Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h +0.002%

Price spread now: Bybit against Bulk+0.262%7-day average −0.011% · 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+$9as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Bulk Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days−0.266%−$27 · spread now +0.262%, 7d avg −0.011%

Together, before fees−0.279%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.274% dearer against Bulk than usual: you sell high and buy low (spread +0.262% now, against its 7-day average of −0.011%): +$27 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 33 days. At the pace of the last 4 days (−0.013% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,728.7	0.0100	pay 0.0013% / 1h	32m 15s	$166.6M	$310.3M	25x
Short	Bybit ETHUSDT	2,735.8	0.0073	get 0.0073% / 8h	4h 32m	$2.39B	$4.35B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.262%Rate

Funding earned: −$5.76
Price spread: +0.262% → −0.011%: $27.37
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $3.54
Costs to cover: 0.181%
Break-even: from the start

Slippage from Bulk: live order book, 2 min ago; Bybit: 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 Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.1 bp −$412	5.4 bp −$2,688
Sell Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.5 bp −$745	10.2 bp −$5,113

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	2,735.2	+0.240%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,730.9	+0.082%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.9	+0.265%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.4	+0.285%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,736	+0.268%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736.3	+0.280%	$188K	$821K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,732	+0.122%	$829K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.5	+0.288%	$27.9M	—	200x	as long as short
Bullet ETH-USD	+0.0007%	1h	2,735.8	+0.263%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0044%	1h	2,731.3	+0.098%	$8.9M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0058%	8h	2,735.4	+0.246%	—	$18.4M	—	as long as short
HTX ETH-USDT	+0.0063%	8h	2,735	+0.232%	$1.06B	$1.19B	200x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,735.7	+0.257%	$380.1M	$575.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,735.9	+0.265%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDT	+0.0071%	8h	2,736.2	+0.274%	$265.9M	$65.4M	150x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,736.1	+0.272%	$54.5M	$187.7M	40x	as long as short
Bybit ETHUSDTshort	+0.0073%	8h	2,735.8	+0.262%	$2.39B	$4.35B	150x
Aster ETHUSDT	+0.0082%	8h	2,735.9	+0.266%	$251.0M	$844.3M	200x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,736	+0.269%	$1.53B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.3	+0.170%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,736	+0.269%	$6.35B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.4	+0.285%	$113.2M	$438.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.9	+0.302%	$23.3M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,736.2	+0.278%	—	$30.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,739.3	+0.390%	$15.5M	$8.1M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,736.4	+0.283%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,735.4	+0.247%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.4	+0.248%	$13.8M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.4	+0.357%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.3	+0.280%	$32.0M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.3	+0.133%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736.2	+0.277%	$1.6M	$16.3M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,728.7	long leg	$166.6M	$310.3M	25x
Gate ETH_USDT	+0.0100%	8h	2,735.9	+0.265%	$3.35B	$8.87B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736	+0.270%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.4	+0.210%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.6	−0.077%	$133.1M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.6	+0.036%	$183.6M	$671.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.3	+0.059%	$158.8M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.8	+0.078%	$21.1M	$68.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.2	+0.278%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.6	+0.327%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.1	+0.271%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.6	+0.329%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.1	+0.237%	$958K	$11.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0101%	1h	2,737.5	+0.324%	$260.2M	$196.6M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.2	+0.241%	$30.3M	$72.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.7	+0.333%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,732.4	+0.139%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,733.5	+0.177%	$6.5M	$678.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,738.6	+0.363%	$32.2M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,735.2	+0.240%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737	+0.305%	$83.5M	$314.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,734.9	+0.230%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0350%	8h	2,734	+0.196%	$283.4M	$175.7M	150x	as long as short