Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.025%

Price spread now: BingX against Derive−0.101%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.158%−$16 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 0.101% cheaper against Derive than usual: you would sell low and buy high (−$10 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	Derive ETH-PERP	2,778.6	0.0100	pay 0.0013% / 1h	1m 36s	$42.8M	$29.4M	15x
Short	BingX ETH-USDT	2,775.8	0.0045	get 0.0045% / 8h	1h 01m	—	$1.21B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Derive. 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 DerivebpFee BingXbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$11.51
Price spread: −0.101% → 0.000%: −$10.11
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$37.61
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; BingX: live order book, 3 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$535	6.0 bp −$2,998

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,776.6	−0.070%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.7	−0.105%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.6	−0.071%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.248%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.7	−0.068%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	−0.055%	$12.7M	$45.8M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.107%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.7	−0.105%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777	−0.056%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0016%	1h	2,777.7	−0.033%	$258.7M	$222.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0018%	8h	2,776.1	−0.091%	$1.70B	$11.87B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,776.2	−0.086%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.3	−0.081%	$270.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.9	−0.061%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,776.2	−0.085%	$254.6M	$995.3M	200x	as long as short
BingX ETH-USDTshort	+0.0045%	8h	2,775.8	−0.101%	—	$1.21B	—
Nado ETH-PERP	+0.0056%	1h	2,776.1	−0.090%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.9	−0.170%	$5.0M	$636K	20x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	−0.037%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,775.8	−0.102%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.2	−0.085%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,776.1	−0.089%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,775.7	−0.103%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,775.9	−0.097%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,775.8	−0.099%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,776.3	−0.082%	$2.52B	$4.62B	150x	as long as short
KuCoin ETHUSDTM	+0.0093%	8h	2,776.6	−0.071%	$422.4M	$739.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,776.8	−0.063%	$115.2M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	−0.019%	$25.5M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,776.7	−0.066%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.1	−0.088%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.5	−0.075%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.3	+0.026%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.8	−0.065%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.6	−0.107%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.1	−0.053%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.279%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.4	−0.079%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.175%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777	−0.055%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.104%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.3	−0.082%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	−0.050%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	−0.054%	$21K	$24K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,778.6	long leg	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.118%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.2	−0.123%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,776.8	−0.062%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.5	−0.041%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,777.1	−0.053%	$8.4M	$681.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.1	+0.017%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.3	−0.045%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,776.5	−0.073%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,775.8	−0.098%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,778.3	−0.011%	$270K	$1.5M	20x	as long as short