Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.001%

Price spread now: HTX against Coinbase International−0.061%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.061%, 7d avg −0.048%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: −$3 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	2,739.2	0.0112	pay 0.0014% / 1h	0m 35s	$51.4M	$4.27B	50x
Short	HTX ETH-USDT	2,737.5	0.0022	get 0.0022% / 8h	4h 00m	$1.06B	$1.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$18.9
Price spread: −0.061% → −0.048%: −$1.21
Slippage, 4 orders: −$0.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$42.18
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; HTX: 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 Coinbase International live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	7.6 bp −$759	23.5 bp −$11.7K
Sell HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.9 bp −$687	9.5 bp −$4,755

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	2,737.9	−0.048%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.182%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.2	−0.073%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.7	−0.054%	$11.9M	—	200x	as long as short
Phoenix ETH	0.0000%	1h	2,737.3	−0.069%	$827K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,738.2	−0.038%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,737.9	−0.049%	$28.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,739.4	+0.008%	$187K	$822K	50x	as long as short
Bullet ETH-USD	+0.0015%	1h	2,737.5	−0.063%	$179K	$1.7M	20x	as long as short
HTX ETH-USDTshort	+0.0022%	8h	2,737.5	−0.061%	$1.06B	$1.20B	200x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0043%	8h	2,738.8	−0.014%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,738.6	−0.020%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,736.1	−0.113%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,738.8	−0.013%	$380.3M	$573.7M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,739.5	+0.009%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,738.6	−0.021%	$266.1M	$65.0M	150x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,738.6	−0.022%	$251.2M	$841.9M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,739	−0.006%	$113.1M	$442.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.8	+0.023%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.5	−0.060%	—	$31.0M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,738.8	−0.016%	$1.55B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734.9	−0.155%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,739	−0.007%	$6.37B	$15.88B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.6	+0.015%	$5.7M	$11.7M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,742.7	+0.129%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.4	−0.029%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	−0.016%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740	+0.030%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.7	+0.017%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737.8	−0.051%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.4	+0.009%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.202%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.7	−0.017%	$3.34B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.9	−0.009%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,737.7	−0.056%	$15.1M	$40.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.3	−0.068%	$134.0M	$324.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,735.2	−0.146%	$184.0M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.6	−0.095%	$159.2M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.2	−0.109%	$21.1M	$68.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.5	−0.025%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.2	0.000%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.9	−0.047%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.5	+0.011%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.1	−0.077%	$961K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,737.7	−0.054%	$54.5M	$187.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738	−0.044%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0112%	1h	2,739.2	long leg	$51.4M	$4.27B	50x
Aftermath Perps ETHUSD	+0.0115%	1h	2,735.4	−0.139%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0129%	8h	2,738	−0.043%	$6.7M	$679.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0198%	8h	2,740.2	+0.038%	$32.2M	$11.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0207%	1h	2,739.4	+0.009%	$260.1M	$197.0M	50x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,737	−0.081%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,738.6	−0.022%	$83.3M	$314.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,737.6	−0.057%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0387%	8h	2,737.2	−0.072%	$283.5M	$175.9M	150x	as long as short