Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h +0.005%

Price spread now: HTX against Bullet−0.032%50s7-day average −0.011% · you buy dearer than you sell

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−$230.231% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now −0.032%, 7d avg −0.011%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and HTX is 0.021% cheaper against Bullet than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.011%). Swap the legs. The two prices were read 50 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	2,753	0.0100	pay 0.0013% / 1h	49m 28s	$184K	$1.7M	20x
Short	HTX ETH-USDT	2,752.1	0.0049	get 0.0049% / 8h	6h 49m	$1.07B	$1.23B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$10.77
Price spread: −0.032% → −0.011%: −$2.09
Slippage, 4 orders: −$3.1
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$35.95
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Bullet: live order book, 5 min ago; HTX: live order book, 5 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, 5 min ago	0.36 bp	4.6 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$751	13.5 bp −$6,744

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	2,753.3	+0.010%	$318K	$6.2M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0323%	1h	2,750	−0.111%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.7	−0.120%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.9	+0.033%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,753.4	+0.014%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.5	−0.127%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.5	+0.018%	$10.9M	$41.9M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,754.3	+0.047%	$181K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,753.7	+0.025%	$22.2M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,753.4	+0.013%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0035%	8h	2,753	+0.001%	$1.68B	$11.10B	100x	as long as short
HTX ETH-USDTshort	+0.0049%	8h	2,752.1	−0.032%	$1.07B	$1.23B	200x
Aster ETHUSDT	+0.0049%	8h	2,753.4	+0.016%	$256.2M	$855.7M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,750.6	−0.086%	$4.9M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,753.4	+0.013%	$1.58B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,753.1	+0.005%	$6.36B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,753.6	+0.020%	$3.33B	$8.73B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,753.5	+0.019%	$385.4M	$606.6M	100x	as long as short
Bitget ETHUSDT	+0.0084%	8h	2,754.3	+0.048%	$2.08B	$2.86B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,753.5	+0.018%	$59.6M	$4.40B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0095%	1h	2,754.1	+0.039%	$258.8M	$202.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,751.4	−0.058%	$30K	$21K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,753.4	+0.013%	$113.4M	$439.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,754.6	+0.059%	$25.1M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,754	+0.038%	—	$35.6M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,750.3	−0.098%	$133.4M	$346.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.6	+0.131%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,753.1	+0.004%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,752.9	−0.004%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,756.5	+0.127%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753.9	+0.034%	$31.6M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,753.2	+0.009%	$2.47B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,753.3	+0.011%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,754.3	+0.048%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	−0.013%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,753	−0.001%	$15.0M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.354%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.215%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	−0.022%	$21.3M	$66.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,753.6	+0.022%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USDlong	+0.0100%	1h	2,753	long leg	$184K	$1.7M	20x
Bluefin ETH-PERP	+0.0100%	1h	2,753.6	+0.020%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,754.5	+0.053%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,752.2	−0.029%	$964K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,752.7	−0.011%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,753	+0.001%	$267.7M	$66.2M	150x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,754.6	+0.056%	—	$871K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,753.1	+0.004%	$30.6M	$74.7M	50x	as long as short
Kalshi KXETHPERP	+0.0132%	8h	2,752.9	−0.004%	$7.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0161%	8h	2,755.6	+0.093%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,753.2	+0.007%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,751.2	−0.065%	$286.2M	$179.0M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,749.9	−0.113%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,753.5	+0.020%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0353%	1h	2,754	+0.035%	$93.2M	$316.2M	100x	as long as short