Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0474%/8h= −52.0% APRpaid last 24h −0.083%

Price spread now: Hotstuff against BloFin+0.023%99s7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.023% dearer against BloFin than usual: you sell high and buy low (spread +0.023% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 4 hours. The two prices were read 99 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	2,737.6	0.0394	pay 0.0394% / 8h	3h 49m	$282.9M	$175.7M	150x
Short	Hotstuff ETH-PERP	2,738.2	−0.0080	pay 0.0010% / 1h	49m 33s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$99.63
Price spread: +0.023% → 0.000%: $2.34
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$114.29
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 5 min ago; Hotstuff: 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 BloFin live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$635	7.7 bp −$3,865
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	2,737.7	+0.007%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,738.2	+0.023%	$5K	$1K	50x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.4	−0.005%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,740.2	+0.096%	$819K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,738.3	+0.028%	$10.8M	$42.0M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,738.2	+0.023%	$6.7M	$681.5M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,737.6	0.000%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0018%	8h	2,736.9	−0.024%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,737	−0.021%	$179K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0039%	8h	2,736.4	−0.044%	—	$1.15B	—	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	+0.0042%	1h	2,738	+0.016%	$259.5M	$199.9M	50x	as long as short
Bybit ETHUSDT	+0.0044%	8h	2,736.3	−0.045%	$2.37B	$4.37B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,737.7	+0.005%	$187K	$816K	50x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,736.9	−0.023%	$380.1M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,736.5	−0.040%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,737.8	+0.009%	$265.6M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,736.8	−0.029%	$251.0M	$842.8M	200x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,736.8	−0.028%	$54.5M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,737.3	−0.010%	$113.0M	$430.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.4	+0.031%	$23.5M	$103.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,738.5	+0.034%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734.3	−0.118%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,740.3	+0.100%	$118K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,736.6	−0.034%	$1.55B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,736.9	−0.025%	$6.36B	$15.89B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,741.1	+0.129%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.5	−0.039%	$504K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737	−0.019%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739	+0.053%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.6	+0.001%	$31.9M	$334.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.7	−0.031%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.2	−0.015%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	+0.077%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.7	−0.033%	$3.34B	$8.85B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.6	−0.034%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.8	−0.027%	$15.2M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	+0.035%	$133.8M	$322.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.5	+0.034%	$184.2M	$670.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.6	+0.112%	$159.4M	$86.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,739.5	+0.069%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740	+0.089%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.6	+0.039%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.8	+0.045%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.9	+0.014%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.9	+0.050%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.8	−0.064%	$959K	$11.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.6	−0.071%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,737.2	−0.013%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,739	+0.053%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,738	+0.016%	$51.1M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,737.9	+0.011%	$83.7M	$314.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0200%	8h	2,738.9	+0.050%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,736.4	−0.043%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,740.6	+0.111%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDTlong	+0.0394%	8h	2,737.6	long leg	$282.9M	$175.7M	150x