Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0233%/8h= −25.5% APRpaid last 24h −0.033%

Price spread now: Bulk against BloFin+0.079%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on BloFin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now +0.079%, 7d avg +0.027%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.052% dearer against BloFin than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.027%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 4 days (−0.112% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,728.7	0.0333	pay 0.0333% / 8h	4h 41m	$284.6M	$174.8M	150x
Short	Bulk ETH-USD	2,730.9	0.0100	get 0.0013% / 1h	41m 46s	$166.8M	$318.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BloFin. 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 BloFinbpFee BulkbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$48.88
Price spread: +0.079% → +0.027%: $5.19
Slippage, 4 orders: −$0.41
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$63.09
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Bulk: live order book, 2 min ago.

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 BloFin live order book, 2 min ago	0.09 bp	6.1 bp −$6	6.1 bp −$61	7.7 bp −$773	9.7 bp −$4,850
Sell Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.1 bp −$412	5.5 bp −$2,750

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	2,728.4	−0.011%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,732.2	+0.127%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.4	−0.012%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.2	+0.018%	$11.9M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,729.9	+0.041%	$8.9M	$31.3M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.8	+0.039%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,728.3	−0.016%	$188K	$841K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.1	−0.023%	$830K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,728.6	−0.005%	$181K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.3	+0.021%	$26.2M	—	200x	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	+0.0050%	1h	2,728.6	−0.005%	$54.3M	$187.6M	40x	as long as short
BingX ETH-USDT	+0.0058%	8h	2,729	+0.010%	—	$1.14B	—	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,729.2	+0.015%	$380.1M	$576.1M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,729.7	+0.035%	$1.67B	$10.70B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,729.6	+0.031%	$251.3M	$844.3M	200x	as long as short
HTX ETH-USDT	+0.0082%	8h	2,728	−0.027%	$1.05B	$1.19B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0083%	1h	2,730	+0.045%	$260.1M	$196.8M	50x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.4	−0.087%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,729.6	+0.032%	$6.34B	$15.86B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,729.6	+0.032%	$1.52B	$2.55B	500x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,729.1	+0.015%	$2.39B	$4.34B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.8	+0.038%	$112.1M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.1	+0.088%	$23.2M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,729.5	+0.027%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,733.6	+0.180%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,728.8	+0.002%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.6	−0.041%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.2	−0.021%	$13.7M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.7	+0.109%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.4	+0.061%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	+0.021%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.3	+0.057%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.2	+0.016%	$3.34B	$8.82B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.4	+0.025%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.8	+0.003%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.012%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.2	−0.092%	$182.6M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.7	+0.071%	$158.9M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.4	+0.061%	$21.1M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	+0.025%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.2	+0.054%	$11.1M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	+0.060%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,727.9	−0.031%	$956K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729	+0.010%	$265.3M	$65.4M	150x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,730.9	+0.079%	$166.8M	$318.0M	25x
Extended ETH-USD	+0.0104%	1h	2,728.6	−0.006%	$30.4M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730	+0.045%	$51.7M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,731.8	+0.111%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,728.5	−0.008%	$6.4M	$677.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,731.3	+0.093%	$32.1M	$11.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,729.2	+0.018%	$84.2M	$314.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,728	−0.025%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,730.5	+0.066%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDTlong	+0.0333%	8h	2,728.7	long leg	$284.6M	$174.8M	150x
Bluefin ETH-PERP	+0.0413%	1h	2,729.6	+0.031%	$21K	$20K	25x	as long as short