Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC−0.0473%/8h= −51.8% APRpaid last 24h −0.052%

Price spread now: Perpl against Bullet+0.046%7-day average +0.006% · you sell dearer than you buy

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

Long on Bullet Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.053%−$5 · spread now +0.046%, 7d avg +0.006%

Together, before fees−0.053%+ Points / potential airdropPerpl: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.040% dearer against Bullet than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of +0.006%): +$4 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 7 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.000% in total (about 0.0% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ETH-USD	2,734	0.0026	pay 0.0003% / 1h	29m 06s	$179K	$1.7M	20x
Short	Perpl ETH	2,735.3	−0.0447	pay 0.0040% / 43m	26m 06s	$297K	$5.6M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Bullet. 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 BulletbpFee PerplbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$99.28
Price spread: +0.046% → +0.006%: $4
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$117.08
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 5 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bullet live order book, 5 min ago	0.18 bp	5.6 bp −$6	8.8 bp −$88	doesn't fit	doesn't fit
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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETHshort	−0.0447%	43m	2,735.3	+0.046%	$297K	$5.6M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,738.6	+0.168%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.5	+0.018%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,739	+0.183%	$821K	$2.9M	25x	as long as short
HTX ETH-USDT	−0.0005%	8h	2,733	−0.037%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,735.6	+0.059%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.5	+0.020%	$28.1M	—	200x	as long as short
Bullet ETH-USDlong	+0.0026%	1h	2,734	long leg	$179K	$1.7M	20x
BingX ETH-USDC	+0.0033%	8h	2,733.1	−0.033%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0041%	8h	2,733.6	−0.015%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,735.1	+0.040%	$187K	$815K	50x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,733.9	−0.003%	$381.0M	$573.9M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0068%	1h	2,735.4	+0.051%	$259.5M	$200.2M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,733.7	−0.013%	$1.67B	$10.74B	100x	as long as short
SunX ETH-USDT	+0.0080%	8h	2,734.2	+0.008%	$959K	$11.2M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,734.4	+0.016%	$251.1M	$842.1M	200x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,737.8	+0.138%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,734.3	+0.011%	$265.1M	$65.1M	150x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,733.8	−0.008%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,733.9	−0.003%	$6.35B	$15.90B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.8	+0.028%	$112.8M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.9	+0.068%	$23.4M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,736.1	+0.075%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.7	−0.085%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,735.8	+0.066%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0097%	1h	2,734.2	+0.007%	$54.4M	$187.7M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,739.4	+0.198%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.4	+0.015%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.1	+0.041%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.8	+0.066%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736	+0.073%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.9	−0.004%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.2	+0.044%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.089%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.8	−0.009%	$3.33B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.7	−0.010%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.4	−0.023%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.4	+0.125%	$133.6M	$321.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.2	+0.079%	$184.1M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.150%	$159.3M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	+0.146%	$21.1M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.8	+0.067%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.8	+0.066%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.6	+0.023%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.7	+0.061%	$41.3M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.8	−0.044%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,735.1	+0.039%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,737	+0.111%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,735	+0.038%	$50.9M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,735.7	+0.062%	$6.5M	$684.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,734.9	+0.033%	$83.3M	$315.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0196%	8h	2,736.2	+0.080%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,733.5	−0.019%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,738.3	+0.158%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0370%	8h	2,734.2	+0.008%	$283.1M	$175.1M	150x	as long as short