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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:14 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.060%
Price spread now: Perpl against Bulk+0.331%7-day average +0.009% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BulkShort on Perpl
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.047%−$5 on $10k
Price spread, last 7 days−0.333%−$33 · spread now +0.331%, 7d avg +0.009%
Together, before fees−0.380%+ Points / potential airdropPerpl: Active · farm board−$38 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Perpl is 0.322% dearer against Bulk than usual: you sell high and buy low (spread +0.331% now, against its 7-day average of +0.009%): +$32 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 47 hours. At the pace of the last 4 days (−0.047% in total) that is about 25 days.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.047% in total (about -4.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBulk ETH-USD2,722.50.0100pay 0.0013% / 1h16m 28s$160.0M$319.3M25x
ShortPerpl ETH2,731.5−0.0447pay 0.0040% / 43m39m 28s$281K$5.7M8.3x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Perpl against Bulk. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$114.77
Price spread: +0.331% → +0.009%
$32.17
Slippage, 4 orders
no order book: not counted
Fee Bulk: 3.5 bp × 2 orders
−$7
Fee Perpl: 6.9 bp × 2 orders
−$13.8
Net
−$103.4
Costs to cover
0.208%
Break-even
from the start
Slippage unknown: Bulk: live order book, 3 min ago; 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
LegHalf-spread$10k$100k$1M$5M
Buy Bulk live order book, 3 min ago0.02 bp3.5 bp −$43.5 bp −$353.5 bp −$3524.7 bp −$2,374
Sell Perpl no order-book sample—————
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETHshort−0.0447%43m2,731.5+0.331%$281K$5.7M8.3x
Hotstuff ETH-PERP−0.0080%1h2,731.3+0.323%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,731.7+0.340%$12.0M—200xas long as short
Phoenix ETH−0.0009%1h2,725.4+0.106%$815K$3.0M25xas long as short
HTX ETH-USDT−0.0002%8h2,731.8+0.340%$1.05B$1.22B200xas long as short
dYdX ETH-USD+0.0007%1h2,732.3+0.359%$10.4M$42.6M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,732.7+0.376%$33.0M—200xas long as short
Injective ETH/USDC PERP+0.0009%1h2,730.8+0.305%$117K$22.5M52xas long as short
BingX ETH-USDC+0.0035%8h2,731.3+0.323%—$18.5M—as long as short
01 Exchange ETHUSD+0.0040%1h2,732.6+0.371%$191K$847K50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0043%8h2,732.6+0.372%$2.35B$4.41B150xas long as short
Aftermath Perps ETHUSD+0.0077%1h2,727.9+0.199%$30K$20K20xas long as short
SunX ETH-USDT+0.0079%8h2,731.2+0.320%$958K$11.1M100xas long as short
KuCoin ETHUSDTM+0.0079%8h2,732.4+0.365%$375.2M$578.0M100xas long as short
Bullet ETH-USD+0.0081%1h2,732.3+0.361%$181K$1.7M20xas long as short
Aster ETHUSDT+0.0091%8h2,732.6+0.371%$252.4M$846.1M200xas long as short
Phemex ETHUSDT+0.0092%8h2,731.9+0.345%$263.3M$65.0M150xas long as short
MEXC ETH_USDT+0.0095%8h2,732.8+0.379%$1.54B$2.60B500xas long as short
Lighter ETH+0.0096%1h2,732.5+0.365%$112.5M$435.6M50xas long as short
Lighter RH ETH+0.0096%1h2,733.6+0.406%$23.5M$104.0M50xas long as short
Aevo ETH-PERP+0.0096%1h2,729.6+0.261%$4.9M$155K20xas long as short
Binance ETHUSDT+0.0097%8h2,732.7+0.373%$6.34B$16.12B150xas long as short
OKX ETH-USDT-SWAP+0.0097%8h2,732.7+0.373%$1.66B$10.88B100xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.7+0.338%$505K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,736+0.495%$15.2M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,732.6+0.373%$14.1M$105.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,734.9+0.455%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,732.9+0.381%$32.0M$333.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,730.5+0.294%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.6+0.372%$1.5M$16.2M25xas long as short
Bulk ETH-USDlong+0.0100%1h2,722.5long leg$160.0M$319.3M25x
Gate ETH_USDT+0.0100%8h2,731.9+0.344%$3.29B$9.04B200xas long as short
Bitget ETHUSDT+0.0100%8h2,732.7+0.374%$2.09B$2.79B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,731.3+0.323%$14.9M$42.2M50xas long as short
Variational Omni ETH+0.0100%8h2,724.5+0.073%$133.3M$327.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.3+0.104%$184.6M$678.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,731.6+0.334%$158.9M$87.4M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,729.9+0.272%$8.7M$31.4M100xas long as short
StandX ETH-USD+0.0100%1h2,732.2+0.356%$21.0M$70.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.8+0.414%—$875K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,734+0.422%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,732.1+0.352%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,733.6+0.407%$41.0M$30.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,731.8+0.341%$54.4M$187.7M40xas long as short
Extended ETH-USD+0.0104%1h2,731.3+0.321%$30.4M$74.2M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,732.1+0.351%—$31.3M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,733+0.384%$49.7M$4.31B50xas long as short
RISEx ETH/USDC+0.0108%1h2,732.8+0.378%$5.6M$11.8M25xas long as short
Deribit ETH-PERPETUAL+0.0131%1h2,733.1+0.391%$259.3M$207.7M50xas long as short
Kalshi KXETHPERP+0.0148%8h2,731.9+0.345%$6.9M$692.3M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,732.4+0.364%$83.3M$311.5M100xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,734.2+0.430%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0198%1h2,732+0.348%$7.3M$1.3M25xas long as short
Hibachi ETH/USDT-P+0.0280%1h2,733+0.385%$250K$1.4M20xas long as short
BloFin ETH-USDT+0.0382%8h2,731.9+0.343%$281.6M$174.8M150xas long as short