Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.025%

Price spread now: gTrade (Gains Network) against Bybit+0.050%52s7-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—prices read too far apart to compare

costs, in and out, $10k−$190.191% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.065%−$7 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now +0.050%, 7d avg +0.011%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.039% dearer against Bybit than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of +0.011%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 33 hours. The two prices were read 52 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	Bybit ETHUSDT	2,771.2	0.0100	pay 0.0100% / 8h	2h 47m	$2.51B	$4.65B	150x
Short	gTrade (Gains Network) ETH/USD	2,772.6	L +0.0006% / S −0.0006%	get 0.0001% / 1h	47m 32s	$22.4M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bybit. 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 BybitbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.050%Rate

Funding earned: −$19.76
Price spread: +0.050% → +0.011%: $3.93
Slippage, 4 orders: −$1.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$34.95
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	6.3 bp −$63	7.6 bp −$759	10.5 bp −$5,262
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.52 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$502	8.9 bp −$4,461

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	2,771.7	+0.018%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.070%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.019%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772	+0.028%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.8	+0.021%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.8	+0.021%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.9	+0.023%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.046%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,772.6	+0.050%	$22.4M	—	200x
Phemex ETHUSDT	+0.0016%	8h	2,771.4	+0.005%	$266.6M	$65.8M	150x	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	+0.0022%	8h	2,771.2	−0.001%	$1.70B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.3	+0.040%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0031%	1h	2,772.8	+0.056%	$29K	$21K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.7	−0.057%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.4	+0.005%	$1.59B	$2.63B	500x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.2	−0.001%	$255.9M	$996.3M	200x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.4	+0.005%	$6.44B	$17.18B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,771.5	+0.009%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.5	+0.008%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,771.3	+0.003%	$187K	$1.8M	20x	as long as short
SoDEX ETH-USD	+0.0086%	1h	2,771.6	+0.013%	$55.2M	$228.6M	40x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.051%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,771.9	+0.024%	$115.2M	$508.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.2	+0.070%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.6	+0.051%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.6	+0.012%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.8	+0.021%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.2	0.000%	$16.1M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.3	+0.111%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772	+0.028%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,771.2	long leg	$2.51B	$4.65B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	−0.012%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.8	+0.091%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.014%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.4	+0.006%	$425.1M	$744.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771.3	+0.002%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.3	+0.038%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.4	−0.067%	$178.2M	$790.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	−0.061%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	−0.001%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.1	+0.031%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.8	+0.057%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	+0.043%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.105%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.1	−0.040%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.6	−0.023%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771	−0.007%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.5	+0.082%	$60.1M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.2	+0.035%	$8.6M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.8	+0.127%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,769.8	−0.051%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0186%	1h	2,773.7	+0.089%	$259.0M	$223.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	−0.020%	$7.5M	$1.0M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.2	+0.072%	$88.5M	$330.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	−0.012%	$273K	$1.5M	20x	as long as short