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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 00:12 UTC+0.0133%/8h= +14.5% APRpaid last 24h +0.030%
Price spread now: Bullet against Perpl+0.031%7-day average −0.006% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PerplShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.017%−$2 on $10k
Price spread, last 7 days−0.041%−$4 · spread now +0.031%, 7d avg −0.006%
Together, before fees−0.058%+ Points / potential airdropPerpl: Active · farm board−$6 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bullet is 0.037% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.006%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPerpl ETH2,773.2−0.0112get 0.0010% / 43m22m 16s$284K$6.5M8.3x
ShortBullet ETH-USD2,774.10.0021get 0.0003% / 1h43m 16s$183K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet 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

Funding earned
$27.86
Price spread: +0.031% → −0.006%
$3.71
Slippage, 4 orders
no order book: not counted
Fee Perpl: 6.9 bp × 2 orders
−$13.8
Fee Bullet: 4 bp × 2 orders
−$8
Net
$9.77
Costs to cover
0.218%
Break-even
4.5 days
Slippage unknown: Perpl: no order-book sample; Bullet: live order book, 1 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 Perpl no order-book sample—————
Sell Bullet live order book, 1 min ago0.36 bp6.3 bp −$69.6 bp −$96doesn't fitdoesn't fit
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ETH/USDC PERP−0.0752%1h2,770.4−0.102%$119K$22.5M52xas long as short
Phemex ETHUSDT−0.0162%8h2,773.7+0.015%$270.1M$67.6M150xas long as short
RISEx ETH/USDC−0.0128%1h2,774.2+0.033%$5.7M$11.4M25xas long as short
Perpl ETHlong−0.0112%43m2,773.2long leg$284K$6.5M8.3x
Hotstuff ETH-PERP−0.0080%1h2,773.9+0.024%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,773.4+0.006%$168K$1.1M50xas long as short
Phoenix ETH−0.0003%1h2,771.8−0.052%$878K$3.7M25xas long as short
Gate ETH_USDT−0.0001%8h2,774.4+0.041%$3.36B$8.95B200xas long as short
dYdX ETH-USD0.0000%1h2,772.8−0.015%$12.2M$46.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,775+0.063%$22.4M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bullet ETH-USDshort+0.0021%1h2,774.1+0.031%$183K$1.7M20x
OKX ETH-USDT-SWAP+0.0022%8h2,772.7−0.019%$1.71B$11.40B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0025% / S +0.0009%1h2,774.8+0.057%$12.7M—200xas long as short
Aster ETHUSDT+0.0043%8h2,774.1+0.033%$257.0M$906.9M200xas long as short
Aftermath Perps ETHUSD+0.0047%1h2,772.3−0.034%$31K$23K20xas long as short
SoDEX ETH-USD+0.0049%1h2,774.2+0.035%$55.3M$208.4M40xas long as short
Aevo ETH-PERP+0.0056%1h2,773−0.009%$5.0M$165K20xas long as short
MEXC ETH_USDT+0.0058%8h2,772.9−0.011%$1.63B$2.62B500xas long as short
Binance ETHUSDT+0.0059%8h2,773.4+0.007%$6.48B$16.65B150xas long as short
Bitget ETHUSDT+0.0068%8h2,773−0.007%$2.10B$2.93B150xas long as short
HTX ETH-USDT+0.0071%8h2,773.9+0.026%$1.08B$1.28B200xas long as short
ApeX Omni ETHUSDT+0.0079%1h2,772.6−0.022%$8.7M$32.4M100xas long as short
Coinbase International ETH-PERP-INTX+0.0080%1h2,775.2+0.071%$60.5M$4.51B50xas long as short
KuCoin ETHUSDTM+0.0081%8h2,774.5+0.046%$420.9M$646.2M100xas long as short
Vest ETH-PERP+0.0087%1h2,773.8+0.019%—$887K50xas long as short
Lighter ETH+0.0096%1h2,774.4+0.040%$115.3M$456.6M50xas long as short
Lighter RH ETH+0.0096%1h2,775.8+0.093%$25.3M$110.0M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,773.3+0.001%$15.9M$9.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,773.9+0.024%$487K$2.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,774.3+0.037%$14.5M$116.1M50xas long as short
Hyperliquid ETH+0.0100%1h2,776.6+0.122%$3.18B$2.31B25xas long as short
Pacifica ETH+0.0100%1h2,773.9+0.022%$31.2M$322.6M50xas long as short
Bybit ETHUSDT+0.0100%8h2,773.3+0.003%$2.51B$4.46B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,773−0.008%$2.8M$17.1M25xas long as short
Arcus ETH-USD+0.0100%1h2,774.6+0.049%$2.8M$17.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.9−0.119%$170.3M$272.1M25xas long as short
BingX ETH-USDC+0.0100%8h2,772.9−0.010%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,770.4−0.102%$15.3M$42.3M50xas long as short
Variational Omni ETH+0.0100%8h2,770.3−0.107%$151.3M$342.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,771.4−0.068%$181.9M$787.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,772.4−0.028%$161.2M$86.8M50xas long as short
StandX ETH-USD+0.0100%1h2,772.6−0.023%$21.4M$59.4M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,774.2+0.035%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,774.7+0.054%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,776.5+0.119%$42.7M$29.0M15xas long as short
SunX ETH-USDT+0.0100%8h2,773.8+0.020%$972K$13.5M100xas long as short
Extended ETH-USD+0.0104%1h2,773.9+0.025%$32.5M$73.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,773.7+0.016%—$38.3M500xas long as short
Kalshi KXETHPERP+0.0105%8h2,773.6+0.013%$8.1M$687.1M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0134%1h2,775.4+0.078%$93.4M$323.3M100xas long as short
Orderly PERP_ETH_USDC+0.0148%8h2,777.1+0.141%$32.7M$11.6M100xas long as short
Deribit ETH-PERPETUAL+0.0150%1h2,776+0.101%$259.1M$211.5M50xas long as short
Hibachi ETH/USDT-P+0.0160%1h2,773.20.000%$253K$1.5M20xas long as short
BloFin ETH-USDT+0.0179%8h2,774.3+0.039%$287.9M$188.1M150xas long as short
Reya ETHRUSDPERP+0.0209%1h2,774+0.029%$7.4M$1.2M25xas long as short