even: 2.9 days

Slippage unknown: Perpl: no order-book sample; BloFin: live order book, 5 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell BloFin live order book, 5 min ago	0.05 bp	6.1 bp −$6	6.1 bp −$61	6.3 bp −$633	7.6 bp −$3,777

Perpl: 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
Perpl ETHlong	−0.0447%	43m	2,722.4	long leg	$277K	$5.7M	8.3x
BloFin ETH-USDTshort	−0.0181%	8h	2,722.7	+0.012%	$281.2M	$177.3M	150x
Hotstuff ETH-PERP	−0.0080%	1h	2,723.5	+0.041%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,724.3	+0.070%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,722.2	−0.008%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.5	+0.039%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,722.4	0.000%	$6.7M	$680.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,722.6	+0.008%	$262.2M	$211.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,722.2	−0.007%	$32.8M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,722	−0.015%	—	$1.09B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,721.7	−0.026%	$2.31B	$4.35B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,721.9	−0.018%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,722.5	+0.004%	$190K	$884K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,727	+0.170%	$8.5M	$31.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,723.8	+0.051%	$241K	$1.4M	20x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,723.9	+0.055%	$117K	$21.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,722.5	+0.003%	$81.8M	$310.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,721.9	−0.018%	$1.65B	$10.79B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,721.8	−0.022%	$381.5M	$577.6M	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,722.1	−0.010%	$252.1M	$848.5M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,719.6	−0.101%	$4.9M	$172K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,721.8	−0.021%	$6.30B	$16.13B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,721.9	−0.017%	$1.58B	$2.58B	500x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,721.9	−0.018%	$54.2M	$182.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,722.5	+0.005%	$112.0M	$432.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,723.7	+0.049%	$23.4M	$102.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0099%	1h	2,725	+0.098%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,721.8	−0.022%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,726.5	+0.151%	$15.3M	$7.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,721.5	−0.032%	$14.1M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,723.9	+0.055%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,722.9	+0.020%	$31.9M	$333.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,721.8	−0.022%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,722.3	−0.004%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,722.3	−0.004%	$3.30B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,722	−0.013%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.1	−0.010%	$14.9M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722	−0.016%	$133.5M	$316.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.1	+0.136%	$185.4M	$681.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725.7	+0.123%	$158.4M	$81.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.5	+0.078%	$20.9M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,723.6	+0.046%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,723	+0.022%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,721.8	−0.022%	$184K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,723.5	+0.041%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,721.3	−0.042%	$955K	$10.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,721.8	−0.021%	$262.3M	$64.4M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.2	+0.176%	$162.8M	$356.2M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,721.1	−0.049%	$30.4M	$71.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,722.2	−0.007%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,723	+0.024%	$46.5M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,722.2	−0.007%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0180%	1h	2,721	−0.050%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,724.4	+0.074%	$32.1M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0226%	1h	2,749.7	+1.002%	$20K	$23K	25x	as long as short