Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.137%

Price spread now: Deribit against Bitget+0.114%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.114% dearer against Bitget than usual: you sell high and buy low (spread +0.114% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ETHFIUSDT	0.7020	0.0100	pay 0.0050% / 4h	4m 50s	$6.0M	$5.2M	75x
Short	Deribit ETHFI_USDC-PERPETUAL	0.7028	−0.0461	pay 0.0058% / 1h	4m 50s	$40K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$117.8
Price spread: +0.114% → 0.000%: $11.4
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$125.4
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 3 min ago; Deribit: no order-book sample. Net counts fees only.

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 Bitget live order book, 3 min ago	0.71 bp	18.8 bp −$19	34.7 bp −$347	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUALshort	−0.0461%	1h	0.7028	+0.114%	$40K	$12K	10x
HTX ETHFI-USDT	−0.0406%	4h	0.7015	−0.071%	$87K	$168K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0234%	4h	0.7024	+0.057%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0005%	8h	0.7028	+0.115%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.134%	$321	$51K	5.5x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0044%	1h	0.7028	+0.112%	$263K	$210K	20x	as long as short
Variational Omni ETHFI	+0.0072%	4h	0.7029	+0.132%	$981K	$706K	—	as long as short
Lighter ETHFI	+0.0096%	1h	0.7034	+0.205%	$1.1M	$883K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7031	+0.155%	$17.4M	$7.8M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7031	+0.155%	$180K	$264K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ETHFIUSDT	+0.0100%	4h	0.7020	−0.003%	$24.4M	$35.2M	75x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7019	−0.014%	$17.6M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7028	+0.114%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7026	+0.085%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7021	+0.014%	$15.8M	$4.1M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7029	+0.128%	$1.2M	$232K	50x	as long as short
Bitget ETHFIUSDTlong	+0.0100%	4h	0.7020	long leg	$6.0M	$5.2M	75x
BingX ETHFI-USDT	+0.0100%	4h	0.7024	+0.057%	—	$8.9M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7042	+0.313%	$70K	$118K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7029	+0.128%	$2K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7018	−0.029%	$95K	$381K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7023	+0.039%	$8K	—	3x	as long as short
BloFin ETHFI-USDT	+0.0340%	4h	0.7026	+0.085%	$1.2M	$246K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0624%	1h	0.7096	+1.083%	$31K	$6K	50x	as long as short