Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.002%

Price spread now: Bullet against MEXC+0.008%7-day average +0.015% · 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−$14as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on MEXC Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.008%, 7d avg +0.015%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,770.1	0.0060	pay 0.0060% / 8h	27m 18s	$1.60B	$2.65B	500x
Short	Bullet ETH-USD	2,770.3	0.0049	get 0.0006% / 1h	27m 18s	$183K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against MEXC. 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 MEXCbpFee BulletbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$2.38
Price spread: +0.008% → +0.015%: −$0.74
Slippage, 4 orders: −$3.71
Fee MEXC: 1 bp × 2 orders: −$2
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$16.83
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Bullet: live order book, 2 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 MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	2.8 bp −$1,380
Sell Bullet live order book, 2 min ago	0.54 bp	5.1 bp −$5	9.2 bp −$92	doesn't fit	doesn't fit

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	−0.0223%	43m	2,770.2	+0.003%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,770	−0.002%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.427%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771	+0.033%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0032%	1h	2,772.4	+0.082%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.5	+0.015%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	−0.006%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,773.6	+0.127%	$877K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772	+0.068%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0015%	1h	2,774.4	+0.156%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,771.2	+0.041%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,770.8	+0.027%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,771.6	+0.056%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,771.3	+0.044%	$256.2M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,771.2	+0.039%	$270.2M	$69.0M	150x	as long as short
SoDEX ETH-USD	+0.0037%	1h	2,770.8	+0.026%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USDshort	+0.0049%	1h	2,770.3	+0.008%	$183K	$1.7M	20x
MEXC ETH_USDTlong	+0.0060%	8h	2,770.1	long leg	$1.60B	$2.65B	500x
Binance ETHUSDT	+0.0060%	8h	2,771.5	+0.052%	$6.45B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768.4	−0.060%	$5.0M	$636K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,772.3	+0.082%	$259.0M	$222.4M	50x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,770.9	+0.029%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,771.3	+0.043%	$3.29B	$9.65B	200x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,769.9	−0.006%	$420.5M	$739.6M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,772	+0.068%	$59.9M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,771.3	+0.045%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,770.8	+0.026%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,771.3	+0.045%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.1	+0.001%	$115.1M	$499.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.2	+0.076%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.4	+0.047%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.5	−0.021%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.4	+0.012%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.7	−0.012%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.4	+0.084%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.3	+0.008%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.1	−0.035%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.8	+0.026%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.102%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.1	+0.036%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	+0.115%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	+0.075%	$182.0M	$782.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.1	+0.146%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.8	+0.098%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.4	+0.012%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.5	+0.051%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.4	+0.120%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.7	+0.021%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.3	−0.028%	$32.5M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.6	+0.091%	$8.3M	$685.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,772	+0.069%	$86.4M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,774.1	+0.145%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,772.3	+0.079%	$286.4M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,770.1	+0.002%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,773.8	+0.135%	$252K	$1.6M	20x	as long as short