Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.010%

Price spread now: BloFin against Bluefin−0.059%7-day average — · you buy dearer than you sell

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

Long on Bluefin Short on BloFin

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—needs both histories

Funding pays, the price is against you. BloFin is 0.059% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 20 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,720.5	0.0100	pay 0.0013% / 1h	28m 45s	$22K	$21K	25x
Short	BloFin ETH-USDT	2,718.8	0.0334	get 0.0334% / 8h	2h 28m	$280.7M	$173.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bluefin. 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 BluefinbpFee BloFinbpOrdersPrice spread, now −0.059%Rate

Funding earned: $49.14
Price spread: −0.059% → 0.000%: −$5.92
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $24.22
Costs to cover: 0.190%
Break-even: 3.5 days

Slippage unknown: Bluefin: no order-book sample; BloFin: 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 Bluefin no order-book sample	—	—	—	—	—
Sell BloFin live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$631	7.4 bp −$3,691

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	−0.0447%	43m	2,720.2	−0.011%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,719.9	−0.020%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718.5	−0.073%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,720.3	−0.004%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,719.7	−0.028%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,720.6	+0.004%	$30.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,719.1	−0.050%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0009%	1h	2,717.3	−0.116%	$10.7M	$42.0M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,721.5	+0.039%	$190K	$791K	50x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,716.9	−0.132%	—	$18.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,716.7	−0.137%	$2.35B	$4.42B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0062%	1h	2,721	+0.021%	$258.8M	$206.5M	50x	as long as short
SunX ETH-USDT	+0.0067%	8h	2,720.3	−0.007%	$955K	$11.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0069%	1h	2,717.6	−0.107%	$8.6M	$31.3M	100x	as long as short
Bullet ETH-USD	+0.0072%	1h	2,720	−0.015%	$180K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,717.9	−0.093%	$374.5M	$577.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0075%	1h	2,720.8	+0.012%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,717.4	−0.112%	$251.4M	$843.4M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,717.5	−0.108%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,716.9	−0.132%	$1.56B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,717	−0.125%	$6.29B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0094%	8h	2,716.9	−0.130%	$1.66B	$10.76B	100x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,719.8	−0.025%	$262.6M	$64.4M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,717.5	−0.108%	$111.4M	$433.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,718.5	−0.071%	$23.3M	$103.3M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,716.7	−0.138%	$496K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,719.1	−0.050%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720.5	+0.001%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,720.2	−0.009%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,718	−0.090%	$31.9M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,716.4	−0.149%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,717.6	−0.107%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.055%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,717.1	−0.122%	$3.30B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,716.9	−0.131%	$2.07B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718.6	−0.069%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.7	−0.136%	$132.7M	$328.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,717.4	−0.113%	$184.0M	$676.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,718.2	−0.082%	$158.2M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,718.7	−0.064%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,721.7	+0.047%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,722.3	+0.068%	$11.2M	$9.6M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,720.5	long leg	$22K	$21K	25x
Derive ETH-PERP	+0.0100%	1h	2,721.1	+0.025%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,719.1	−0.050%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,716.1	−0.160%	$30.5M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.8	+0.011%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,720	−0.017%	$49.8M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,717.5	−0.107%	$5.5M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,720.6	+0.006%	$6.4M	$692.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.6	−0.033%	$82.7M	$315.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,722.2	+0.063%	$32.0M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,720.3	−0.006%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,720.9	+0.018%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDTshort	+0.0334%	8h	2,718.8	−0.059%	$280.7M	$173.9M	150x