Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0194%/8h= +21.3% APRpaid last 24h +0.014%

Price spread now: Bullet against Perpl+0.024%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 Perpl Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.024%, 7d avg −0.006%

Together, before fees−0.055%+ Points / potential airdropPerpl: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bullet is 0.030% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.006%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.029% in total (about -3.4% 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	Perpl ETH	2,770.7	−0.0112	get 0.0010% / 43m	39m 38s	$289K	$6.9M	8.3x
Short	Bullet ETH-USD	2,771.4	0.0083	get 0.0010% / 1h	9m 38s	$183K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.024%Rate

Funding earned: $40.77
Price spread: +0.024% → −0.006%: $3.03
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: $22
Costs to cover: 0.218%
Break-even: 3.2 days

Slippage unknown: Perpl: no order-book sample; Bullet: live order book, 5 min ago. 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 Bullet live order book, 5 min ago	0.54 bp	4.9 bp −$5	8.6 bp −$86	doesn't fit	doesn't fit

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 ETHlong	−0.0112%	43m	2,770.7	long leg	$289K	$6.9M	8.3x
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.199%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	+0.014%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.3	+0.022%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.9	+0.188%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.6	+0.031%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	+0.038%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,774.4	+0.135%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.4	+0.061%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,770.9	+0.006%	$1.71B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0026%	8h	2,771.5	+0.027%	$267.0M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.3	+0.058%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,770.9	+0.005%	$256.3M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	+0.186%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.051%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0050%	8h	2,771	+0.010%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,771	+0.010%	$6.44B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,770.9	+0.009%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,771	+0.011%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USDshort	+0.0083%	1h	2,771.4	+0.024%	$183K	$1.8M	20x
Lighter ETH	+0.0096%	1h	2,771.7	+0.036%	$114.7M	$515.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.9	+0.081%	$25.3M	$123.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.3	+0.022%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	−0.017%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0099%	8h	2,771.1	+0.015%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.9	+0.006%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.4	+0.025%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.5	−0.006%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.6	+0.105%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.4	+0.025%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.9	+0.007%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.5	−0.007%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.1	+0.087%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.005%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771	+0.012%	$422.1M	$742.4M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.7	−0.002%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	+0.020%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.1	+0.195%	$179.9M	$795.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.7	+0.071%	$161.3M	$97.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.6	+0.032%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.7	+0.038%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.8	+0.076%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	+0.052%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.081%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.1	+0.014%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,771.1	+0.014%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.7	−0.001%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.8	+0.076%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,772	+0.047%	$8.5M	$674.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0129%	1h	2,773.1	+0.086%	$258.5M	$225.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,774.2	+0.125%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770.6	−0.005%	$285.4M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,771.4	+0.024%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,772.5	+0.066%	$86.4M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,772.9	+0.079%	$281K	$1.5M	20x	as long as short