Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.010%

Price spread now: Orderly against Bluefin+0.079%7-day average — · you sell dearer than you buy

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

Long on Bluefin Short on Orderly

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.079% dearer against Bluefin than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,771.2	0.0100	pay 0.0013% / 1h	31m 30s	$21K	$22K	25x
Short	Orderly PERP_ETH_USDC	2,773.4	0.0150	get 0.0150% / 8h	7h 31m	$32.6M	$11.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.079%Rate

Funding earned: $10.49
Price spread: +0.079% → 0.000%: $7.94
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $5.43
Costs to cover: 0.130%
Break-even: 3.4 days

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

Bluefin and Orderly: 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
Injective ETH/USDC PERP	−0.0752%	1h	2,772.9	+0.061%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.7	+0.019%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.9	−0.012%	$321K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.1	+0.032%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,771.3	+0.003%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	−0.004%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772	+0.028%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.7	+0.016%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,770.9	−0.011%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0025%	8h	2,770.4	−0.029%	$1.71B	$11.20B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.5	+0.010%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,769.4	−0.065%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,771.1	−0.006%	$256.7M	$886.3M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,771	−0.009%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,770.9	−0.010%	$6.47B	$16.36B	150x	as long as short
Phemex ETHUSDT	+0.0054%	8h	2,769.8	−0.052%	$269.6M	$67.5M	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767	−0.153%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0065%	1h	2,772	+0.029%	$31K	$23K	20x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,769.2	−0.073%	$1.08B	$1.26B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,771.3	+0.004%	$2.10B	$2.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771	−0.009%	$60.4M	$4.45B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,771.2	+0.001%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,771.1	−0.005%	$420.5M	$631.7M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,771.6	+0.013%	$115.3M	$457.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.8	+0.057%	$25.7M	$111.3M	50x	as long as short
Gate ETH_USDT	+0.0099%	8h	2,771	−0.007%	$3.36B	$8.99B	200x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.2	+0.072%	$15.9M	$8.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.5	+0.010%	$485K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771	−0.009%	$14.8M	$114.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.7	+0.089%	$3.18B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.6	+0.014%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771	−0.006%	$2.51B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.9	−0.119%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.5	+0.045%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.050%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771	−0.009%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	−0.022%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.038%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.9	−0.048%	$181.8M	$787.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.6	−0.060%	$161.0M	$84.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771	−0.008%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.5	−0.098%	$21.4M	$62.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.1	−0.004%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,771.2	long leg	$21K	$22K	25x
Derive ETH-PERP	+0.0100%	1h	2,771.6	+0.014%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.1	−0.078%	$971K	$13.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.2	+0.001%	$31.0M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	+0.024%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,769.7	−0.054%	$8.0M	$682.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,771.3	+0.001%	$259.1M	$207.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.3	+0.002%	$95.9M	$319.5M	100x	as long as short
Orderly PERP_ETH_USDCshort	+0.0150%	8h	2,773.4	+0.079%	$32.6M	$11.2M	100x
Hibachi ETH/USDT-P	+0.0152%	1h	2,770.1	−0.038%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,769.9	−0.047%	$287.9M	$184.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,770.9	−0.010%	$7.3M	$1.2M	25x	as long as short