Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.010%

Price spread now: Orderly against Bluefin+0.091%7-day average — · you sell dearer than you buy

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

Long on Bluefin Short on Orderly

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.091% dearer against Bluefin than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,744.1	0.0100	pay 0.0013% / 1h	41m 36s	$21K	$22K	25x
Short	Orderly PERP_ETH_USDC	2,746.7	0.0163	get 0.0163% / 8h	6h 41m	$32.3M	$11.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.091%Rate

Funding earned: $13.14
Price spread: +0.091% → 0.000%: $9.15
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $9.29
Costs to cover: 0.130%
Break-even: 2.1 days

Slippage unknown: Bluefin: no order-book sample; Orderly: 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 Bluefin no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Bluefin and Orderly: 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	2,746.1	+0.072%	$313K	$6.1M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0149%	1h	2,751	+0.249%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,745.8	+0.060%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,744.5	+0.013%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,744.4	+0.011%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.7	+0.203%	$864K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745	+0.030%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,744.5	+0.013%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,744.3	+0.006%	$180K	$1.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0020%	1h	2,745.6	+0.052%	$258.4M	$202.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0028%	8h	2,743.7	−0.017%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0038%	8h	2,744.3	+0.006%	$1.68B	$11.09B	100x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,744.7	+0.021%	$255.5M	$857.2M	200x	as long as short
HTX ETH-USDT	+0.0056%	8h	2,743.8	−0.011%	$1.06B	$1.23B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,741.9	−0.082%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,743.1	−0.037%	$1.57B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0067%	8h	2,743.6	−0.021%	$6.34B	$16.34B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,744.5	+0.015%	$3.35B	$8.78B	200x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,742.9	−0.044%	$381.1M	$607.9M	100x	as long as short
Bitget ETHUSDT	+0.0087%	8h	2,744.1	−0.001%	$2.07B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,745.2	+0.038%	$59.2M	$4.39B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,743.7	−0.016%	$113.0M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.1	+0.034%	$25.0M	$106.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746	+0.066%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0099%	1h	2,750.2	+0.220%	$30K	$21K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,747.8	+0.133%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.2	+0.002%	$467K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.3	+0.041%	$14.0M	$113.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.4	+0.119%	$3.12B	$2.15B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.3	+0.008%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,744.2	+0.003%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.8	−0.049%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.9	+0.028%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.264%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.2	+0.002%	$14.9M	$41.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,750	+0.213%	$133.2M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.8	+0.244%	$184.4M	$736.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.147%	$159.8M	$83.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.1	+0.254%	$21.3M	$66.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747	+0.105%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.4	+0.046%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.8	−0.012%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,744.1	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,745.9	+0.064%	$41.9M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744	−0.006%	$962K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.5	+0.013%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.5	+0.013%	$267.0M	$66.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.5	−0.022%	$30.9M	$74.8M	50x	as long as short
Kalshi KXETHPERP	+0.0136%	8h	2,745.8	+0.060%	$7.8M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDCshort	+0.0163%	8h	2,746.7	+0.091%	$32.3M	$11.3M	100x
Hibachi ETH/USDT-P	+0.0176%	1h	2,751.9	+0.282%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	+0.317%	$285.0M	$179.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,751.8	+0.279%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0218%	1h	2,745.4	+0.047%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,745.2	+0.039%	$92.7M	$316.2M	100x	as long as short