Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h +0.004%

Price spread now: Aster against Bulk+0.030%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−$12as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Bulk Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days−0.028%−$3 · spread now +0.030%, 7d avg −0.003%

Together, before fees−0.036%+ Points / potential airdropAster: Stage 5 · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.032% dearer against Bulk than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.003%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 3 days (−0.008% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,769.4	0.0100	pay 0.0013% / 1h	7m 28s	$169.4M	$262.8M	25x
Short	Aster ETHUSDT	2,770.2	0.0031	get 0.0031% / 8h	7m 28s	$255.7M	$1.00B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bulk. 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 BulkbpFee AsterbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$14.39
Price spread: +0.030% → −0.003%: $3.22
Slippage, 4 orders: −$0.36
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$26.52
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; Aster: 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 Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.7 bp −$367	4.6 bp −$2,308
Sell Aster live order book, 2 min ago	0.02 bp	4.3 bp −$4	4.8 bp −$48	6.4 bp −$637	13.1 bp −$6,549

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	−0.0223%	43m	2,769.3	−0.004%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,768.9	−0.020%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.264%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	+0.061%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0016%	1h	2,769.8	+0.015%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,769.3	−0.004%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.2	+0.065%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	+0.076%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.9	+0.054%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.2	+0.029%	$1.71B	$11.88B	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 +0.0026% / S +0.0009%	1h	2,770.6	+0.045%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,771.9	+0.090%	$270.2M	$68.8M	150x	as long as short
Aftermath Perps ETHUSD	+0.0028%	1h	2,771.4	+0.074%	$29K	$22K	20x	as long as short
Aster ETHUSDTshort	+0.0031%	8h	2,770.2	+0.030%	$255.7M	$1.00B	200x
SoDEX ETH-USD	+0.0033%	1h	2,772.1	+0.098%	$55.2M	$228.8M	40x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,769.8	+0.014%	$181K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,769.8	+0.015%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,770.1	+0.027%	$6.45B	$17.30B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.5	+0.111%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,770.4	+0.034%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,770.1	+0.026%	$3.29B	$9.69B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,769.5	+0.003%	$421.0M	$738.6M	100x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,770.4	+0.035%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,770.3	+0.031%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,773.6	+0.153%	$60.3M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,772.1	+0.098%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0096%	1h	2,770.5	+0.041%	$14.3M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770.8	+0.051%	$115.1M	$501.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.3	+0.106%	$25.3M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,770.4	+0.035%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	+0.019%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769	−0.014%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.2	+0.101%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.8	+0.052%	$31.2M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.3	−0.004%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.2	+0.030%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,769.4	long leg	$169.4M	$262.8M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	+0.111%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.035%	$147.1M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.4	0.000%	$181.8M	$784.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	+0.055%	$161.1M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.1	+0.061%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.8	+0.015%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.8	+0.051%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.3	+0.068%	$973K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.5	+0.185%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.7	−0.026%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	+0.089%	—	$43.8M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,771.7	+0.083%	$8.2M	$688.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.5	+0.150%	$90.4M	$338.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0125%	1h	2,773.8	+0.160%	$259.0M	$222.2M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0143%	8h	2,773.1	+0.132%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,770.7	+0.047%	$286.6M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,770.2	+0.030%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,773	+0.129%	$252K	$1.6M	20x	as long as short