Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.083%

Price spread now: OKX against Coinbase International−0.458%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 OKX

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 −$5 a day on $10k at the current rate, and OKX is 0.458% cheaper against Coinbase International than usual: you would sell low and buy high (−$46 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	0.6990	0.0272	pay 0.0034% / 1h	1m 44s	$32K	$6K	50x
Short	OKX ETHFI-USDT-SWAP	0.6958	0.0100	get 0.0050% / 4h	1m 44s	$5.1M	$12.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.458%Rate

Funding earned: −$36.12
Price spread: −0.458% → 0.000%: −$45.78
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.9
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	0.72 bp	13.7 bp −$14	46.3 bp −$463	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
Deribit ETHFI_USDC-PERPETUAL	−0.0468%	1h	0.6955	−0.501%	$41K	$12K	10x	as long as short
HTX ETHFI-USDT	−0.0413%	4h	0.6950	−0.572%	$82K	$149K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0285%	4h	0.6953	−0.529%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0233%	4h	0.6951	−0.557%	$916K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0121%	8h	0.6952	−0.550%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0116%	4h	0.6952	−0.544%	$17.1M	$12.9M	25x	as long as short
Binance ETHFIUSDT	−0.0001%	4h	0.6954	−0.515%	$24.3M	$35.9M	75x	as long as short
Extended ETHFI-USD	0.0000%	1h	0.6952	−0.542%	$95K	$507K	10x	as long as short
MEXC ETHFI_USDT	0.0000%	4h	0.6955	−0.501%	$15.7M	$4.2M	125x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.577%	$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
Aevo ETHFI-PERP	+0.0080%	1h	0.6955	−0.501%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6965	−0.363%	$1.1M	$833K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6962	−0.399%	$16.7M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6961	−0.415%	$178K	$224K	10x	as long as short
OKX ETHFI-USDT-SWAPshort	+0.0100%	4h	0.6958	−0.458%	$5.1M	$12.6M	20x
Gate ETHFI_USDT	+0.0100%	4h	0.6961	−0.415%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6957	−0.472%	$1.2M	$217K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6954	−0.515%	$6.1M	$4.7M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6955	−0.501%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6962	−0.402%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6958	−0.458%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0238%	4h	0.6955	−0.501%	$1.2M	$241K	75x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0272%	1h	0.6990	long leg	$32K	$6K	50x
Kraken Futures PF_ETHFIUSD	+0.0820%	1h	0.6969	−0.301%	$291K	$283K	20x	as long as short