Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.012%

Price spread now: BloFin against Extended−0.039%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Extended Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.039%, 7d avg +0.026%

Together, before fees+0.048%+ Points / potential airdropExtended: Active · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.065% cheaper against Extended than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.026%). If the spread goes back, that is −$6 on $10k: about 2.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ETH-USD	2,741.8	0.0104	pay 0.0013% / 1h	18m 24s	$30.4M	$66.1M	50x
Short	BloFin ETH-USDT	2,740.7	0.0190	get 0.0190% / 8h	6h 18m	$282.2M	$156.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Extended. 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 ExtendedbpFee BloFinbpOrdersPrice spread, now −0.039%Rate

Funding earned: $17.98
Price spread: −0.039% → +0.026%: −$6.45
Slippage, 4 orders: −$0.4
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$5.87
Costs to cover: 0.174%
Break-even: 9.3 days

Slippage from Extended: live order book, 4 min ago; BloFin: live order book, 4 min ago.

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 Extended live order book, 4 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	4.1 bp −$412	11.9 bp −$5,959
Sell BloFin live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$634	7.9 bp −$3,970

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0096%	1h	2,741.1	−0.027%	$235K	$1.3M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740.3	−0.055%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,742.6	+0.030%	$8.3M	$27.2M	100x	as long as short
Bybit ETHUSDT	−0.0028%	8h	2,743.3	+0.055%	$2.36B	$3.90B	150x	as long as short
Phoenix ETH	−0.0023%	1h	2,742.8	+0.037%	$806K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.9	−0.033%	$12.0M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,741.2	−0.022%	$7.0M	$662.1M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,742.6	+0.030%	$269K	$5.1M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.7	−0.041%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,743.6	+0.066%	$195K	$934K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0054%	1h	2,743.2	+0.051%	$14.8M	$42.9M	50x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,743	+0.043%	$3.26B	$7.87B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,743.2	+0.051%	$1.67B	$9.48B	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,742.8	+0.038%	$256.2M	$736.0M	200x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,743.5	+0.061%	$1.59B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,743	+0.043%	$6.38B	$14.46B	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,741.4	−0.016%	$82.0M	$279.9M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,738	−0.138%	$4.9M	$208K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,741.8	−0.001%	$267.3M	$192.8M	50x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,743.4	+0.060%	$366.2M	$457.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0092%	1h	2,741.4	−0.014%	$30K	$8K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,741.8	+0.002%	$113.9M	$390.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743	+0.045%	$23.7M	$98.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	−0.029%	—	$23.7M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.2	+0.015%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,741.2	−0.021%	$14.5M	$97.1M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.5	+0.026%	$32.1M	$324.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.4	−0.014%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.4	+0.059%	$1.5M	$14.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.6	−0.043%	$163.1M	$330.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.5	+0.061%	$2.11B	$2.37B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,742.4	+0.022%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.053%	$14.9M	$37.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.5	−0.048%	$132.1M	$302.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.4	+0.022%	$186.1M	$633.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.4	−0.052%	$159.3M	$73.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.7	+0.033%	$21.1M	$72.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.5	+0.099%	—	$346K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.9	+0.113%	$11.3M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.4	+0.058%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.1	−0.062%	$945K	$9.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.6	−0.044%	$61.7M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,740.9	−0.032%	$1.05B	$1.09B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.6	−0.042%	$263.6M	$57.6M	150x	as long as short
Extended ETH-USDlong	+0.0104%	1h	2,741.8	long leg	$30.4M	$66.1M	50x
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,741.8	−0.001%	$45.6M	$3.93B	50x	as long as short
Hyperliquid ETH	+0.0131%	1h	2,746.7	+0.179%	$3.16B	$1.78B	25x	as long as short
Reya ETHRUSDPERP	+0.0160%	1h	2,742.5	+0.027%	$7.3M	$870K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,743.7	+0.069%	$5.6M	$10.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,742.6	+0.028%	$32.3M	$10.1M	100x	as long as short
BloFin ETH-USDTshort	+0.0190%	8h	2,740.7	−0.039%	$282.2M	$156.7M	150x
Injective ETH/USDC PERP	+0.0308%	1h	2,747.3	+0.201%	$118K	$23.9M	52x	as long as short
Paradex ETH-USD-PERP	+0.0314%	8h	2,745.9	+0.149%	$15.8M	$6.5M	50x	as long as short
Bluefin ETH-PERP	+0.1049%	1h	2,740.9	−0.033%	$20K	$15K	25x	as long as short