Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.018%

Price spread now: BingX against gTrade (Gains Network)+0.138%46s7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.185% of the position

Long on gTrade (Gains Network)Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.212%−$21 · spread now +0.138%, 7d avg −0.031%

Together, before fees−0.182%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BingX is 0.168% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.031%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ETH/USD	2,740.4	L +0.0006% / S −0.0006%	pay 0.0001% / 1h	53m 33s	$22.1M	—	200x
Short	BingX ETH-USDC	2,744.2	0.0027	get 0.0027% / 8h	6h 53m	—	$17.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BingXbpOrdersPrice spread, now +0.138%Rate

Funding earned: $4.37
Price spread: +0.138% → −0.031%: $16.84
Slippage, 4 orders: −$1.46
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $2.75
Costs to cover: 0.185%
Break-even: 2.6 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 1 min ago; BingX: live order book, 15 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 gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,447
Sell BingX live order book, 15 min ago	0.18 bp	5.2 bp −$5	5.7 bp −$57	6.7 bp −$667	9.9 bp −$4,953

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
ApeX Omni ETHUSDT	−0.0865%	1h	2,751.3	+0.397%	$8.8M	$31.4M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,739.5	−0.034%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.2	−0.045%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,745.2	+0.173%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.1	−0.010%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0003%	1h	2,756.1	+0.572%	$862K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.1	+0.134%	$10.9M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,745.1	+0.170%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0006% / S −0.0006%	1h	2,740.4	long leg	$22.1M	—	200x
BingX ETH-USDCshort	+0.0027%	8h	2,744.2	+0.138%	—	$17.3M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0032%	8h	2,742.5	+0.076%	$1.06B	$1.23B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0035%	8h	2,745.8	+0.197%	$1.67B	$11.05B	100x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,743.6	+0.116%	$257.0M	$854.5M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,744.5	+0.149%	$1.58B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,746.1	+0.206%	$6.36B	$16.30B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,741.2	+0.027%	$4.9M	$163K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,745.3	+0.176%	$3.32B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,744.7	+0.154%	$2.07B	$2.85B	150x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,743.1	+0.096%	$383.2M	$607.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0086%	1h	2,751.3	+0.397%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,744.2	+0.138%	$59.4M	$4.38B	50x	as long as short
Polymarket Perps ETH-USD	+0.0092%	1h	2,739.4	−0.038%	$10.3M	$8.0M	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	+0.042%	$132.7M	$345.8M	—	as long as short
Bullet ETH-USD	+0.0096%	1h	2,739.6	−0.030%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,743.9	+0.127%	$113.0M	$438.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746	+0.204%	$25.0M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.8	+0.051%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746.4	+0.220%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.2	+0.138%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.7	−0.028%	$13.9M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.7	+0.156%	$3.12B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.9	+0.165%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.2	+0.212%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.1	+0.097%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.7	+0.193%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.446%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.9	+0.092%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.5	+0.403%	$183.7M	$729.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.9	−0.018%	$159.3M	$81.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.2	+0.028%	$21.2M	$65.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.3	+0.031%	—	$871K	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,740.9	+0.018%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,744.1	+0.133%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742	+0.058%	$962K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.8	+0.086%	$54.6M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744	+0.131%	$266.8M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.1	+0.135%	$30.5M	$74.5M	50x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,741.7	+0.046%	$7.7M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,744	+0.131%	$32.2M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,740.5	+0.001%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,740	−0.016%	$284.7M	$177.8M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0177%	1h	2,744.1	+0.135%	$258.8M	$202.3M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,743.1	+0.097%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,739.5	−0.035%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,744.1	+0.133%	$92.8M	$319.2M	100x	as long as short