Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.001%

Price spread now: Bybit against Coinbase International−0.075%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.075%, 7d avg −0.032%

Together, before fees−0.035%−$4 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 Bybit is 0.043% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,736.1	0.0104	pay 0.0013% / 1h	0m 57s	$50.3M	$4.33B	50x
Short	Bybit ETHUSDT	2,734	0.0044	get 0.0044% / 8h	2h 00m	$2.35B	$4.42B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$12.65
Price spread: −0.075% → −0.032%: −$4.33
Slippage, 4 orders: −$0.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.06
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.02 bp	5.0 bp −$5	5.1 bp −$51	7.6 bp −$761	27.6 bp −$13.8K
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.8 bp −$675	9.6 bp −$4,792

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	−0.0112%	43m	2,735	−0.038%	$291K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.5	+0.016%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735.2	−0.032%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736	−0.002%	$817K	$3.0M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,735.6	−0.018%	$260.0M	$210.9M	50x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,736	−0.001%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735.3	−0.029%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.024%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,734.6	−0.052%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0035%	8h	2,734.5	−0.057%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDTshort	+0.0044%	8h	2,734	−0.075%	$2.35B	$4.42B	150x
01 Exchange ETHUSD	+0.0048%	1h	2,735.6	−0.016%	$191K	$883K	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,734.8	−0.046%	$375.5M	$577.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,735.8	−0.011%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,734.9	−0.043%	$183K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0094%	8h	2,734	−0.073%	$958K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,735.3	−0.028%	$112.6M	$438.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.4	+0.014%	$23.5M	$104.3M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732.5	−0.129%	$4.9M	$159K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0097%	8h	2,734	−0.074%	$1.66B	$10.94B	100x	as long as short
Aster ETHUSDT	+0.0098%	8h	2,734.5	−0.055%	$253.4M	$848.7M	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.9	−0.042%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.6	+0.131%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.5	−0.057%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,737.1	+0.038%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,735.9	−0.004%	$32.0M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,734.5	−0.056%	$6.34B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.7	−0.049%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.4	−0.025%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	−0.039%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.6	−0.054%	$3.29B	$9.10B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,734.8	−0.048%	$1.53B	$2.62B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.1	−0.070%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.8	−0.044%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	+0.040%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.6	−0.052%	$185.5M	$682.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.5	−0.019%	$159.1M	$87.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.5	+0.017%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	−0.002%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.3	+0.010%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736	−0.002%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,735.8	−0.011%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,736.6	+0.022%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,734.9	−0.042%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735	−0.038%	$263.7M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.2	−0.105%	$30.3M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,735.8	−0.010%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0104%	1h	2,736.1	long leg	$50.3M	$4.33B	50x
RISEx ETH/USDC	+0.0108%	1h	2,735.6	−0.017%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,735.7	−0.013%	$6.9M	$693.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,735.4	−0.023%	$83.6M	$311.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,737.4	+0.048%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,734	−0.075%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,736.2	+0.005%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,734.9	−0.042%	$281.7M	$175.3M	150x	as long as short