Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h +0.031%

Price spread now: BloFin against Deribit+0.006%57s7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.207% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 3 days (all we have)−0.085%−$9 · spread now +0.006%, 7d avg −0.042%

Together, before fees+0.094%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.048% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.042%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,772.9	0.0053	pay 0.0007% / 1h	25m 47s	$258.3M	$222.2M	50x
Short	BloFin ETH-USDT	2,773.1	0.0180	get 0.0180% / 8h	1h 25m	$285.2M	$194.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.006%Rate

Funding earned: $26.67
Price spread: +0.006% → −0.042%: $4.82
Slippage, 4 orders: −$1.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $10.76
Costs to cover: 0.207%
Break-even: 4.2 days

Slippage from Deribit: live order book, 3 min ago; BloFin: live order book, 3 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 Deribit live order book, 3 min ago	0.09 bp	4.8 bp −$5	6.1 bp −$61	11.7 bp −$1,170	60.6 bp −$30.3K
Sell BloFin live order book, 3 min ago	0.05 bp	6.3 bp −$6	6.5 bp −$65	7.7 bp −$775	10.1 bp −$5,074

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	2,772.4	−0.018%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,771.2	−0.060%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	0.000%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.093%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.2	−0.025%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0017%	1h	2,773.7	+0.031%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.014%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,769.6	−0.119%	$883K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.3	+0.014%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,772.8	−0.005%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,772.8	−0.004%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,771.8	−0.041%	$269.5M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	+0.011%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,772.7	−0.007%	$255.9M	$991.0M	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,772.3	−0.020%	$180K	$1.7M	20x	as long as short
Deribit ETH-PERPETUALlong	+0.0053%	1h	2,772.9	long leg	$258.3M	$222.2M	50x
MEXC ETH_USDT	+0.0060%	8h	2,771.2	−0.060%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,772.9	+0.001%	$6.42B	$17.17B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.1	−0.027%	$14.3M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,769.5	−0.123%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,772.8	−0.003%	$2.10B	$3.10B	150x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,771.2	−0.061%	$55.2M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,772.4	−0.017%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,772.9	0.000%	$3.29B	$9.62B	200x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,772.8	−0.003%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,772.2	−0.024%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.7	−0.041%	$115.0M	$500.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.1	+0.008%	$25.3M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.2	+0.012%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,771.1	−0.065%	$423.1M	$739.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.9	−0.070%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.9	−0.036%	$476K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.3	+0.085%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	−0.017%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771	−0.068%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773	+0.004%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.197%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.2	−0.063%	$15.1M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.4	−0.124%	$135.0M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.7	−0.079%	$181.3M	$782.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.9	+0.002%	$161.3M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.1	+0.044%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773	+0.004%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.033%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,785.4	+0.451%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.6	+0.026%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.5	−0.087%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.7	−0.079%	$32.9M	$77.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.4	−0.018%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,773	+0.004%	$8.5M	$677.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.1	+0.078%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772	−0.033%	$85.9M	$331.5M	100x	as long as short
BloFin ETH-USDTshort	+0.0180%	8h	2,773.1	+0.006%	$285.2M	$194.4M	150x
Reya ETHRUSDPERP	+0.0191%	1h	2,772.4	−0.018%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,775.1	+0.081%	$271K	$1.5M	20x	as long as short