Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0185%/8h= +20.3% APRpaid last 24h −0.010%

Price spread now: Bluefin against Orderly−0.078%7-day average — · you buy dearer than you sell

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

Long on Orderly 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

Funding pays, the price is against you. Bluefin is 0.078% cheaper against Orderly than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 34 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,747.7	0.0195	pay 0.0195% / 8h	5h 09m	$32.3M	$11.4M	100x
Short	Bluefin ETH-PERP	2,745.6	0.0380	get 0.0048% / 1h	9m 54s	$21K	$20K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Orderly. 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 OrderlybpFee BluefinbpOrdersPrice spread, now −0.078%Rate

Funding earned: $38.86
Price spread: −0.078% → 0.000%: −$7.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $18.11
Costs to cover: 0.130%
Break-even: 3.7 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Bluefin no order-book sample	—	—	—	—	—

Orderly and 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
Hotstuff ETH-PERP	−0.0080%	1h	2,747.4	−0.012%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.441%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.8	−0.071%	$12.1M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,746.2	−0.056%	$305K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.4	−0.048%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,745.8	−0.070%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,746.8	−0.034%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,746.9	−0.030%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,744.4	−0.121%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDC	+0.0054%	8h	2,744.2	−0.128%	—	$18.4M	—	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	+0.0068%	8h	2,744	−0.135%	$1.71B	$10.55B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,744.2	−0.127%	$382.0M	$575.1M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,745.3	−0.088%	$182K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.4	−0.013%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,744.4	−0.119%	$253.9M	$840.9M	200x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,745.3	−0.088%	$54.7M	$187.6M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,743.6	−0.152%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,743.7	−0.147%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.7	−0.075%	$112.9M	$436.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747	−0.027%	$24.7M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.4	−0.012%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744	−0.137%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.3	−0.051%	$55.6M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.9	+0.115%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747	−0.027%	$469K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.8	−0.032%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.8	−0.070%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.4	−0.012%	$31.8M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.9	−0.140%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.7	−0.183%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.4	−0.011%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	−0.042%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.8	−0.142%	$3.39B	$8.77B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.6	−0.150%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.2	−0.129%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	−0.168%	$133.1M	$325.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.6	−0.152%	$182.4M	$665.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	−0.146%	$159.6M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.4	−0.121%	$21.2M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.2	−0.021%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.2	−0.019%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.1	−0.021%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.1	−0.060%	$963K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.6	−0.043%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.2	−0.092%	$266.8M	$64.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743	−0.173%	$30.7M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,745.7	−0.073%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,746.5	−0.045%	$7.8M	$670.6M	4.9x	as long as short
Orderly PERP_ETH_USDClong	+0.0195%	8h	2,747.7	long leg	$32.3M	$11.4M	100x
Deribit ETH-PERPETUAL	+0.0202%	1h	2,747.1	−0.021%	$259.8M	$195.3M	50x	as long as short
BloFin ETH-USDT	+0.0218%	8h	2,745.4	−0.086%	$285.8M	$180.2M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.4	−0.048%	$86.6M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,744.8	−0.108%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,745.8	−0.069%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERPshort	+0.0380%	1h	2,745.6	−0.078%	$21K	$20K	25x