Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.029%

Price spread now: Bluefin against HTX+0.039%7-day average — · you sell dearer than you buy

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

Long on HTX Short on Bluefin

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 +$2 a day on $10k at the current rate, and Bluefin is 0.039% dearer against HTX than usual: you sell high and buy low: +$4 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	HTX ETH-USDT	2,731.7	0.0022	pay 0.0022% / 8h	7h 47m	$1.05B	$1.21B	200x
Short	Bluefin ETH-PERP	2,732.7	0.0100	get 0.0013% / 1h	47m 42s	$20K	$23K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against HTX. 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 HTXbpFee BluefinbpOrdersPrice spread, now +0.039%Rate

Funding earned: $16.35
Price spread: +0.039% → 0.000%: $3.92
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $1.26
Costs to cover: 0.190%
Break-even: 6.5 days

Slippage unknown: HTX: live order book, 1 min ago; Bluefin: 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 HTX live order book, 1 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.9 bp −$688	9.9 bp −$4,959
Sell Bluefin no order-book sample	—	—	—	—	—

Bluefin: 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
Phemex ETHUSDT	−0.0133%	8h	2,732.4	+0.028%	$263.3M	$63.8M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731.1	−0.021%	$277K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.3	+0.023%	$5K	$1K	50x	as long as short
BloFin ETH-USDT	−0.0015%	8h	2,731.2	−0.018%	$280.8M	$177.8M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,731	−0.024%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.8	+0.041%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.7	+0.037%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732	+0.012%	$6.7M	$672.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,733.1	+0.051%	$264.7M	$218.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,733	+0.051%	$33.0M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0016%	8h	2,731.7	0.000%	$2.32B	$4.31B	150x	as long as short
HTX ETH-USDTlong	+0.0022%	8h	2,731.7	long leg	$1.05B	$1.21B	200x
ApeX Omni ETHUSDT	+0.0037%	1h	2,728.2	−0.127%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,732.5	+0.031%	$191K	$883K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,731.7	+0.001%	$1.66B	$10.73B	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,731.9	+0.009%	$241K	$1.4M	20x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,732	+0.012%	$252.4M	$850.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,732	+0.012%	$383.6M	$576.7M	100x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,731.9	+0.007%	$1.57B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,731.8	+0.005%	$6.32B	$16.06B	150x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,732.3	+0.023%	$54.4M	$182.5M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,732.4	+0.029%	$112.6M	$401.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.5	+0.067%	$23.7M	$95.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,731.9	+0.009%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.8	−0.070%	$4.9M	$195K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.9	+0.009%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.1	+0.127%	$15.4M	$7.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731	−0.025%	$14.1M	$100.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.3	+0.097%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.1	+0.052%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.4	+0.027%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.2	+0.021%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.8	+0.004%	$3.28B	$8.23B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.9	+0.008%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,731.3	−0.015%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.3	+0.022%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.3	−0.048%	$131.3M	$316.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.1	−0.166%	$185.5M	$684.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	−0.099%	$158.7M	$80.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.9	+0.009%	$21.0M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.3	+0.061%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	+0.042%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,732.4	+0.028%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERPshort	+0.0100%	1h	2,732.7	+0.039%	$20K	$23K	25x
Derive ETH-PERP	+0.0100%	1h	2,732.5	+0.030%	$40.6M	$29.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,730.5	−0.043%	$946K	$10.6M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.8	−0.031%	$162.8M	$334.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,729.8	−0.068%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.9	−0.029%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.8	+0.043%	$82.0M	$310.0M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,733.5	+0.067%	$46.5M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732.3	+0.022%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0174%	1h	2,731.4	−0.011%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,734.8	+0.114%	$32.2M	$11.2M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,731.3	−0.013%	$117K	$19.3M	52x	as long as short