Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.063%

Price spread now: Perpl against Bluefin+0.035%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 Perpl

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—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

The price spread pays, funding is against you. Perpl is 0.035% dearer against Bluefin than usual: you sell high and buy low (spread +0.035% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,750.6	0.0100	pay 0.0013% / 1h	45m 34s	$21K	$22K	25x
Short	Perpl ETH	2,751.5	−0.0447	pay 0.0040% / 43m	7m 34s	$315K	$6.2M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$114.77
Price spread: +0.035% → 0.000%: $3.49
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$132.08
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Bluefin and Perpl: 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 ETHshort	−0.0447%	43m	2,751.5	+0.035%	$315K	$6.2M	8.3x
ApeX Omni ETHUSDT	−0.0175%	1h	2,753.4	+0.104%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.5	−0.075%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,748.2	−0.087%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.8	−0.026%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,756.3	+0.208%	$865K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.6	−0.070%	$10.9M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,750	−0.020%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,748.5	−0.075%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0028%	8h	2,747.8	−0.103%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0036%	8h	2,748.9	−0.061%	$1.68B	$11.10B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0037%	1h	2,750.6	+0.001%	$258.8M	$201.9M	50x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,748.6	−0.073%	$255.6M	$856.8M	200x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,749.3	−0.046%	$1.07B	$1.22B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,746.8	−0.136%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,748.2	−0.087%	$1.58B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,747.8	−0.100%	$6.35B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,748.8	−0.066%	$3.33B	$8.75B	200x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,747.7	−0.106%	$383.6M	$606.8M	100x	as long as short
Bitget ETHUSDT	+0.0085%	8h	2,748.4	−0.079%	$2.07B	$2.86B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,750.6	+0.001%	$59.6M	$4.40B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,748.3	−0.081%	$113.1M	$439.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.8	−0.029%	$25.0M	$106.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,750.7	+0.004%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,751.5	+0.034%	$30K	$21K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,750.8	+0.008%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.5	−0.112%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.5	−0.039%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.2	−0.012%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749	−0.057%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.7	−0.067%	$2.47B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.2	−0.086%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.8	−0.063%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.029%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.4	−0.077%	$14.9M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,750	−0.021%	$133.2M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.8	+0.009%	$184.4M	$736.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.1	+0.092%	$160.1M	$82.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.3	+0.063%	$21.3M	$66.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.9	+0.011%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.2	−0.050%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.5	−0.040%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,750.6	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,751.4	+0.030%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.3	−0.010%	$965K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.6	−0.035%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.6	−0.035%	$267.5M	$66.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.6	−0.107%	$30.7M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0135%	8h	2,751.2	+0.023%	$7.7M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0161%	8h	2,751.9	+0.048%	$32.4M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,752.2	+0.059%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	+0.083%	$285.0M	$179.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.5	−0.003%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.3	−0.048%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,750.5	−0.001%	$92.9M	$315.9M	100x	as long as short