Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.133%

Price spread now: Orderly against Coinbase International−1.517%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 Orderly

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 −$11 a day on $10k at the current rate, and Orderly is 1.517% cheaper against Coinbase International than usual: you would sell low and buy high (−$152 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	6m 56s	$32K	$6K	50x
Short	Orderly PERP_ETHFI_USDC	0.7143	−0.0203	pay 0.0101% / 4h	2h 06m	$16K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.517%Rate

Funding earned: −$76.22
Price spread: −1.517% → 0.000%: −$151.66
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$243.88
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Orderly: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	−0.0309%	1h	0.7148	−1.448%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDCshort	−0.0203%	4h	0.7143	−1.517%	$16K	$1K	10x
HTX ETHFI-USDT	−0.0104%	4h	0.7161	−1.268%	$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	+0.0061%	8h	0.7140	−1.565%	$6K	—	5x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7158	−1.315%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7153	−1.376%	$17.9M	$8.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7156	−1.343%	$183K	$258K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7152	−1.393%	$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	0.7151	−1.406%	$18.0M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7160	−1.282%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7154	−1.365%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7151	−1.406%	$15.5M	$4.0M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7155	−1.351%	$1.2M	$256K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7145	−1.489%	$6.1M	$5.4M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7154	−1.365%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7162	−1.256%	$71K	$118K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7148	−1.448%	$1K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7146	−1.481%	$97K	$376K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7145	−1.489%	$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	+0.0226%	1h	0.7158	−1.314%	$275K	$188K	20x	as long as short