Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: Arcus against Bullet+0.086%47s7-day average +0.013% · 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—prices read too far apart to compare

costs, in and out, $10k−$180.182% of the position

Long on Bullet Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.048%+$5 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.086%, 7d avg +0.013%

Together, before fees−0.015%−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Arcus is 0.072% dearer against Bullet than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.013%. The two prices were read 47 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	Bullet ETH-USD	2,742.2	0.0100	pay 0.0013% / 1h	8m 43s	$181K	$1.7M	20x
Short	Arcus ETH-USD	2,744.6	0.0100	get 0.0013% / 1h	8m 43s	$2.8M	$16.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bullet. 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 BulletbpFee ArcusbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → +0.013%: $7.23
Slippage, 4 orders: −$5.68
Fee Bullet: 4 bp × 2 orders: −$8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$10.95
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Bullet: live order book, just now; Arcus: live order book, just now.

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 Bullet live order book, just now	0.55 bp	5.4 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell Arcus live order book, just now	0.02 bp	2.3 bp −$2	2.3 bp −$23	4.1 bp −$413	doesn't fit

ETH on 54 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	−0.0112%	43m	2,743.2	+0.037%	$310K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,743	+0.029%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,742.3	+0.004%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,742.9	+0.026%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.5	+0.229%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.3	+0.040%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743	+0.029%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,742.8	+0.022%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0040%	8h	2,743.6	+0.050%	—	$1.17B	—	as long as short
OKX ETH-USDT-SWAP	+0.0051%	8h	2,743.2	+0.035%	$1.69B	$10.82B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0054%	1h	2,744.9	+0.099%	$8.8M	$31.5M	100x	as long as short
HTX ETH-USDT	+0.0064%	8h	2,743	+0.030%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,743.4	+0.044%	$370.1M	$609.4M	100x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,743.5	+0.048%	$253.3M	$857.1M	200x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,743.5	+0.046%	$1.57B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.2	−0.038%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,743.6	+0.050%	$6.38B	$16.20B	150x	as long as short
Gate ETH_USDT	+0.0088%	8h	2,743.7	+0.056%	$3.39B	$8.94B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,743.8	+0.059%	$58.7M	$4.32B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,744.2	+0.072%	$112.9M	$444.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.5	+0.119%	$24.7M	$107.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.2	+0.035%	—	$35.4M	500x	as long as short
Bitget ETHUSDT	+0.0099%	8h	2,743.5	+0.046%	$2.08B	$2.79B	150x	as long as short
Aftermath Perps ETHUSD	+0.0099%	1h	2,746.8	+0.167%	$30K	$20K	20x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,747.3	+0.185%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741.6	−0.022%	$476K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.5	+0.010%	$13.9M	$112.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.6	+0.124%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.1	+0.069%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.2	+0.036%	$2.46B	$4.31B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.7	+0.018%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USDshort	+0.0100%	1h	2,744.6	+0.086%	$2.8M	$16.4M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.6	+0.016%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	+0.099%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.9	+0.099%	$181.5M	$699.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.7	+0.129%	$159.7M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.5	+0.120%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.8	+0.058%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.2	+0.036%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USDlong	+0.0100%	1h	2,742.2	long leg	$181K	$1.7M	20x
Bluefin ETH-PERP	+0.0100%	1h	2,743.1	+0.032%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.3	+0.111%	$41.7M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.5	+0.011%	$961K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.1	+0.032%	$54.6M	$187.8M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743	+0.030%	$267.0M	$66.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.199%	$164.0M	$301.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.6	+0.015%	$30.5M	$73.2M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,743.5	+0.047%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0177%	8h	2,745.8	+0.132%	$32.3M	$11.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0180%	1h	2,744.5	+0.082%	$258.8M	$200.2M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,745	+0.102%	$118K	$22.5M	52x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,745.3	+0.114%	$250K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,742.5	+0.010%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,743.7	+0.054%	$88.5M	$316.8M	100x	as long as short