Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h −0.004%

Price spread now: Bulk against Aster+0.233%7-day average +0.003% · you sell dearer than you buy

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

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

costs, in and out, $10k−$160.157% of the position

Long on Aster Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days−0.235%−$23 · spread now +0.233%, 7d avg +0.003%

Together, before fees−0.227%+ Points / potential airdropAster: Stage 5 · farm board−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bulk is 0.231% dearer against Aster than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ETHUSDT	2,772.5	0.0035	pay 0.0035% / 8h	1h 12m	$255.8M	$992.4M	200x
Short	Bulk ETH-USD	2,778.9	0.0100	get 0.0013% / 1h	12m 20s	$165.9M	$253.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Aster. 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 AsterbpFee BulkbpOrdersPrice spread, now +0.233%Rate

Funding earned: $13.66
Price spread: +0.233% → +0.003%: $23.07
Slippage, 4 orders: −$0.67
Fee Aster: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $21.06
Costs to cover: 0.157%
Break-even: from the start

Slippage from Aster: live order book, 2 min ago; Bulk: live order book, 2 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 Aster live order book, 2 min ago	0.16 bp	4.4 bp −$4	5.0 bp −$50	5.8 bp −$584	11.6 bp −$5,787
Sell Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.9 bp −$392	4.7 bp −$2,345

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	−0.0447%	43m	2,772.9	+0.017%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,772.4	−0.002%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	+0.023%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.258%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.9	+0.016%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,775.7	+0.116%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.2	+0.064%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.9	+0.124%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	+0.033%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0015%	8h	2,772.1	−0.014%	—	$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	+0.0018%	8h	2,772.3	−0.006%	$1.70B	$11.84B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0020%	1h	2,774	+0.057%	$258.4M	$222.4M	50x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,772.5	+0.002%	$269.8M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	+0.028%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,772.4	0.000%	$181K	$1.7M	20x	as long as short
Aster ETHUSDTlong	+0.0035%	8h	2,772.5	long leg	$255.8M	$992.4M	200x
Nado ETH-PERP	+0.0060%	1h	2,772.3	−0.005%	$14.2M	$118.2M	50x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,772.5	+0.002%	$1.61B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,771.4	−0.036%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,772.5	+0.001%	$6.43B	$17.21B	150x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,775.6	+0.112%	$8.8M	$32.6M	100x	as long as short
SoDEX ETH-USD	+0.0067%	1h	2,772.5	+0.002%	$55.2M	$228.9M	40x	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,772.4	−0.003%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,772.5	+0.001%	$3.29B	$9.66B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,772.5	+0.003%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,772.2	−0.009%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.1	+0.023%	$115.0M	$502.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.6	+0.078%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.4	+0.035%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,772.5	+0.001%	$422.2M	$739.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.1	−0.013%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.1	+0.023%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.1	+0.096%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.1	+0.025%	$31.2M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.2	−0.009%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774	+0.054%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,778.9	+0.233%	$165.9M	$253.8M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773	+0.019%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.7	+0.083%	$141.6M	$331.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.7	+0.117%	$181.7M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.120%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.5	+0.038%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.049%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.5	+0.037%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.5	+0.074%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773	+0.019%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	+0.026%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.8	−0.023%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.9	+0.051%	$59.7M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,774	+0.056%	$8.4M	$680.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.2	+0.098%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.6	+0.041%	$86.0M	$332.4M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,772.5	+0.002%	$283.9M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,772.3	−0.004%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,773.9	+0.053%	$270K	$1.5M	20x	as long as short