Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0219%/8h= −23.9% APRpaid last 24h −0.028%

Price spread now: Ondo Perps against BloFin−0.056%7-day average −0.015% · you buy dearer than you sell

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

Long on BloFin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.056%, 7d avg −0.015%

Together, before fees−0.075%+ Points / potential airdropOndo Perps: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Ondo Perps is 0.041% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.134% in total (about -7.0% 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	BloFin ETH-USDT	2,730.2	0.0319	pay 0.0319% / 8h	1h 02m	$281.2M	$176.0M	150x
Short	Ondo Perps ETH-USD.P	2,728.7	0.0100	get 0.0013% / 1h	2m 30s	$2.7M	$16.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee Ondo PerpsbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$45.93
Price spread: −0.056% → −0.015%: −$4.14
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$67.07
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 7 min ago; Ondo Perps: 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 BloFin live order book, 7 min ago	0.24 bp	6.2 bp −$6	6.2 bp −$62	6.9 bp −$693	9.0 bp −$4,506
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Hotstuff ETH-PERP	−0.0080%	1h	2,729.1	−0.041%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,734.2	+0.145%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.5	−0.027%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,734.4	+0.153%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.6	−0.023%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.1	+0.032%	$6.7M	$682.4M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,728.4	−0.069%	$287K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,731	+0.029%	$262.5M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.5	−0.025%	$32.9M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0014%	1h	2,732.5	+0.084%	$8.6M	$31.5M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0022%	8h	2,727.9	−0.084%	—	$18.6M	—	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,729.6	−0.023%	$191K	$890K	50x	as long as short
Bybit ETHUSDT	+0.0026%	8h	2,729.2	−0.040%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,730	−0.010%	$1.05B	$1.22B	200x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,729.5	−0.027%	$385.6M	$577.7M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,730	−0.008%	$54.4M	$187.2M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,729.1	−0.041%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,729	−0.044%	$252.8M	$847.1M	200x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,730.1	−0.004%	$262.9M	$64.5M	150x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,729.1	−0.042%	$188K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,729.2	−0.039%	$1.53B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,728.8	−0.053%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729	−0.044%	$112.6M	$439.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.6	+0.012%	$23.4M	$103.5M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.4	−0.104%	$4.9M	$174K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.9	−0.049%	$501K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.9	+0.098%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.3	−0.069%	$14.1M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.5	+0.047%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.9	−0.012%	$32.0M	$332.9M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,728.7	−0.056%	$2.7M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,729.6	−0.024%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,731.8	+0.058%	$164.2M	$349.6M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729	−0.045%	$3.30B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.2	−0.040%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.2	−0.039%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.5	+0.084%	$134.3M	$320.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.3	+0.077%	$185.8M	$683.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.5	+0.082%	$158.8M	$83.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732	+0.065%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.9	+0.024%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.4	+0.006%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.6	+0.012%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.088%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.9	−0.011%	$958K	$10.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,732.1	+0.070%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728	−0.083%	$30.4M	$73.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.6	+0.050%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.5	+0.045%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,729.7	−0.020%	$5.6M	$11.6M	25x	as long as short
Hibachi ETH/USDT-P	+0.0120%	1h	2,731.7	+0.055%	$243K	$1.4M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.2	+0.073%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,728.3	−0.071%	$7.3M	$975K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.5	+0.011%	$82.1M	$309.7M	100x	as long as short
BloFin ETH-USDTlong	+0.0319%	8h	2,730.2	long leg	$281.2M	$176.0M	150x