Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.019%

Price spread now: Bluefin against Paradex−0.137%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.137% cheaper against Paradex than usual: you would sell low and buy high, −$14 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,732.9	0.0100	pay 0.0100% / 8h	2h 49m	$15.4M	$8.0M	50x
Short	Bluefin ETH-PERP	2,729.2	0.0100	get 0.0013% / 1h	49m 56s	$22K	$21K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Paradex. 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 ParadexbpFee BluefinbpOrdersPrice spread, now −0.137%Rate

Funding earned: $0.02
Price spread: −0.137% → 0.000%: −$13.68
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$24.66
Costs to cover: 0.110%
Break-even: 9776.1 days

Slippage unknown: Paradex: live order book, 4 min ago; Bluefin: 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 Paradex live order book, 4 min ago	0.24 bp	4.9 bp −$5	6.4 bp −$64	doesn't fit	doesn't fit
Sell Bluefin no order-book sample	—	—	—	—	—

Bluefin: 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 ETH	−0.0335%	43m	2,730	−0.107%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.4	−0.093%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0015%	8h	2,728.4	−0.166%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.7	−0.118%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,730.9	−0.075%	$815K	$3.0M	25x	as long as short
dYdX ETH-USD	+0.0003%	1h	2,730.2	−0.100%	$10.7M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.9	−0.112%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,730.1	−0.104%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,728	−0.181%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,728.5	−0.163%	$2.36B	$4.40B	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	+0.0040%	1h	2,731.1	−0.068%	$186K	$785K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0051%	1h	2,729.3	−0.134%	$258.4M	$203.2M	50x	as long as short
Bullet ETH-USD	+0.0061%	1h	2,729.4	−0.130%	$178K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0063%	8h	2,727.2	−0.209%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,728.6	−0.158%	$377.8M	$576.7M	100x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,729.2	−0.137%	$30K	$20K	20x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,726.4	−0.239%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,728.8	−0.151%	$252.4M	$843.2M	200x	as long as short
MEXC ETH_USDT	+0.0085%	8h	2,728.6	−0.159%	$1.56B	$2.55B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0085%	8h	2,728.9	−0.150%	$1.67B	$10.75B	100x	as long as short
Binance ETHUSDT	+0.0086%	8h	2,728.6	−0.159%	$6.32B	$15.98B	150x	as long as short
Phemex ETHUSDT	+0.0089%	8h	2,727.8	−0.187%	$264.0M	$64.1M	150x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,727	−0.218%	$8.7M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.5	−0.163%	$111.8M	$429.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.3	−0.135%	$23.4M	$102.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.3	−0.095%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730	−0.108%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,732.9	long leg	$15.4M	$8.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,730.2	−0.100%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.1	−0.104%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.1	−0.069%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.133%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.1	−0.069%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729	−0.146%	$165.1M	$317.5M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.8	−0.154%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.8	−0.151%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.198%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.7	−0.118%	$134.4M	$324.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.8	−0.225%	$183.1M	$672.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	−0.154%	$158.8M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.2	−0.101%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.5	−0.052%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.8	−0.042%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,729.2	−0.137%	$22K	$21K	25x
Derive ETH-PERP	+0.0100%	1h	2,730	−0.108%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.9	−0.185%	$54.3M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.8	−0.188%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,728.9	−0.148%	$50.1M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.8	−0.077%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,730.6	−0.086%	$6.3M	$689.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,728.4	−0.165%	$83.0M	$316.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,730.9	−0.075%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0204%	1h	2,729.6	−0.122%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,731.1	−0.067%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0341%	8h	2,730.3	−0.097%	$282.7M	$174.6M	150x	as long as short