Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.031%

Price spread now: Extended against BloFin−0.110%94s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.174% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.110%, 7d avg −0.034%

Together, before fees+0.006%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Extended is 0.076% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.034%). Swap the legs. The two prices were read 94 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,770.9	0.0180	pay 0.0180% / 8h	25m 36s	$287.2M	$194.1M	150x
Short	Extended ETH-USD	2,767.9	0.0104	get 0.0013% / 1h	25m 36s	$32.5M	$78.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$15.96
Price spread: −0.110% → −0.034%: −$7.57
Slippage, 4 orders: −$0.43
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$40.97
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Extended: live order book, 4 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, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$652	8.3 bp −$4,137
Sell Extended live order book, 4 min ago	0.18 bp	2.7 bp −$3	3.2 bp −$32	5.7 bp −$573	14.2 bp −$7,111

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	−0.0223%	43m	2,770.4	−0.017%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,768.5	−0.088%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.397%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.5	−0.051%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0032%	1h	2,772.4	+0.053%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,769.2	−0.061%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770	−0.031%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,773.6	+0.097%	$877K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.5	−0.016%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,768.4	−0.091%	$1.70B	$11.86B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0020%	1h	2,773.9	+0.110%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,770.4	−0.018%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,768.5	−0.086%	$255.5M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,769.4	−0.053%	$270.0M	$69.0M	150x	as long as short
SoDEX ETH-USD	+0.0035%	1h	2,768.9	−0.072%	$55.1M	$229.0M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,769.6	−0.047%	$182K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,770.6	−0.012%	$259.0M	$222.3M	50x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,768.6	−0.084%	$1.60B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,768.4	−0.089%	$6.45B	$17.30B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,766.3	−0.165%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,768.5	−0.085%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,768.5	−0.088%	$3.29B	$9.65B	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,768.5	−0.087%	$420.7M	$739.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,770.2	−0.025%	$59.9M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,768.6	−0.085%	$2.50B	$4.63B	150x	as long as short
BingX ETH-USDT	+0.0091%	8h	2,768.5	−0.086%	—	$1.22B	—	as long as short
Vest ETH-PERP	+0.0094%	1h	2,771	+0.003%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,769	−0.067%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,769.3	−0.057%	$115.1M	$499.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.6	−0.010%	$25.3M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.9	+0.074%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,768.6	−0.085%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.9	−0.072%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.3	−0.092%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771	+0.004%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769	−0.067%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.6	−0.083%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.7	−0.043%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.072%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.1	−0.065%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.021%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	+0.045%	$182.0M	$782.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	+0.012%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	+0.018%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.4	−0.018%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.2	−0.026%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.5	+0.022%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.2	+0.012%	$972K	$13.9M	100x	as long as short
Extended ETH-USDshort	+0.0104%	1h	2,767.9	−0.110%	$32.5M	$78.1M	50x
Kalshi KXETHPERP	+0.0114%	8h	2,772.1	+0.043%	$8.2M	$686.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,769.9	−0.035%	$86.3M	$333.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,771.7	+0.027%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDTlong	+0.0180%	8h	2,770.9	long leg	$287.2M	$194.1M	150x
Reya ETHRUSDPERP	+0.0202%	1h	2,769.9	−0.035%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,771.7	+0.028%	$252K	$1.6M	20x	as long as short