Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0019%/8h= −2.0% APRpaid last 24h −0.004%

Price spread now: BloFin against Derive−0.112%245s7-day average −0.062% · you buy dearer than you sell

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

Long on Derive Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.112%, 7d avg −0.062%

Together, before fees+0.100%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.049% cheaper against Derive than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.062%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.077%, so the current rate has only just turned against you. The two prices were read 245 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	Derive ETH-PERP	2,731.7	0.0100	pay 0.0013% / 1h	52m 02s	$40.6M	$29.2M	15x
Short	BloFin ETH-USDT	2,728.6	0.0081	get 0.0081% / 8h	7h 52m	$281.2M	$177.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Derive. 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 DerivebpFee BloFinbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$3.91
Price spread: −0.112% → −0.062%: −$4.93
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$26.84
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; BloFin: live order book, 7 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 Derive no order-book sample	—	—	—	—	—
Sell BloFin live order book, 7 min ago	0.04 bp	6.7 bp −$7	7.3 bp −$73	7.8 bp −$777	9.9 bp −$4,940

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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0112%	43m	2,728.6	−0.111%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.6	−0.149%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0012%	1h	2,728.7	−0.109%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	−0.142%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.6	−0.112%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,728.5	−0.116%	$6.7M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.3	−0.158%	$264.6M	$219.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.8	−0.143%	$32.9M	—	200x	as long as short
HTX ETH-USDT	+0.0014%	8h	2,726.7	−0.180%	$1.05B	$1.22B	200x	as long as short
Bybit ETHUSDT	+0.0053%	8h	2,727.5	−0.152%	$2.32B	$4.31B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ETH_USDT	+0.0061%	8h	2,727.6	−0.149%	$3.29B	$8.21B	200x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,727.6	−0.149%	$949K	$10.6M	100x	as long as short
01 Exchange ETHUSD	+0.0072%	1h	2,728.9	−0.101%	$191K	$884K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,727.6	−0.150%	$1.66B	$10.72B	100x	as long as short
BloFin ETH-USDTshort	+0.0081%	8h	2,728.6	−0.112%	$281.2M	$177.7M	150x
KuCoin ETHUSDTM	+0.0084%	8h	2,727	−0.169%	$383.0M	$576.5M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,727.6	−0.148%	$252.1M	$849.3M	200x	as long as short
Hibachi ETH/USDT-P	+0.0088%	1h	2,729.4	−0.082%	$241K	$1.4M	20x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,727.5	−0.154%	$6.31B	$16.08B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,727.7	−0.144%	$1.57B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,727.3	−0.158%	$112.4M	$400.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.8	−0.104%	$23.6M	$95.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,729.2	−0.091%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.8	−0.251%	$4.9M	$193K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.4	−0.120%	$500K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.9	−0.029%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.2	−0.126%	$14.1M	$102.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.9	−0.065%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.7	−0.108%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.6	−0.149%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.2	−0.127%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.167%	$161.7M	$337.0M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.8	−0.143%	$2.11B	$2.76B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,727.1	−0.166%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.146%	$15.2M	$40.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.3	−0.159%	$131.3M	$315.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.6	−0.222%	$185.4M	$684.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.6	−0.187%	$158.5M	$80.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	−0.257%	$8.4M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.8	−0.105%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730	−0.062%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	−0.061%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,727.7	−0.147%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728	−0.135%	$20K	$23K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,731.7	long leg	$40.6M	$29.2M	15x
SoDEX ETH-USD	+0.0100%	1h	2,726.5	−0.189%	$54.3M	$182.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.4	−0.119%	$262.9M	$63.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,727.8	−0.142%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.9	−0.211%	$30.4M	$71.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,727	−0.171%	$81.8M	$310.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,727.8	−0.142%	$46.5M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,729.4	−0.081%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0175%	1h	2,727.2	−0.164%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,729.4	−0.082%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,728	−0.134%	$117K	$19.3M	52x	as long as short