Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0795%/8h= +87.0% APRpaid last 24h +0.035%

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

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

Long on Phemex 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 for this trade now. Funding pays +$24 a day on $10k at the current rate, and Bluefin is 0.078% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread 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	Phemex ETHUSDT	2,725.8	0.0100	pay 0.0100% / 8h	4h 47m	$265.0M	$65.3M	150x
Short	Bluefin ETH-PERP	2,728	0.0895	get 0.0112% / 1h	47m 51s	$21K	$20K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Phemex. 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 PhemexbpFee BluefinbpOrdersPrice spread, now +0.078%Rate

Funding earned: $166.9
Price spread: +0.078% → 0.000%: $7.78
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $155.67
Costs to cover: 0.190%
Break-even: 0.5 days

Slippage unknown: Phemex: live order book, 6 min ago; 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 Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	7.7 bp −$77	11.0 bp −$1,102	15.8 bp −$7,924
Sell Bluefin no order-book sample	—	—	—	—	—

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
Perpl ETH	−0.0447%	43m	2,727.7	+0.069%	$301K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.355%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	+0.230%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	+0.074%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.5	+0.060%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,727.9	+0.076%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.564%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.9	+0.074%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0029%	1h	2,727.1	+0.045%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,725.3	−0.019%	$54.3M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0040%	1h	2,726.7	+0.032%	$260.1M	$196.7M	50x	as long as short
BingX ETH-USDC	+0.0056%	8h	2,724.6	−0.044%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,725.4	−0.016%	$379.2M	$575.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,727.8	+0.073%	$1.66B	$10.67B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,726.9	+0.039%	$251.8M	$842.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.6	+0.027%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,727	+0.042%	$6.33B	$15.82B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,725.2	−0.023%	$1.53B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,725.5	−0.012%	$111.9M	$434.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727	+0.042%	$23.2M	$105.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.8	+0.071%	—	$30.4M	500x	as long as short
Bybit ETHUSDT	+0.0097%	8h	2,727.4	+0.058%	$2.38B	$4.32B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.8	+0.145%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,731.9	+0.223%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.3	+0.091%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.6	+0.065%	$13.8M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.2	+0.050%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.9	+0.075%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	+0.094%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	+0.150%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.548%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.1	−0.028%	$3.34B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.5	−0.049%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.024%	$14.9M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.333%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.446%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.482%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.347%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.1	+0.230%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.8	+0.144%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729	+0.116%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.4	+0.058%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,725.4	−0.017%	$955K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,724.7	−0.043%	$1.05B	$1.19B	200x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,725.8	long leg	$265.0M	$65.3M	150x
Extended ETH-USD	+0.0104%	1h	2,724.4	−0.053%	$30.4M	$72.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.7	+0.030%	$52.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,736.2	+0.380%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,729	+0.116%	$6.5M	$676.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,729.7	+0.141%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	+0.080%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0223%	1h	2,726	+0.005%	$84.5M	$313.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,726.7	+0.032%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.1	+0.232%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERPshort	+0.0895%	1h	2,728	+0.078%	$21K	$20K	25x