Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.038%

Price spread now: OKX against Bluefin−0.016%7-day average — · you buy dearer than you sell

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

Long on Bluefin Short on OKX

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,735.7	0.0100	pay 0.0013% / 1h	2m 20s	$22K	$21K	25x
Short	OKX ETH-USDT-SWAP	2,735.3	0.0097	get 0.0097% / 8h	2h 02m	$1.66B	$10.95B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bluefin. 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 BluefinbpFee OKXbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.55
Price spread: −0.016% → 0.000%: −$1.61
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$19.16
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; OKX: live order book, 2 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 Bluefin no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	6.7 bp −$3,365

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	−0.0112%	43m	2,735.3	−0.015%	$292K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.5	+0.030%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735.5	−0.007%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736.9	+0.044%	$817K	$3.0M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,736	+0.011%	$259.6M	$210.3M	50x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,736	+0.012%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735.4	−0.010%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.011%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,735	−0.025%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDC	+0.0036%	8h	2,734.2	−0.054%	—	$18.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0044%	8h	2,735.3	−0.013%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,735.9	+0.008%	$191K	$883K	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,735.4	−0.012%	$375.7M	$577.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,735.9	+0.008%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,735.1	−0.023%	$183K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,734.8	−0.032%	$958K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,736	+0.010%	$112.6M	$438.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.1	+0.051%	$23.5M	$104.3M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732.6	−0.113%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAPshort	+0.0097%	8h	2,735.3	−0.016%	$1.66B	$10.95B	100x
Aster ETHUSDT	+0.0098%	8h	2,735.4	−0.011%	$253.1M	$848.5M	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,735.2	−0.018%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.5	+0.140%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.1	−0.020%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,737.6	+0.070%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.3	+0.023%	$32.0M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,735.4	−0.011%	$6.35B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.7	−0.036%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736	+0.011%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	−0.026%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.2	−0.019%	$3.28B	$9.10B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,735.3	−0.016%	$1.53B	$2.62B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.3	−0.016%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	−0.004%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	+0.053%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.6	+0.035%	$185.6M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.088%	$159.3M	$87.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.5	+0.030%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.2	+0.019%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.8	+0.039%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736.6	+0.033%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,735.7	long leg	$22K	$21K	25x
Derive ETH-PERP	+0.0100%	1h	2,736.8	+0.041%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,735.2	−0.018%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735.7	+0.001%	$263.8M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.2	−0.055%	$30.3M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,736.1	+0.015%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,736.7	+0.037%	$50.3M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,736.2	+0.018%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,735.7	0.000%	$6.9M	$693.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0175%	1h	2,736	+0.013%	$83.6M	$311.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,737.6	+0.070%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,734.4	−0.047%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,736.2	+0.019%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,735.6	−0.005%	$280.0M	$175.3M	150x	as long as short