Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.075%

Price spread now: BingX against Coinbase International−1.403%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on BingX

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 against this trade now: funding costs −$8 a day on $10k at the current rate, and BingX is 1.403% cheaper against Coinbase International than usual: you would sell low and buy high (−$140 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETHFI-PERP-INTX	0.7054	0.0376	pay 0.0047% / 1h	42m 43s	$31K	$5K	50x
Short	BingX ETHFI-USDT	0.6955	0.0100	get 0.0050% / 4h	2h 42m	—	$8.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −1.403%Rate

Funding earned: −$57.96
Price spread: −1.403% → 0.000%: −$140.35
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$218.31
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 5 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	1.43 bp	7.4 bp −$7	11.8 bp −$118	27.3 bp −$2,728	72.7 bp −$36.3K

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	−0.0614%	1h	0.6942	−1.588%	$39K	$10K	10x	as long as short
HTX ETHFI-USDT	−0.0416%	4h	0.6937	−1.659%	$81K	$182K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0411%	1h	0.6961	−1.325%	$277K	$262K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0261%	4h	0.6941	−1.602%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0212%	4h	0.6945	−1.545%	$17.3M	$12.7M	25x	as long as short
Variational Omni ETHFI	−0.0084%	4h	0.6950	−1.470%	$948K	$724K	—	as long as short
Binance ETHFIUSDT	−0.0014%	4h	0.6943	−1.578%	$24.1M	$35.4M	75x	as long as short
Aster ETHFIUSDT	−0.0014%	4h	0.6955	−1.409%	$178K	$258K	10x	as long as short
Extended ETHFI-USD	−0.0008%	1h	0.6938	−1.642%	$94K	$506K	10x	as long as short
MEXC ETHFI_USDT	−0.0008%	4h	0.6950	−1.474%	$15.7M	$4.1M	125x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ETHFI-USD-PERP	+0.0015%	8h	0.6941	−1.598%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+2.637%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6947	−1.517%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6954	−1.413%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6955	−1.405%	$17.0M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6949	−1.489%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6958	−1.361%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6947	−1.517%	$1.2M	$230K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6951	−1.460%	$6.0M	$5.2M	75x	as long as short
BingX ETHFI-USDTshort	+0.0100%	4h	0.6955	−1.403%	—	$8.8M	—
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6952	−1.443%	$63K	$126K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6956	−1.389%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0172%	4h	0.6949	−1.489%	$1.2M	$237K	75x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0376%	1h	0.7054	long leg	$31K	$5K	50x