Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.032%

Price spread now: Coinbase International against Gate+0.217%50s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

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

costs, in and out, $10k−$250.251% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 3 days (all we have)−0.278%−$28 · spread now +0.217%, 7d avg +0.037%

Together, before fees−0.144%−$14 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 Coinbase International is 0.180% dearer against Gate than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.037%. The two prices were read 50 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	Gate ETH_USDT	2,780.2	0.0059	pay 0.0059% / 8h	3h 15m	$3.30B	$9.64B	200x
Short	Coinbase International ETH-PERP-INTX	2,786.2	0.0104	get 0.0013% / 1h	15m 22s	$60.3M	$4.69B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.217%Rate

Funding earned: $9.45
Price spread: +0.217% → +0.037%: $17.99
Slippage, 4 orders: −$0.07
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $2.36
Costs to cover: 0.251%
Break-even: 5.2 days

Slippage from Gate: live order book, 4 min ago; Coinbase International: 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 Gate live order book, 4 min ago	0.02 bp	7.5 bp −$8	8.2 bp −$82	10.4 bp −$1,042	19.2 bp −$9,591
Sell Coinbase International live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	8.4 bp −$842	20.4 bp −$10.2K

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	2,781.8	+0.058%	$292K	$6.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,781.5	+0.046%	$5K	$2K	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,785.7	+0.197%	$798K	$3.5M	25x	as long as short
RISEx ETH/USDC	−0.0005%	1h	2,781.9	+0.061%	$5.8M	$12.2M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,785.7	+0.198%	$13.5M	$44.8M	50x	as long as short
Injective ETH/USDC PERP	+0.0003%	1h	2,787.8	+0.273%	$120K	$22.5M	52x	as long as short
Phemex ETHUSDT	+0.0004%	8h	2,785.4	+0.186%	$268.5M	$66.6M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,780.8	+0.021%	$22.5M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,781.9	+0.061%	$174K	$1.2M	50x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,779.8	−0.014%	—	$1.19B	—	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	+0.0023%	8h	2,779.9	−0.012%	$1.69B	$11.95B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0010%	1h	2,781.1	+0.032%	$13.0M	—	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,779.2	−0.035%	$1.57B	$2.61B	500x	as long as short
Binance ETHUSDT	+0.0048%	8h	2,779.9	−0.012%	$6.47B	$17.30B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,779.3	−0.034%	$5.0M	$652K	20x	as long as short
Aftermath Perps ETHUSD	+0.0059%	1h	2,789.3	+0.327%	$29K	$22K	20x	as long as short
Gate ETH_USDTlong	+0.0059%	8h	2,780.2	long leg	$3.30B	$9.64B	200x
Aster ETHUSDT	+0.0062%	8h	2,781.2	+0.037%	$257.6M	$1.00B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,779.4	−0.030%	$2.10B	$3.17B	150x	as long as short
Bulk ETH-USD	+0.0080%	1h	2,788.7	+0.306%	$165.6M	$263.4M	25x	as long as short
Lighter ETH	+0.0096%	1h	2,784.4	+0.152%	$116.1M	$521.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.8	+0.236%	$25.7M	$125.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,785.7	+0.198%	—	$48.1M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,787.1	+0.249%	$16.0M	$11.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.2	+0.072%	$494K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,781	+0.027%	$16.9M	$115.0M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.9	+0.167%	$31.5M	$276.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,779.8	−0.017%	$2.52B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.2	+0.072%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783.5	+0.120%	$2.9M	$17.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,780.8	+0.020%	$428.9M	$747.9M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,785.2	+0.180%	$15.5M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,784.1	+0.142%	$142.1M	$318.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,785.2	+0.179%	$178.1M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.9	+0.168%	$162.0M	$98.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,784.7	+0.160%	$10.6M	$30.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784.3	+0.147%	$21.5M	$57.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,782	+0.063%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.4	+0.043%	$10.8M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,780.2	0.000%	$190K	$1.8M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.1	+0.031%	$21K	$25K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.7	+0.127%	$976K	$14.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,784.2	+0.144%	$55.4M	$228.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,784.6	+0.158%	$1.08B	$1.31B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.9	+0.024%	$31.6M	$76.8M	50x	as long as short
Coinbase International ETH-PERP-INTXshort	+0.0104%	1h	2,786.2	+0.217%	$60.3M	$4.69B	50x
Orderly PERP_ETH_USDC	+0.0122%	8h	2,783.3	+0.110%	$32.6M	$11.5M	100x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,785.3	+0.183%	$8.6M	$668.0M	4.9x	as long as short
Derive ETH-PERP	+0.0134%	1h	2,787	+0.246%	$43.2M	$29.8M	15x	as long as short
Kraken Futures PF_ETHUSD	+0.0135%	1h	2,785.9	+0.206%	$88.8M	$337.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0149%	1h	2,786.3	+0.219%	$259.1M	$223.4M	50x	as long as short
Hyperliquid ETH	+0.0165%	1h	2,782.7	+0.090%	$3.23B	$2.38B	25x	as long as short
BloFin ETH-USDT	+0.0168%	8h	2,783.7	+0.125%	$287.8M	$197.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,778.7	−0.054%	$7.5M	$994K	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,785.7	+0.196%	$275K	$1.6M	20x	as long as short