Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.074%

Price spread now: Gate against Coinbase International−1.103%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 Gate

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 Gate is 1.103% cheaper against Coinbase International than usual: you would sell low and buy high (−$110 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	0.7253	0.0160	pay 0.0020% / 1h	9m 53s	$32K	$6K	50x
Short	Gate ETHFI_USDT	0.7173	0.0100	get 0.0050% / 4h	2h 09m	$1.7M	$2.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −1.103%Rate

Funding earned: −$12.6
Price spread: −1.103% → 0.000%: −$110.3
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$147.9
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	2.08 bp	27.5 bp −$28	192.0 bp −$1,920	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 23 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	−0.0446%	1h	0.7181	−0.993%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0203%	4h	0.7179	−1.020%	$16K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0154%	4h	0.7174	−1.089%	$88K	$168K	20x	as long as short
Variational Omni ETHFI	+0.0012%	4h	0.7203	−0.693%	$1.1M	$717K	—	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	−0.179%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0060%	8h	0.7192	−0.846%	$6K	—	5x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7177	−1.049%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7182	−0.973%	$18.1M	$8.0M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7184	−0.958%	$183K	$258K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7168	−1.172%	$24.9M	$36.0M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHFIUSDT	+0.0100%	4h	0.7173	−1.103%	$18.1M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7177	−1.048%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDTshort	+0.0100%	4h	0.7173	−1.103%	$1.7M	$2.0M	75x
MEXC ETHFI_USDT	+0.0100%	4h	0.7166	−1.200%	$15.5M	$4.0M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7178	−1.034%	$1.2M	$256K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7169	−1.158%	$6.1M	$5.4M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7169	−1.158%	—	$26.0M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7205	−0.667%	$72K	$118K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7183	−0.965%	$2K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7163	−1.238%	$97K	$376K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7176	−1.057%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0160%	1h	0.7253	long leg	$32K	$6K	50x
Kraken Futures PF_ETHFIUSD	+0.0225%	1h	0.7191	−0.862%	$273K	$182K	20x	as long as short