Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC+0.0149%/8h= +16.3% APRpaid last 24h +0.096%

Price spread now: BloFin against Perpl−0.013%48s7-day average −0.018% · you buy dearer than you sell

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

Long on Perpl Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now −0.013%, 7d avg −0.018%

Together, before fees+0.005%+ Points / potential airdropPerpl: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 48 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	Perpl ETH	2,741.8	0	get 0.0000% / 43m	17m 47s	$269K	$5.1M	8.3x
Short	BloFin ETH-USDT	2,741.4	0.0149	get 0.0149% / 8h	6h 19m	$282.7M	$157.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Perpl. 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 PerplbpFee BloFinbpOrdersPrice spread, now −0.013%Rate

Funding earned: $31.26
Price spread: −0.013% → −0.018%: $0.44
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $5.9
Costs to cover: 0.258%
Break-even: 5.7 days

Slippage unknown: Perpl: no order-book sample; BloFin: live order book, 2 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 Perpl no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$634	7.9 bp −$3,970

Perpl: 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 54 exchanges

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
Hibachi ETH/USDT-P	−0.0096%	1h	2,742.6	+0.031%	$235K	$1.3M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.4	−0.015%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0069%	1h	2,740.4	−0.053%	$8.3M	$29.8M	100x	as long as short
Bybit ETHUSDT	−0.0030%	8h	2,740.6	−0.042%	$2.36B	$3.91B	150x	as long as short
Phoenix ETH	−0.0023%	1h	2,739.6	−0.080%	$805K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.5	−0.011%	$12.0M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,741.6	−0.007%	$7.1M	$662.6M	4.9x	as long as short
Perpl ETHlong	0.0000%	43m	2,741.8	long leg	$269K	$5.1M	8.3x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,741.4	−0.016%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,742.7	+0.033%	$195K	$939K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0053%	1h	2,741.7	−0.003%	$14.8M	$42.9M	50x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,741.1	−0.024%	$3.26B	$7.87B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,740.6	−0.044%	$1.66B	$9.49B	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,740.3	−0.053%	$255.9M	$738.2M	200x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,740.1	−0.061%	$1.59B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,740.3	−0.056%	$6.38B	$14.51B	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,742	+0.006%	$82.0M	$280.6M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,739.3	−0.090%	$4.9M	$208K	20x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,741	−0.030%	$365.8M	$458.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0090%	1h	2,741.1	−0.026%	$30K	$8K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,740.6	−0.042%	$113.8M	$389.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.8	+0.001%	$23.7M	$98.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.2	−0.022%	—	$23.7M	500x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,741.7	−0.004%	$61.7M	$121.8M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741.7	−0.004%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.7	−0.039%	$14.5M	$97.4M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.2	−0.021%	$32.1M	$324.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.6	−0.044%	$2.8M	$14.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.7	−0.005%	$1.5M	$14.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.6	−0.043%	$163.1M	$330.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.8	−0.038%	$2.11B	$2.37B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,740.7	−0.040%	—	$960.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.3	−0.020%	$14.9M	$37.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.5	−0.048%	$132.1M	$302.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.5	−0.119%	$185.9M	$632.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.4	−0.052%	$159.3M	$73.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.9	+0.077%	$21.1M	$72.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.5	+0.063%	—	$346K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.2	+0.051%	$11.2M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,741.5	−0.010%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.8	−0.036%	$945K	$9.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,741.7	−0.003%	$1.05B	$1.09B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.2	−0.022%	$263.7M	$57.5M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.9	−0.068%	$30.4M	$66.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,742.9	+0.041%	$267.3M	$193.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,742.5	+0.024%	$45.5M	$3.93B	50x	as long as short
Hyperliquid ETH	+0.0125%	1h	2,744.2	+0.088%	$3.15B	$1.78B	25x	as long as short
BloFin ETH-USDTshort	+0.0149%	8h	2,741.4	−0.013%	$282.7M	$157.4M	150x
Reya ETHRUSDPERP	+0.0161%	1h	2,740.5	−0.047%	$7.3M	$870K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,742.7	+0.032%	$5.6M	$10.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,743.8	+0.072%	$32.3M	$10.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0305%	8h	2,744.8	+0.110%	$15.8M	$6.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,747.3	+0.201%	$118K	$23.9M	52x	as long as short
Bluefin ETH-PERP	+0.1088%	1h	2,741.5	−0.010%	$20K	$15K	25x	as long as short