Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.091%

Price spread now: Bitget against Coinbase International−0.746%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 Bitget

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 −$2 a day on $10k at the current rate, and Bitget is 0.746% cheaper against Coinbase International than usual: you would sell low and buy high (−$75 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	0.7237	0.0168	pay 0.0021% / 1h	44m 13s	$32K	$6K	50x
Short	Bitget ETHFIUSDT	0.7183	0.0100	get 0.0050% / 4h	3h 44m	$6.1M	$5.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.746%Rate

Funding earned: −$14.28
Price spread: −0.746% → 0.000%: −$74.62
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$110.9
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	1.39 bp	21.4 bp −$21	39.2 bp −$392	doesn't fit	doesn't fit

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
HTX ETHFI-USDT	−0.0625%	4h	0.7179	−0.801%	$83K	$165K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0446%	1h	0.7184	−0.732%	$41K	$14K	10x	as long as short
Bybit ETHFIUSDT	−0.0230%	4h	0.7180	−0.788%	$18.2M	$13.1M	25x	as long as short
Orderly PERP_ETHFI_USDC	−0.0196%	4h	0.7182	−0.760%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0048%	4h	0.7168	−0.948%	$1.0M	$744K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0039%	8h	0.7187	−0.685%	$6K	—	5x	as long as short
MEXC ETHFI_USDT	+0.0018%	4h	0.7186	−0.705%	$15.4M	$3.8M	125x	as long as short
Binance ETHFIUSDT	+0.0022%	4h	0.7177	−0.823%	$25.0M	$37.4M	75x	as long as short
Extended ETHFI-USD	+0.0024%	1h	0.7181	−0.772%	$97K	$580K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.041%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin ETHFI-USDT	+0.0076%	4h	0.7184	−0.732%	$1.3M	$277K	75x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7180	−0.788%	$9K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7190	−0.645%	$1.1M	$894K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7190	−0.643%	$18.1M	$9.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7189	−0.661%	$184K	$258K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7186	−0.705%	$5.0M	$12.7M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7189	−0.663%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7187	−0.691%	$1.2M	$270K	50x	as long as short
Bitget ETHFIUSDTshort	+0.0100%	4h	0.7183	−0.746%	$6.1M	$5.7M	75x
BingX ETHFI-USDC	+0.0100%	4h	0.7187	−0.691%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7188	−0.678%	$60K	$94K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7194	−0.594%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0168%	1h	0.7237	long leg	$32K	$6K	50x
Kraken Futures PF_ETHFIUSD	+0.0220%	1h	0.7191	−0.641%	$273K	$164K	20x	as long as short