Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.083%

Price spread now: Coinbase International against Bybit+0.581%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.581% dearer against Bybit than usual: you sell high and buy low: +$58 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHFIUSDT	0.7226	0.0100	pay 0.0050% / 4h	2h 52m	$18.6M	$12.4M	25x
Short	Coinbase International ETHFI-PERP-INTX	0.7268	0.0152	get 0.0019% / 1h	52m 50s	$32K	$9K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.581%Rate

Funding earned: $10.92
Price spread: +0.581% → 0.000%: $58.12
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $48.04
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 1 min ago; Coinbase International: 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 Bybit live order book, 1 min ago	2.07 bp	18.7 bp −$19	48.2 bp −$482	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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-PERPETUAL	−0.0440%	1h	0.7238	+0.166%	$42K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0211%	1h	0.7242	+0.228%	$282K	$132K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0147%	4h	0.7233	+0.097%	$17K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0022%	4h	0.7220	−0.083%	$84K	$151K	20x	as long as short
Bitget ETHFIUSDT	+0.0010%	4h	0.7225	−0.014%	$6.2M	$5.5M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.194%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0035%	8h	0.7231	+0.068%	$6K	—	5x	as long as short
Variational Omni ETHFI	+0.0042%	4h	0.7242	+0.221%	$1.1M	$711K	—	as long as short
Lighter ETHFI	+0.0096%	1h	0.7227	+0.015%	$1.1M	$881K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7240	+0.201%	$19.8M	$7.3M	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ETHFIUSDT	+0.0100%	4h	0.7236	+0.140%	$184K	$237K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7222	−0.062%	$25.5M	$35.6M	75x	as long as short
Bybit ETHFIUSDTlong	+0.0100%	4h	0.7226	long leg	$18.6M	$12.4M	25x
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7223	−0.042%	$4.9M	$12.1M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7231	+0.069%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7230	+0.055%	$15.4M	$3.6M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7230	+0.055%	$1.2M	$269K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7231	+0.069%	—	$25.9M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7249	+0.321%	$57K	$81K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7237	+0.152%	$1K	$1.0M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7231	+0.073%	$101K	$488K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7230	+0.055%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTXshort	+0.0152%	1h	0.7268	+0.581%	$32K	$9K	50x
BloFin ETHFI-USDT	+0.0340%	4h	0.7235	+0.125%	$1.3M	$291K	75x	as long as short