Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h 0.000%

Price spread now: Bulk against Binance−0.209%7-day average +0.008% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Binance Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 7 days+0.210%+$21 · spread now −0.209%, 7d avg +0.008%

Together, before fees+0.227%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.217% cheaper against Binance than usual: you would sell low and buy high (spread −0.209% now, against its 7-day average of +0.008%). If the spread goes back, that is −$22 on $10k: about 18 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.017% in total) that is about 43 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ETHUSDT	2,776.6	0.0061	pay 0.0061% / 8h	1h 01m	$6.44B	$17.23B	150x
Short	Bulk ETH-USD	2,770.8	0.0100	get 0.0013% / 1h	1m 58s	$166.1M	$253.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Binance. 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 BinancebpFee BulkbpOrdersPrice spread, now −0.209%Rate

Funding earned: $8.29
Price spread: −0.209% → +0.008%: −$21.73
Slippage, 4 orders: −$0.07
Fee Binance: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$30.52
Costs to cover: 0.171%
Break-even: 32.8 days

Slippage from Binance: live order book, 12 min ago; Bulk: live order book, 2 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 Binance live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$599	8.2 bp −$4,081
Sell Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.6 bp −$455	5.4 bp −$2,688

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	2,776.6	−0.001%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.8	−0.029%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777	+0.013%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.178%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.5	−0.005%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.015%	$12.7M	$45.8M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.037%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.7	−0.035%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777	+0.014%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0014%	8h	2,776.8	+0.004%	—	$1.21B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0016%	1h	2,777.7	+0.037%	$258.7M	$222.7M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,776.7	+0.003%	$1.70B	$11.87B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,776.2	−0.016%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.3	−0.011%	$270.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.9	+0.009%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,776.6	−0.003%	$254.7M	$995.3M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.211%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0056%	1h	2,776	−0.024%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.9	−0.100%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,776.7	0.000%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDTlong	+0.0061%	8h	2,776.6	long leg	$6.44B	$17.23B	150x
SoDEX ETH-USD	+0.0061%	1h	2,776.1	−0.019%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.4	−0.008%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.6	−0.001%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,775.8	−0.029%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,777	+0.013%	$2.52B	$4.62B	150x	as long as short
KuCoin ETHUSDTM	+0.0094%	8h	2,776.4	−0.010%	$422.3M	$739.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,776.7	+0.001%	$115.2M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.2	+0.056%	$25.5M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,776.8	+0.004%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.9	−0.025%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.5	−0.005%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.1	+0.089%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.8	+0.007%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.8	−0.030%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.4	+0.026%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,770.8	−0.209%	$166.1M	$253.0M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.4	−0.010%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.106%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	−0.088%	$181.6M	$781.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.034%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.009%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	+0.020%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	+0.015%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.070%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.048%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776	−0.022%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,776.8	+0.008%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.5	+0.029%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,777.1	+0.017%	$8.4M	$681.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.1	+0.087%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.3	+0.025%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,776.5	−0.004%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,775.8	−0.029%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,778.3	+0.059%	$270K	$1.5M	20x	as long as short