Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0691%/8h= +75.6% APRpaid last 24h +0.216%

Price spread now: BloFin against Deribit−0.072%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

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

Funding pays, the price is against you. BloFin is 0.072% cheaper against Deribit than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 8 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.6918	−0.0472	get 0.0059% / 1h	38m 21s	$39K	$10K	10x
Short	BloFin ETHFI-USDT	0.6913	0.0218	get 0.0109% / 4h	2h 38m	$1.2M	$236K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.072%Rate

Funding earned: $145.05
Price spread: −0.072% → 0.000%: −$7.23
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $118.82
Costs to cover: 0.190%
Break-even: 1.3 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	1.44 bp	16.6 bp −$17	27.3 bp −$273	79.0 bp −$7,899	doesn't fit

Deribit: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUALlong	−0.0472%	1h	0.6918	long leg	$39K	$10K	10x
Kraken Futures PF_ETHFIUSD	−0.0413%	1h	0.6936	+0.256%	$277K	$263K	20x	as long as short
HTX ETHFI-USDT	−0.0401%	4h	0.6902	−0.231%	$80K	$183K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0262%	4h	0.6915	−0.043%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0252%	4h	0.6922	+0.058%	$17.2M	$12.8M	25x	as long as short
Variational Omni ETHFI	−0.0092%	4h	0.6932	+0.209%	$947K	$722K	—	as long as short
Extended ETHFI-USD	−0.0024%	1h	0.6917	−0.013%	$94K	$506K	10x	as long as short
Binance ETHFIUSDT	−0.0023%	4h	0.6921	+0.049%	$24.0M	$35.6M	75x	as long as short
MEXC ETHFI_USDT	−0.0020%	4h	0.6920	+0.029%	$15.6M	$4.1M	125x	as long as short
Aster ETHFIUSDT	−0.0009%	4h	0.6929	+0.163%	$177K	$260K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ETHFI-USD-PERP	+0.0006%	8h	0.6920	+0.027%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.655%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6924	+0.087%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6931	+0.181%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6932	+0.201%	$16.8M	$8.4M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6935	+0.246%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6927	+0.130%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6924	+0.087%	$1.2M	$232K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6928	+0.145%	$6.0M	$5.3M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6923	+0.072%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6932	+0.202%	$62K	$127K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6927	+0.130%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDTshort	+0.0218%	4h	0.6913	−0.072%	$1.2M	$236K	75x
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	+1.966%	$31K	$5K	50x	as long as short