Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.016%

Price spread now: BingX against Deribit−0.128%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$190.185% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.128% cheaper against Deribit than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,782.7	0.0099	pay 0.0012% / 1h	21m 05s	$258.4M	$222.4M	50x
Short	BingX ETH-USDT	2,779.1	0.0017	get 0.0017% / 8h	1h 21m	—	$1.18B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$17.22
Price spread: −0.128% → 0.000%: −$12.79
Slippage, 4 orders: −$1.53
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$48.54
Costs to cover: 0.185%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; BingX: live order book, 8 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 Deribit live order book, 3 min ago	0.09 bp	3.7 bp −$4	4.7 bp −$47	10.3 bp −$1,028	20.7 bp −$10.4K
Sell BingX live order book, 8 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	2,780.2	−0.089%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.1	−0.092%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,781.5	−0.043%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.8	−0.391%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,780.1	−0.093%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0020%	1h	2,776.8	−0.212%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780.8	−0.067%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	−0.111%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.6	−0.041%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0015%	8h	2,781.2	−0.054%	$270.5M	$68.7M	150x	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	+0.0017%	8h	2,779.1	−0.128%	—	$1.18B	—
OKX ETH-USDT-SWAP	+0.0019%	8h	2,779.7	−0.108%	$1.71B	$11.90B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,781.4	−0.047%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,780.8	−0.069%	$257.0M	$991.9M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.8	−0.068%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,779.8	−0.105%	$14.4M	$118.1M	50x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,780.4	−0.082%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,780.6	−0.074%	$6.45B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,779.2	−0.124%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,779.5	−0.116%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,779.4	−0.117%	$3.29B	$9.64B	200x	as long as short
SoDEX ETH-USD	+0.0080%	1h	2,781.1	−0.057%	$55.4M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0091%	1h	2,773.6	−0.327%	$8.8M	$32.6M	100x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,780.3	−0.086%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,780.6	−0.077%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,781.3	−0.052%	$115.5M	$501.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,782.4	−0.009%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	−0.043%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,780.9	−0.064%	$423.5M	$739.6M	100x	as long as short
Deribit ETH-PERPETUALlong	+0.0099%	1h	2,782.7	long leg	$258.4M	$222.4M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,780.7	−0.070%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.5	−0.079%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.6	−0.039%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,781.2	−0.053%	$31.3M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.8	−0.104%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782	−0.025%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.548%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,779	−0.133%	$15.2M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.9	−0.388%	$137.1M	$324.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.377%	$181.4M	$782.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775	−0.275%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.8	−0.140%	$21.5M	$58.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.3	−0.087%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.1	−0.057%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781	−0.059%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783	+0.012%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,779.7	−0.108%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.4	−0.081%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.6	−0.004%	$60.0M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,781.3	−0.050%	$8.5M	$678.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,783.4	+0.027%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.4	−0.010%	$86.2M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,780.5	−0.080%	$286.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,779.7	−0.109%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,780.5	−0.079%	$271K	$1.5M	20x	as long as short