Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.008%

Price spread now: BingX against Coinbase International−0.054%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now −0.054%, 7d avg −0.035%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,720.4	0.0104	pay 0.0013% / 1h	32m 02s	$49.7M	$4.28B	50x
Short	BingX ETH-USDT	2,718.9	0.0033	get 0.0033% / 8h	2h 32m	—	$1.14B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$14.91
Price spread: −0.054% → −0.035%: −$1.87
Slippage, 4 orders: −$0.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$37.35
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; BingX: live order book, 7 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 Coinbase International live order book, 2 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.8 bp −$680	23.4 bp −$11.7K
Sell BingX live order book, 7 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.8 bp −$2,894

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	2,720.2	−0.004%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.2	−0.079%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718.4	−0.071%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.7	−0.025%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	+0.046%	$815K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,719.8	−0.022%	$30.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.5	+0.042%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0011%	1h	2,720.4	+0.002%	$10.7M	$42.0M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0011%	1h	2,719.7	−0.024%	$258.7M	$206.2M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,720.6	+0.009%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDTshort	+0.0033%	8h	2,718.9	−0.054%	—	$1.14B	—
Bybit ETHUSDT	+0.0042%	8h	2,718.5	−0.069%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,719.6	−0.026%	$953K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0070%	1h	2,719.1	−0.046%	$179K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,721.9	+0.056%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,719	−0.050%	$374.5M	$577.9M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,719.1	−0.048%	$251.6M	$843.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,715.9	−0.165%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,718.6	−0.063%	$1.66B	$10.78B	100x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,718.4	−0.072%	$6.29B	$16.07B	150x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,719.3	−0.040%	$1.56B	$2.58B	500x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,719.1	−0.047%	$262.8M	$64.3M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,719.2	−0.042%	$111.2M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,720.7	+0.012%	$23.3M	$103.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,719.6	−0.028%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.8	+0.091%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720.2	−0.005%	$13.8M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,721.3	+0.035%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,720.9	+0.020%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,718.6	−0.064%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,720.8	+0.016%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.051%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.8	−0.056%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.6	−0.065%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718.6	−0.064%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.106%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.1	+0.138%	$184.5M	$676.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.119%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	+0.155%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,718	−0.086%	$20.9M	$71.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,720.6	+0.009%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,720.9	+0.020%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.7	−0.024%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719.9	−0.018%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,718.7	−0.061%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.9	−0.090%	$30.5M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.3	−0.001%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0104%	1h	2,720.4	long leg	$49.7M	$4.28B	50x
RISEx ETH/USDC	+0.0108%	1h	2,720.8	+0.016%	$5.5M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,720	−0.013%	$6.5M	$691.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.4	−0.035%	$82.7M	$315.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,721.2	+0.032%	$32.0M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,718.3	−0.075%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,720.4	+0.002%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,717.8	−0.094%	$281.2M	$174.1M	150x	as long as short