Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Bullet against StandX−0.029%7-day average −0.007% · 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−$24as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on StandX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.050%−$5 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.029%, 7d avg −0.007%

Together, before fees−0.013%+ Points / potential airdropStandX: Active · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.023% cheaper against StandX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX ETH-USD	2,729.6	0.0100	pay 0.0013% / 1h	42m 58s	$21.0M	$69.0M	40x
Short	Bullet ETH-USD	2,728.8	0.0100	get 0.0013% / 1h	42m 58s	$179K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against StandX. 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 StandXbpFee BulletbpOrdersPrice spread, now −0.029%Rate

Funding earned: $0
Price spread: −0.029% → −0.007%: −$2.26
Slippage, 4 orders: −$5.58
Fee StandX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$23.84
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from StandX: live order book, 1 min ago; Bullet: live order book, 1 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 StandX live order book, 1 min ago	0.92 bp	4.9 bp −$5	5.5 bp −$55	6.1 bp −$607	21.2 bp −$10.6K
Sell Bullet live order book, 1 min ago	0.37 bp	5.3 bp −$5	9.5 bp −$95	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
ApeX Omni ETHUSDT	−0.0115%	1h	2,726.2	−0.123%	$8.6M	$31.5M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,727.5	−0.076%	$290K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.3	−0.048%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.8	−0.066%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.4	−0.008%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,725.4	−0.154%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.8	−0.066%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,728.7	−0.033%	$6.7M	$690.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.4	−0.045%	$262.6M	$215.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.5	−0.003%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0007%	8h	2,727.6	−0.072%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,728.9	−0.026%	$191K	$892K	50x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,726.2	−0.123%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,726.1	−0.129%	$2.34B	$4.43B	150x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,728.7	−0.035%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,726.8	−0.102%	$378.2M	$577.5M	100x	as long as short
SoDEX ETH-USD	+0.0080%	1h	2,727.7	−0.070%	$54.3M	$187.4M	40x	as long as short
SunX ETH-USDT	+0.0085%	8h	2,727.2	−0.088%	$956K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,726.9	−0.100%	$251.9M	$850.6M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,726	−0.130%	$1.65B	$10.96B	100x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,727.5	−0.078%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,726.8	−0.103%	$6.33B	$16.19B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,728.4	−0.044%	$112.0M	$433.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.4	−0.007%	$23.4M	$102.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.4	−0.079%	$4.9M	$165K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.4	−0.044%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.2	+0.058%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.2	−0.052%	$14.1M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.1	+0.018%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.8	−0.031%	$32.0M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.2	−0.051%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.2	−0.014%	$1.5M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.135%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	−0.098%	$3.27B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.4	−0.081%	$2.09B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.8	−0.067%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.1	−0.239%	$133.0M	$326.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.6	−0.185%	$184.7M	$683.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.3	−0.121%	$158.4M	$87.7M	50x	as long as short
StandX ETH-USDlong	+0.0100%	1h	2,729.6	long leg	$21.0M	$69.0M	40x
Vest ETH-PERP	+0.0100%	1h	2,729.4	−0.007%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.4	−0.007%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USDshort	+0.0100%	1h	2,728.8	−0.029%	$179K	$1.7M	20x
Bluefin ETH-PERP	+0.0100%	1h	2,729	−0.022%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.3	+0.025%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.5	−0.042%	$263.0M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.9	−0.100%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,728.1	−0.056%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729.3	−0.010%	$50.3M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,729.3	−0.012%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,730.9	+0.049%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,727.5	−0.077%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,728.6	−0.038%	$83.6M	$311.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,729.3	−0.009%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0377%	8h	2,728	−0.058%	$282.2M	$175.5M	150x	as long as short