Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC+0.0323%/8h= +35.4% APRpaid last 24h +0.053%

Price spread now: Bluefin against Perpl+0.010%7-day average — · you sell dearer than you buy

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

Long on Perpl Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,771.5	−0.0223	get 0.0020% / 43m	18m 07s	$286K	$6.9M	8.3x
Short	Bluefin ETH-PERP	2,771.8	0.0100	get 0.0013% / 1h	22m 07s	$21K	$24K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Perpl. 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 PerplbpFee BluefinbpOrdersPrice spread, now +0.010%Rate

Funding earned: $67.88
Price spread: +0.010% → 0.000%: $1.01
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $48.09
Costs to cover: 0.208%
Break-even: 2.0 days

Slippage unknown: Perpl: no order-book sample; 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 Perpl no order-book sample	—	—	—	—	—
Sell Bluefin no order-book sample	—	—	—	—	—

Perpl and 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 ETHlong	−0.0223%	43m	2,771.5	long leg	$286K	$6.9M	8.3x
RISEx ETH/USDC	−0.0206%	1h	2,772	+0.017%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.376%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.4	−0.075%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0039%	1h	2,768.4	−0.111%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,772.8	+0.047%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	−0.056%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	−0.014%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.4	+0.034%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,770	−0.055%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.8	−0.025%	$1.70B	$11.88B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,771.7	+0.006%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,772.3	+0.028%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,771.1	−0.012%	$255.7M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,770.6	−0.032%	$55.2M	$229.0M	40x	as long as short
Phemex ETHUSDT	+0.0035%	8h	2,771.2	−0.010%	$270.3M	$68.9M	150x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,771.4	−0.003%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.7	−0.101%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,771.2	−0.011%	$6.45B	$17.31B	150x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,770.6	−0.034%	$1.61B	$2.65B	500x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,770.8	−0.026%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,771.6	+0.002%	$3.29B	$9.67B	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,770.8	−0.025%	$421.0M	$739.6M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,772.4	+0.031%	$60.1M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,770.5	−0.035%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,771.1	−0.015%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,770.8	−0.024%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.004%	$115.2M	$499.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.7	+0.043%	$25.2M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.7	−0.063%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.8	−0.024%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.6	+0.004%	$476K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.3	−0.006%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.3	+0.101%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.5	+0.002%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.7	+0.008%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.7	+0.045%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.051%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	−0.009%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.042%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.5	−0.110%	$181.7M	$783.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	−0.009%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.1	−0.158%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.9	+0.015%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,771.8	+0.010%	$21K	$24K	25x
SunX ETH-USDT	+0.0100%	8h	2,771.8	+0.011%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.5	+0.072%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.2	−0.046%	$32.5M	$78.2M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0107%	1h	2,772.5	+0.035%	$259.0M	$222.4M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.9	−0.021%	$8.3M	$687.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,772	+0.017%	$88.8M	$337.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,773.9	+0.086%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,768.9	−0.093%	$287.2M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,771.1	−0.013%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,768.9	−0.093%	$251K	$1.6M	20x	as long as short