Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h −0.008%

Price spread now: Gate against Bullet+0.019%7-day average −0.015% · 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−$22as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Bullet Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 7 days−0.013%−$1 · spread now +0.019%, 7d avg −0.015%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.033% dearer against Bullet than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.015%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 4 days (−0.017% in total) that is about 7.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ETH-USD	2,729.9	0.0098	pay 0.0012% / 1h	40m 25s	$177K	$1.7M	20x
Short	Gate ETH_USDT	2,730.4	0.0039	get 0.0039% / 8h	7h 40m	$3.28B	$8.24B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.019%Rate

Funding earned: −$12.31
Price spread: +0.019% → −0.015%: $3.33
Slippage, 4 orders: −$1.83
Fee Bullet: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$33.82
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from Bullet: live order book, 4 min ago; Gate: 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 Bullet live order book, 4 min ago	0.37 bp	4.7 bp −$5	8.9 bp −$89	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.02 bp	7.5 bp −$8	7.6 bp −$76	10.5 bp −$1,048	18.0 bp −$8,981

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
BloFin ETH-USDT	−0.0179%	8h	2,729.2	−0.025%	$280.4M	$177.6M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731	+0.039%	$277K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.4	−0.019%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0072%	8h	2,729.2	−0.025%	$1.05B	$1.21B	200x	as long as short
Bybit ETHUSDT	−0.0037%	8h	2,730.1	+0.007%	$2.32B	$4.30B	150x	as long as short
Phemex ETHUSDT	−0.0016%	8h	2,729.2	−0.026%	$263.0M	$63.8M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,733	+0.113%	$807K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.4	+0.090%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.2	+0.046%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,730.2	+0.011%	$6.7M	$671.4M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.7	+0.065%	$264.6M	$219.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,730.9	+0.037%	$32.9M	—	200x	as long as short
SunX ETH-USDT	+0.0031%	8h	2,729.4	−0.020%	$940K	$10.7M	100x	as long as short
Gate ETH_USDTshort	+0.0039%	8h	2,730.4	+0.019%	$3.28B	$8.24B	200x
01 Exchange ETHUSD	+0.0048%	1h	2,730.6	+0.025%	$191K	$884K	50x	as long as short
SoDEX ETH-USD	+0.0054%	1h	2,729.2	−0.026%	$54.4M	$182.5M	40x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,730.7	+0.028%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,730.3	+0.014%	$1.65B	$10.73B	100x	as long as short
ApeX Omni ETHUSDT	+0.0078%	1h	2,730.8	+0.034%	$8.4M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,730.3	+0.015%	$252.7M	$849.2M	200x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,729.3	−0.024%	$383.0M	$575.9M	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,729.7	−0.007%	$1.57B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,730.3	+0.014%	$6.32B	$16.05B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731	+0.040%	$112.5M	$401.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732	+0.078%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,731.7	+0.064%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.9	−0.075%	$4.9M	$195K	20x	as long as short
Bullet ETH-USDlong	+0.0098%	1h	2,729.9	long leg	$177K	$1.7M	20x
Katana Perps ETH-USD	+0.0100%	8h	2,729.9	0.000%	$498K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.9	+0.145%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.1	+0.009%	$14.2M	$100.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.6	+0.062%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.4	+0.055%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.1	+0.007%	$2.7M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.4	+0.017%	$1.6M	$15.8M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731	+0.040%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,730.3	+0.013%	—	$1.05B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.8	−0.005%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.7	−0.043%	$131.4M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.1	+0.044%	$185.8M	$686.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.9	+0.037%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.5	+0.095%	$21.0M	$70.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.4	+0.055%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.4	+0.018%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	+0.042%	$40.6M	$29.2M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.8	+0.033%	$162.8M	$334.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729	−0.033%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,730.1	+0.006%	$81.9M	$309.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0113%	1h	2,731.2	+0.046%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,730.5	+0.021%	$46.3M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,730.6	+0.027%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0173%	1h	2,728.8	−0.041%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.9	+0.108%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,730	+0.003%	$117K	$20.2M	52x	as long as short
Bluefin ETH-PERP	+0.2615%	1h	2,731	+0.041%	$20K	$23K	25x	as long as short