Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.004%

Price spread now: Bitget against SoDEX−0.014%7-day average +0.009% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on SoDEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now −0.014%, 7d avg +0.009%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bitget is 0.023% cheaper against SoDEX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,748.1	0.0100	pay 0.0013% / 1h	32m 15s	$54.7M	$187.6M	40x
Short	Bitget ETHUSDT	2,747.7	0.0090	get 0.0090% / 8h	6h 32m	$2.07B	$2.85B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$2.1
Price spread: −0.014% → +0.009%: −$2.32
Slippage, 4 orders: −$0.4
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$24.82
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; Bitget: 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 SoDEX live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	5.7 bp −$573	29.6 bp −$14.8K
Sell Bitget live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.3 bp −$732	9.1 bp −$4,539

ETH on 54 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	2,748.9	+0.027%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.9	−0.044%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,749.3	+0.044%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.115%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.5	+0.051%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.062%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.4	+0.047%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.3	+0.044%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,749.4	+0.047%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,747.5	−0.024%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0042%	8h	2,747.9	−0.006%	$1.69B	$11.04B	100x	as long as short
HTX ETH-USDT	+0.0043%	8h	2,747.4	−0.026%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0061%	8h	2,749.3	+0.042%	$253.6M	$861.5M	200x	as long as short
MEXC ETH_USDT	+0.0071%	8h	2,747.5	−0.023%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0072%	8h	2,748.1	0.000%	$6.35B	$16.29B	150x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,747	−0.042%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,747.4	−0.024%	$381.5M	$607.0M	100x	as long as short
Gate ETH_USDT	+0.0088%	8h	2,748.1	0.000%	$3.39B	$8.86B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.6	+0.053%	$59.0M	$4.38B	50x	as long as short
Bitget ETHUSDTshort	+0.0090%	8h	2,747.7	−0.014%	$2.07B	$2.85B	150x
Lighter ETH	+0.0096%	1h	2,748.1	+0.001%	$112.8M	$442.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.7	+0.057%	$24.8M	$106.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.6	+0.018%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753	+0.177%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.4	+0.011%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.9	−0.008%	$14.0M	$113.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.9	+0.065%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	+0.044%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747.5	−0.021%	$2.46B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.5	−0.022%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.7	+0.057%	$2.8M	$16.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.4	−0.024%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.6	−0.128%	$133.0M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.136%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.5	−0.095%	$159.7M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.2	−0.069%	$21.2M	$67.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.8	+0.062%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.2	+0.040%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.3	+0.044%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.2	+0.040%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.2	+0.076%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749	+0.033%	$964K	$12.5M	100x	as long as short
SoDEX ETH-USDlong	+0.0100%	1h	2,748.1	long leg	$54.7M	$187.6M	40x
Phemex ETHUSDT	+0.0100%	8h	2,748.4	+0.012%	$267.1M	$66.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.152%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,746.4	−0.061%	$30K	$21K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748	−0.003%	$30.4M	$74.4M	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,747.6	−0.018%	$7.8M	$673.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0143%	1h	2,749.5	+0.051%	$258.5M	$201.5M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,751.2	+0.112%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,746.5	−0.058%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.7	−0.051%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,749.3	+0.042%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.9	+0.029%	$90.0M	$317.0M	100x	as long as short