Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Bulk against Nado−0.010%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$140.144% of the position

Long on Nado Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.010%, 7d avg −0.007%

Together, before fees+0.006%+ Points / potential airdropNado: Active · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,731.1	0.0100	pay 0.0012% / 1h	44m 48s	$14.2M	$100.6M	50x
Short	Bulk ETH-USD	2,730.8	0.0100	get 0.0013% / 1h	44m 48s	$162.8M	$334.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Nado. 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 NadobpFee BulkbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0
Price spread: −0.010% → −0.007%: −$0.22
Slippage, 4 orders: −$0.4
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$14.62
Costs to cover: 0.144%
Break-even: 1430861944440372.8 days

Slippage from Nado: live order book, 4 min ago; Bulk: 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 Nado live order book, 4 min ago	0.18 bp	3.7 bp −$4	3.8 bp −$38	5.2 bp −$517	12.8 bp −$6,400
Sell Bulk live order book, 4 min ago	0.02 bp	3.5 bp −$4	3.7 bp −$37	4.8 bp −$477	5.8 bp −$2,891

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	−0.0112%	43m	2,732.6	+0.054%	$277K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0097%	8h	2,731.6	+0.019%	$280.3M	$177.8M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.3	+0.008%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0076%	8h	2,731.2	+0.005%	$263.2M	$63.8M	150x	as long as short
HTX ETH-USDT	−0.0019%	8h	2,730.9	−0.008%	$1.05B	$1.21B	200x	as long as short
Phoenix ETH	−0.0012%	1h	2,733	+0.070%	$807K	$3.0M	25x	as long as short
Bybit ETHUSDT	−0.0010%	8h	2,731.3	+0.007%	$2.32B	$4.31B	150x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.6	+0.020%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.7	+0.058%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732.2	+0.041%	$6.7M	$672.4M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.2	+0.042%	$264.7M	$218.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.7	+0.021%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,732.2	+0.041%	$191K	$883K	50x	as long as short
ApeX Omni ETHUSDT	+0.0069%	1h	2,732.1	+0.038%	$8.4M	$31.2M	100x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,731.4	+0.012%	$54.4M	$182.5M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,731.3	+0.009%	$1.66B	$10.73B	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,732.8	+0.062%	$239K	$1.4M	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,731.4	+0.013%	$252.2M	$849.7M	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,731.9	+0.029%	$383.5M	$576.3M	100x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,731.5	+0.015%	$6.32B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,732	+0.034%	$1.57B	$2.55B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,732.1	+0.039%	$112.6M	$401.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.4	+0.085%	$23.7M	$95.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732.8	+0.063%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729	−0.075%	$4.9M	$195K	20x	as long as short
SunX ETH-USDT	+0.0097%	8h	2,730.8	−0.009%	$941K	$10.7M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.7	+0.023%	$499K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.7	+0.134%	$15.4M	$7.3M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,731.1	long leg	$14.2M	$100.6M	50x
Hyperliquid ETH	+0.0100%	1h	2,734.3	+0.118%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	+0.056%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.1	+0.038%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732	+0.033%	$1.6M	$15.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.6	+0.021%	$3.28B	$8.24B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.8	+0.027%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,731.6	+0.019%	—	$1.06B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.9	+0.029%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731	−0.001%	$131.5M	$316.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.5	−0.020%	$185.8M	$685.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.4	+0.013%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.5	+0.052%	$21.0M	$70.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.2	+0.079%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.4	+0.049%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,731.1	+0.001%	$176K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,759.5	+1.040%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.5	+0.051%	$40.6M	$29.1M	15x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,730.8	−0.010%	$162.8M	$334.7M	25x
Extended ETH-USD	+0.0104%	1h	2,730.9	−0.007%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.1	+0.036%	$82.0M	$309.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,731.2	+0.006%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.5	+0.053%	$46.5M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732.5	+0.052%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0174%	1h	2,730.6	−0.018%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,733.7	+0.095%	$32.2M	$11.2M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,736.2	+0.188%	$117K	$19.5M	52x	as long as short