Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h +0.003%

Price spread now: Bullet against BingX−0.033%7-day average +0.055% · 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−$31as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.033%, 7d avg +0.055%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bullet is 0.088% cheaper against BingX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDC	2,770.6	0.0066	pay 0.0066% / 8h	7h 46m	—	$17.4M	—
Short	Bullet ETH-USD	2,769.7	0.0021	get 0.0003% / 1h	46m 28s	$183K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against BingX. 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 BingXbpFee BulletbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$9.37
Price spread: −0.033% → +0.055%: −$8.77
Slippage, 4 orders: −$4.16
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$40.29
Costs to cover: 0.222%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Bullet: 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 BingX live order book, 2 min ago	0.23 bp	5.2 bp −$5	5.9 bp −$59	7.2 bp −$717	9.7 bp −$4,837
Sell Bullet live order book, 3 min ago	0.18 bp	6.3 bp −$6	9.4 bp −$94	doesn't fit	doesn't fit

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	−0.008%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.5	−0.005%	$5.7M	$11.7M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.5	−0.004%	$285K	$6.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	+0.068%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.2	+0.021%	$169K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0026%	8h	2,772	+0.048%	$270.0M	$67.8M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	+0.018%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.6	+0.036%	$12.7M	$45.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.9	+0.010%	$22.4M	—	200x	as long as short
Gate ETH_USDT	+0.0020%	8h	2,770.6	−0.001%	$3.33B	$8.94B	200x	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	+0.0021%	8h	2,770.6	+0.001%	$1.71B	$11.49B	100x	as long as short
Bullet ETH-USDshort	+0.0021%	1h	2,769.7	−0.033%	$183K	$1.7M	20x
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,770.6	+0.001%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0038%	1h	2,771.5	+0.032%	$55.2M	$228.8M	40x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,770.5	−0.002%	$256.5M	$951.0M	200x	as long as short
Aftermath Perps ETHUSD	+0.0043%	1h	2,771	+0.014%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770.8	+0.006%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.9	−0.026%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,770.3	−0.010%	$6.47B	$16.93B	150x	as long as short
HTX ETH-USDT	+0.0060%	8h	2,771.4	+0.027%	$1.08B	$1.30B	200x	as long as short
BingX ETH-USDClong	+0.0066%	8h	2,770.6	long leg	—	$17.4M	—
Bitget ETHUSDT	+0.0068%	8h	2,770.8	+0.007%	$2.10B	$2.95B	150x	as long as short
ApeX Omni ETHUSDT	+0.0075%	1h	2,770.1	−0.019%	$8.7M	$32.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	+0.090%	$60.5M	$4.54B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,770.2	−0.016%	$420.5M	$730.3M	100x	as long as short
Vest ETH-PERP	+0.0088%	1h	2,770.6	0.000%	—	$978K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	+0.019%	$115.2M	$456.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.5	+0.070%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.6	−0.002%	$15.9M	$9.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.1	−0.018%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.2	+0.021%	$14.5M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.6	+0.073%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.8	+0.042%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.9	+0.009%	$2.51B	$4.53B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	+0.010%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.3	+0.025%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.024%	$170.3M	$272.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.7	+0.074%	$15.3M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.012%	$151.3M	$342.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.8	−0.064%	$181.8M	$786.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.2	−0.013%	$161.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.011%	$21.4M	$59.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770	−0.022%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.1	+0.019%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.7	+0.077%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.8	−0.031%	$972K	$13.7M	100x	as long as short
Kalshi KXETHPERP	+0.0100%	8h	2,771.6	+0.036%	$8.2M	$688.7M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770	−0.021%	$32.5M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.4	+0.030%	—	$38.9M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.2	+0.094%	$93.4M	$331.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,773.4	+0.102%	$32.6M	$11.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,772	+0.051%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.8	+0.044%	$287.6M	$190.5M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0208%	1h	2,773.1	+0.090%	$259.1M	$216.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,769.8	−0.031%	$7.3M	$1.2M	25x	as long as short