Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.011%

Price spread now: Injective against BingX+0.185%117s7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$700.704% of the position

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.185% dearer against BingX than usual: you sell high and buy low (spread +0.185% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.223%, so the current rate has only just turned against you. The two prices were read 117 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	BingX ETH-USDT	2,774.5	0.0015	pay 0.0015% / 8h	1h 15m	—	$1.19B	—
Short	Injective ETH/USDC PERP	2,779.6	−0.0041	pay 0.0005% / 1h	15m 29s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.185%Rate

Funding earned: −$11.73
Price spread: +0.185% → 0.000%: $18.49
Slippage, 4 orders: −$60.39
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$63.65
Costs to cover: 0.704%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Injective: live order book, 4 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, 4 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$546	6.3 bp −$3,160
Sell Injective live order book, 4 min ago	15.10 bp	45.2 bp −$45	46.3 bp −$463	46.4 bp −$4,637	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
Perpl ETH	−0.0447%	43m	2,775.1	+0.022%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,774.1	−0.014%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,775.5	+0.037%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERPshort	−0.0041%	1h	2,779.6	+0.185%	$119K	$22.5M	52x
01 Exchange ETHUSD	−0.0040%	1h	2,774.9	+0.015%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0005%	1h	2,776.9	+0.088%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.6	+0.042%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.9	+0.052%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.2	+0.027%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0009%	1h	2,776.6	+0.076%	$258.5M	$222.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDTlong	+0.0015%	8h	2,774.5	long leg	—	$1.19B	—
OKX ETH-USDT-SWAP	+0.0019%	8h	2,774.1	−0.014%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.1	+0.059%	$270.1M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,775.1	+0.023%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0034%	1h	2,774.3	−0.006%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,774.7	+0.008%	$256.4M	$992.4M	200x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,774.2	−0.008%	$14.2M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.2	+0.025%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,774.5	0.000%	$1.61B	$2.67B	500x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,775.6	+0.039%	$8.8M	$32.6M	100x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,774.5	0.000%	$6.43B	$17.21B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,774.4	−0.001%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,774.4	−0.003%	$3.28B	$9.65B	200x	as long as short
SoDEX ETH-USD	+0.0075%	1h	2,774.9	+0.015%	$55.2M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,774.5	+0.002%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,775.2	+0.026%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.2	+0.027%	$115.1M	$502.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777	+0.091%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.7	+0.045%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,774.5	+0.002%	$422.3M	$739.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.5	+0.002%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,775.1	+0.023%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.9	+0.088%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.4	+0.034%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.9	−0.021%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776	+0.054%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.160%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.2	+0.025%	$15.2M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.149%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.7	+0.044%	$181.7M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.047%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.2	+0.098%	$21.4M	$58.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.4	+0.033%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.7	+0.044%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.2	+0.064%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.2	+0.134%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.3	−0.005%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.4	−0.004%	$32.6M	$77.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.3	+0.066%	$59.8M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.3	+0.066%	$8.4M	$679.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,777.1	+0.094%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,775.9	+0.053%	$86.0M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,775.5	+0.037%	$284.2M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,774.2	−0.009%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,777.8	+0.120%	$270K	$1.5M	20x	as long as short