Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0293%/8h= −32.0% APRpaid last 24h +0.036%

Price spread now: BloFin against RISEx+0.005%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on RISEx Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.096%+$10 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.005%, 7d avg −0.024%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.029% dearer against RISEx than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.024%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 4 days funding on this pair paid +0.096%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.096% in total (about 9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ETH/USDC	2,726.2	0.0114	pay 0.0014% / 1h	16m 33s	$5.6M	$11.7M	25x
Short	BloFin ETH-USDT	2,726.3	−0.0179	pay 0.0179% / 8h	16m 33s	$281.2M	$177.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against RISEx. 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 RISExbpFee BloFinbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$61.45
Price spread: +0.005% → −0.024%: $2.88
Slippage, 4 orders: −$1.68
Fee RISEx: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$78.25
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 3 min ago	0.02 bp	4.6 bp −$5	5.0 bp −$50	274.1 bp −$27.4K	doesn't fit
Sell BloFin live order book, 3 min ago	0.04 bp	6.0 bp −$6	6.0 bp −$60	7.0 bp −$701	9.1 bp −$4,563

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	2,726	−0.007%	$276K	$5.7M	8.3x	as long as short
BloFin ETH-USDTshort	−0.0179%	8h	2,726.3	+0.005%	$281.2M	$177.6M	150x
Hotstuff ETH-PERP	−0.0080%	1h	2,725.5	−0.026%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,727	+0.029%	$809K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.5	+0.012%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,726.4	+0.007%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.9	+0.026%	$6.7M	$677.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727	+0.029%	$263.6M	$214.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.7	+0.017%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,725.4	−0.029%	—	$1.08B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0020%	8h	2,725	−0.043%	$2.32B	$4.34B	150x	as long as short
HTX ETH-USDT	+0.0031%	8h	2,726.2	+0.001%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,726.6	+0.015%	$190K	$883K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,730.9	+0.173%	$117K	$21.8M	52x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,727.1	+0.032%	$242K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,727	+0.029%	$81.9M	$310.8M	100x	as long as short
ApeX Omni ETHUSDT	+0.0068%	1h	2,726.3	+0.004%	$8.5M	$31.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,725	−0.043%	$1.65B	$10.78B	100x	as long as short
KuCoin ETHUSDTM	+0.0074%	8h	2,726.2	−0.001%	$382.5M	$576.9M	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,725.5	−0.026%	$252.5M	$849.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,724.1	−0.077%	$4.9M	$172K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,725.6	−0.023%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,725.5	−0.026%	$6.30B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.2	−0.001%	$112.3M	$433.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.3	+0.042%	$23.4M	$102.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.6	−0.022%	$500K	$3.6M	50x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726	−0.006%	$262.6M	$64.5M	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.6	+0.160%	$15.3M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.3	−0.032%	$14.0M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.4	+0.081%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.5	+0.010%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.1	−0.004%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.1	−0.004%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.6	−0.022%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.2	−0.037%	$2.11B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.2	−0.001%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.2	−0.146%	$133.6M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.2	−0.038%	$185.4M	$683.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.9	+0.027%	$158.5M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.4	+0.007%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.2	+0.038%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.8	+0.022%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.1	−0.004%	$182K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.6	+0.052%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,725.5	−0.024%	$955K	$10.8M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.2	0.000%	$54.3M	$182.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.020%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,725.6	−0.023%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.6	−0.057%	$30.4M	$71.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,726.6	+0.015%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,728.1	+0.068%	$46.6M	$4.27B	50x	as long as short
RISEx ETH/USDClong	+0.0114%	1h	2,726.2	long leg	$5.6M	$11.7M	25x
Reya ETHRUSDPERP	+0.0179%	1h	2,724.9	−0.047%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,728.5	+0.086%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0364%	1h	2,726.5	+0.010%	$20K	$23K	25x	as long as short