Funding arb · Price arb / Crypto

ETH

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LONGCoinbase International▾Kalshi −0.0129%Hibachi −0.0040%Bullet −0.0024%HTX −0.0005%dYdX 0.0000%Deribit 0.0000%Phoenix +0.0006%Gate +0.0016%N1 +0.0024%KuCoin +0.0029%Phemex +0.0051%OKX +0.0053%GMX +0.0064%gTrade (Gains Network) +0.0066%Kraken Futures +0.0068%SunX +0.0075%MEXC +0.0076%Binance +0.0076%SoDEX +0.0077%Aevo +0.0080%ApeX Omni +0.0089%Aster +0.0089%Lighter +0.0096%Lighter RH +0.0096%Avantis +0.0096%Bybit +0.0097%Paradex +0.0097%Katana Perps +0.0100%Nado +0.0100%Hyperliquid +0.0100%Pacifica +0.0100%Ondo Perps +0.0100%Arcus +0.0100%Bitget +0.0100%BingX +0.0100%Backpack +0.0100%Variational Omni +0.0100%edgeX +0.0100%GRVT +0.0100%StandX +0.0100%Vest Markets +0.0100%Polymarket Perps +0.0100%Reya +0.0100%Bluefin +0.0100%Derive +0.0100%Bulk +0.0100%Extended +0.0104%Jupiter Perps +0.0104%BloFin +0.0197%Orderly +0.0255%RISEx +0.0285%Aftermath Perps +0.0292%Perpl +0.0335%Injective +0.0369%Coinbase International +0.0728%

⇄⇅

SHORTPopdex▾Injective +0.0369%Perpl +0.0335%Aftermath Perps +0.0292%RISEx +0.0285%Orderly +0.0255%BloFin +0.0197%Extended +0.0104%Bulk +0.0100%Hyperliquid +0.0100%Pacifica +0.0100%Ondo Perps +0.0100%Arcus +0.0100%Bitget +0.0100%BingX +0.0100%Backpack +0.0100%Variational Omni +0.0100%edgeX +0.0100%GRVT +0.0100%StandX +0.0100%Vest Markets +0.0100%Polymarket Perps +0.0100%Reya +0.0100%Bluefin +0.0100%Derive +0.0100%Nado +0.0100%Katana Perps +0.0100%Paradex +0.0097%Bybit +0.0097%Avantis −0.0096%Popdex +0.0096%Lighter +0.0096%Lighter RH +0.0096%Aster +0.0089%ApeX Omni +0.0089%Aevo +0.0080%SoDEX +0.0077%Binance +0.0076%MEXC +0.0076%SunX +0.0075%Kraken Futures +0.0068%OKX +0.0053%Phemex +0.0051%GMX −0.0034%KuCoin +0.0029%N1 +0.0024%Gate +0.0016%gTrade (Gains Network) −0.0015%Phoenix +0.0006%dYdX 0.0000%Deribit 0.0000%HTX −0.0005%Bullet −0.0024%Jupiter Perps +0.0032%Hibachi −0.0040%Kalshi −0.0129%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	Coinbase InternationalETH-PERP-INTX	2,700.2	+0.0728	pay 0.0091% / 1h	12m 28s	$38.2M	$2.32B	50x	Long Coinbase International
SHORT	PopdexETHUSDT	2,695.5	+0.0096	get 0.0012% / 1h	12m 28s	$4.5M	$7.3M	100x	Short Popdex

Price gap−0.174%

Funding gap−0.0632% /8h

Both sides work against this direction now: funding costs $19 a day on $10k and the gap is 0.108% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 6 days it paid −0.048% in total, about −0.0026%/8h on average.

Price and funding

Price spreadPricesFundingLeg ratesP&L

1m5m15m

1h · loading 5m…

24H3D7D14D30D90D

Price spread?

Prices?

Funding?per 8h

P&L?

PRICE SPREAD · 7D

Now−0.174%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

Coinbase InternationalPopdex

ETH on 56 exchanges

lowest funding first

Before you open

2 ok · 3 to watch

• ✓
  OK: Fits both order books4.8 / 4.1 bp

  Entry at $10k a leg, taker fee + slippage. Closing costs about the same.
• i
  Note: Margin at max leverage$200 + $100

  Coinbase International 50x, Popdex 100x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Coinbase International · 1h−$21.84

  Short Popdex · 1h+$2.88

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$18.96Long Coinbase International: 24 payments, −$21.84; short Popdex: 24 payments, +$2.88.
• !
  Watch: Gap narrower than usual−0.174% vs −0.066%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Short leg is thinner$4.5M vs $38.2M OI

  Popdex sets your exit cost. Check its book before closing.
• i
  Note: No points program—

  Neither exchange runs points right now.
• !
  Watch: KYCCoinbase International Yes · Popdex No

  ID and a suitability check; perps are for eligible non-US countries, not for US or UK retail.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0026%/8h × 21 periods−$5.45

Price spread−0.174% → −0.066% (7d avg)−$10.82

Slippage, 4 orderslive order books−$3.66

Fee Coinbase International bp × 2 orders−$8.00

Fee Popdex bp × 2 orders−$6.40

Net · 7 days · $10k−$34.33

Costs to cover0.181%Break-evennever at this rate

Slippage: Coinbase International: live order book, 5 min ago; Popdex: live order book, 5 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGCoinbase International0.524.8 bp−$56.1 bp−$61241.4 bp−$24.1Kdoesn’t fit

SELL · SHORTPopdex0.564.1 bp−$44.1 bp−$414.7 bp−$4756.7 bp−$3,345

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

ETH news

posts that mention ETH, from every exchangeSearch all news →

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