Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.011%

Price spread now: Bybit against 01 Exchange+0.059%7-day average −0.024% · 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−$19as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on 01 Exchange Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.047%+$5 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.059%, 7d avg −0.024%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.082% dearer against 01 Exchange than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ETHUSD	2,750.2	0.0008	pay 0.0001% / 1h	51m 01s	$181K	$1.1M	50x
Short	Bybit ETHUSDT	2,751.8	0.0100	get 0.0100% / 8h	6h 51m	$2.46B	$4.36B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against 01 Exchange. 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 01 ExchangebpFee BybitbpOrdersPrice spread, now +0.059%Rate

Funding earned: $19.32
Price spread: +0.059% → −0.024%: $8.21
Slippage, 4 orders: −$9.69
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$0.16
Costs to cover: 0.277%
Break-even: 7.1 days

Slippage from 01 Exchange: live order book, 3 min ago; Bybit: live order book, 3 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 01 Exchange live order book, 3 min ago	0.55 bp	8.8 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$700	9.1 bp −$4,567

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	−0.0449%	1h	2,745.8	−0.160%	$8.7M	$31.5M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,749	−0.042%	$320K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.7	−0.018%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	−0.001%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751	+0.029%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.5	−0.025%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.6	+0.013%	$10.9M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.1	+0.034%	$22.2M	—	200x	as long as short
01 Exchange ETHUSDlong	+0.0008%	1h	2,750.2	long leg	$181K	$1.1M	50x
BingX ETH-USDC	+0.0027%	8h	2,750.7	+0.017%	—	$17.3M	—	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	+0.0035%	8h	2,751.8	+0.057%	$1.68B	$11.09B	100x	as long as short
HTX ETH-USDT	+0.0043%	8h	2,750.6	+0.013%	$1.07B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,751.1	+0.034%	$256.0M	$854.9M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,751.2	+0.036%	$1.58B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,749.3	−0.034%	$4.9M	$163K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,751.7	+0.056%	$6.37B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,751.5	+0.049%	$3.33B	$8.72B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,750.7	+0.016%	$385.2M	$607.1M	100x	as long as short
Bitget ETHUSDT	+0.0083%	8h	2,751.2	+0.036%	$2.07B	$2.86B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.5	+0.082%	$59.6M	$4.40B	50x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,750.4	+0.006%	$30K	$21K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,751.3	+0.039%	$113.3M	$439.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.8	+0.095%	$25.1M	$105.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.1	+0.031%	—	$35.7M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,750.3	+0.004%	$133.4M	$346.5M	—	as long as short
Deribit ETH-PERPETUAL	+0.0099%	1h	2,752.1	+0.070%	$258.7M	$202.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.7	+0.055%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.3	−0.033%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.9	−0.049%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.2	+0.109%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.031%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,751.8	+0.059%	$2.46B	$4.36B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.1	−0.040%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.7	+0.017%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.089%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.5	+0.011%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.253%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.113%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.9	−0.156%	$21.2M	$65.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.3	+0.003%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.4	−0.029%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.5	+0.012%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.2	+0.037%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,752.8	+0.096%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.7	+0.019%	$965K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.8	+0.022%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.4	+0.043%	$267.5M	$66.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.5	+0.012%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0132%	8h	2,750.6	+0.015%	$7.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0160%	8h	2,753.9	+0.134%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,750	−0.006%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,751.2	+0.037%	$286.2M	$179.0M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,749.9	−0.011%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.4	−0.028%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.3	+0.077%	$93.2M	$316.3M	100x	as long as short