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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0063%/8h= +6.9% APRnext payment +$0.08 per $10,000 · paid last 24h +0.016%
Price spread now: Derive against Bullet+0.041%7-day average +0.062% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BulletShort on Derive
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.075%+$7 on $10k
Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.041%, 7d avg +0.062%
Together, before fees+0.065%+$6 on $10k · with fees, hour by hour
Funding pays, the price is against you. Derive is 0.021% cheaper against Bullet than usual: you would sell low and buy high (spread +0.041% now, against its 7-day average of +0.062%). If the spread goes back, that is −$2 on $10k: about 27 hours of funding at the current rate (+$2 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBullet ETH-USD2,769.80.0037pay 0.0005% / 1h31m 07s$180K$1.7M20x
ShortDerive ETH-PERP2,770.90.0100get 0.0013% / 1h31m 07s$42.6M$29.3M15x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Derive against Bullet. 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

Funding earned
$13.25
Price spread: +0.041% → +0.062%
−$2.14
Slippage, 4 orders
no order book: not counted
Fee Bullet: 4 bp × 2 orders
−$8
Fee Derive: 3 bp × 2 orders
−$6
Net
−$2.89
Costs to cover
0.140%
Break-even
8.5 days
Slippage unknown: Bullet: live order book, 3 min ago; Derive: 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
LegHalf-spread$10k$100k$1M$5M
Buy Bullet live order book, 3 min ago0.36 bp6.0 bp −$69.2 bp −$92doesn't fitdoesn't fit
Sell Derive no order-book sample—————
Derive: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,770.9+0.040%$289K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,769.7−0.001%$5.8M$12.1M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,770.7+0.034%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,770.3+0.020%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,770.3+0.020%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0022%1h2,775.8+0.220%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,770.5+0.027%$12.7M$45.5M50xas long as short
Phoenix ETH0.0000%1h2,778.1+0.301%$886K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,770.5+0.027%$22.4M—200xas long as short
BingX ETH-USDT+0.0016%8h2,768−0.064%—$1.18B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0020%8h2,767.9−0.067%$1.70B$11.81B100xas long as short
Phemex ETHUSDT+0.0026%8h2,768.1−0.060%$269.2M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,770.4+0.023%$12.9M—200xas long as short
Aster ETHUSDT+0.0034%8h2,767.6−0.078%$255.6M$990.6M200xas long as short
Deribit ETH-PERPETUAL+0.0035%1h2,770.2+0.015%$258.3M$222.2M50xas long as short
Bullet ETH-USDlong+0.0037%1h2,769.8long leg$180K$1.7M20x
MEXC ETH_USDT+0.0060%8h2,767.5−0.080%$1.61B$2.66B500xas long as short
Binance ETHUSDT+0.0060%8h2,767.5−0.080%$6.42B$17.15B150xas long as short
Aevo ETH-PERP+0.0064%1h2,767.9−0.068%$5.0M$636K20xas long as short
Nado ETH-PERP+0.0064%1h2,769.2−0.020%$14.3M$118.0M50xas long as short
SoDEX ETH-USD+0.0071%1h2,768.5−0.045%$55.1M$228.8M40xas long as short
Gate ETH_USDT+0.0072%8h2,767.9−0.066%$3.28B$9.60B200xas long as short
Bitget ETHUSDT+0.0072%8h2,767.9−0.065%$2.10B$3.11B150xas long as short
Bybit ETHUSDT+0.0092%8h2,767.4−0.086%$2.51B$4.61B150xas long as short
HTX ETH-USDT+0.0094%8h2,767.5−0.081%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,768.4−0.049%$114.8M$499.6M50xas long as short
Lighter RH ETH+0.0096%1h2,769.4−0.013%$25.3M$121.2M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,771+0.046%—$41.5M500xas long as short
ApeX Omni ETHUSDT+0.0097%1h2,777.8+0.289%$8.7M$32.5M100xas long as short
KuCoin ETHUSDTM+0.0098%8h2,768.6−0.040%$424.3M$738.1M100xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,769.6−0.006%$15.9M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,769.9+0.005%$479K$2.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,770.3+0.020%$3.18B$2.37B25xas long as short
Pacifica ETH+0.0100%1h2,770.2+0.018%$31.3M$297.6M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,768.9−0.031%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,771.6+0.066%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,781.3+0.418%$166.9M$248.1M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,768.3−0.053%$15.2M$44.5M50xas long as short
Variational Omni ETH+0.0100%8h2,774.6+0.175%$135.3M$322.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,777.1+0.264%$180.0M$780.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777+0.262%$161.5M$91.0M50xas long as short
StandX ETH-USD+0.0100%1h2,772.6+0.103%$21.4M$58.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,770.9+0.043%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,771.2+0.052%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,769.6−0.005%$21K$25K25xas long as short
Derive ETH-PERPshort+0.0100%1h2,770.9+0.041%$42.6M$29.3M15x
SunX ETH-USDT+0.0100%8h2,767.9−0.067%$971K$14.0M100xas long as short
Extended ETH-USD+0.0104%1h2,767.9−0.067%$31.4M$74.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,770+0.007%$60.0M$4.59B50xas long as short
Kalshi KXETHPERP+0.0118%8h2,771.7+0.070%$8.7M$675.3M4.9xas long as short
Orderly PERP_ETH_USDC+0.0137%8h2,771.2+0.051%$32.5M$12.0M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,773.6+0.137%$278K$1.5M20xas long as short
Kraken Futures PF_ETHUSD+0.0170%1h2,769.3−0.015%$86.0M$331.4M100xas long as short
BloFin ETH-USDT+0.0180%8h2,768.3−0.054%$283.9M$193.9M150xas long as short
Reya ETHRUSDPERP+0.0190%1h2,769.7−0.003%$7.3M$1.2M25xas long as short