Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.011%

Price spread now: BingX against Bulk+0.419%7-day average — · 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+$24as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Bulk Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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. BingX is 0.419% dearer against Bulk than usual: you sell high and buy low (spread +0.419% now, against zero (this spread has no 7-day history yet)): +$42 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,770.6	0.0100	pay 0.0013% / 1h	41m 50s	$166.0M	$246.3M	25x
Short	BingX ETH-USDT	2,782.2	0.0016	get 0.0016% / 8h	1h 41m	—	$1.18B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bulk. 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 BulkbpFee BingXbpOrdersPrice spread, now +0.419%Rate

Funding earned: −$17.6
Price spread: +0.419% → 0.000%: $41.92
Slippage, 4 orders: −$0.47
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $6.85
Costs to cover: 0.175%
Break-even: from the start

Slippage from Bulk: live order book, 2 min ago; BingX: live order book, 12 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 Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.7 bp −$2,342
Sell BingX live order book, 12 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.2 bp −$2,584

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	2,780.5	+0.358%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.4	+0.355%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.1	+0.271%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	+0.184%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,781.1	+0.379%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0030%	1h	2,775.9	+0.193%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,782.1	+0.414%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	+0.130%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,781	+0.376%	$270.5M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.7	+0.402%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDTshort	+0.0016%	8h	2,782.2	+0.419%	—	$1.18B	—
OKX ETH-USDT-SWAP	+0.0019%	8h	2,782.1	+0.415%	$1.71B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,781.6	+0.396%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,781.8	+0.406%	$257.1M	$989.5M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.6	+0.361%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0039%	1h	2,780.1	+0.342%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,782.8	+0.441%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,778.6	+0.288%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,781.8	+0.403%	$6.46B	$17.11B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,781.5	+0.394%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0079%	8h	2,782.2	+0.417%	$3.30B	$9.57B	200x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,781	+0.374%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,782.4	+0.425%	$115.3M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,783.3	+0.457%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	+0.393%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,782	+0.412%	$2.53B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,781	+0.377%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.6	+0.361%	$482K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,784.7	+0.510%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,780.9	+0.372%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.3	+0.314%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782.2	+0.420%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,770.6	long leg	$166.0M	$246.3M	25x
KuCoin ETHUSDTM	+0.0100%	8h	2,781.3	+0.387%	$426.9M	$737.5M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.8	+0.405%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	+0.116%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.5	+0.178%	$179.9M	$780.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.214%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	+0.215%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	+0.202%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.4	+0.354%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.397%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.5	+0.394%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.4	+0.461%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.3	+0.352%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,781	+0.376%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.7	+0.365%	$31.4M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	+0.299%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.5	+0.428%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,781	+0.376%	$8.6M	$673.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0117%	1h	2,782.5	+0.429%	$258.4M	$221.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,783.6	+0.471%	$32.7M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.2	+0.417%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,778	+0.266%	$285.6M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,780.6	+0.360%	$7.4M	$1.1M	25x	as long as short