Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0714%/8h= +78.1% APRpaid last 24h +0.142%

Price spread now: Bitget against Deribit−0.029%7-day average — · you buy dearer than you sell

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

Long on Deribit 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

Funding pays, the price is against you. Bitget is 0.029% cheaper against Deribit than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.6942	−0.0614	get 0.0077% / 1h	43m 16s	$39K	$10K	10x
Short	Bitget ETHFIUSDT	0.6940	0.0100	get 0.0050% / 4h	2h 43m	$6.0M	$5.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now −0.029%Rate

Funding earned: $149.85
Price spread: −0.029% → 0.000%: −$2.88
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $127.97
Costs to cover: 0.190%
Break-even: 1.0 days

Slippage unknown: Deribit: no order-book sample; Bitget: 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 Deribit no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	2.15 bp	15.0 bp −$15	33.3 bp −$333	doesn't fit	doesn't fit

Deribit: 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-PERPETUALlong	−0.0614%	1h	0.6942	long leg	$39K	$10K	10x
HTX ETHFI-USDT	−0.0416%	4h	0.6937	−0.072%	$81K	$182K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0411%	1h	0.6961	+0.267%	$277K	$262K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0261%	4h	0.6941	−0.014%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0192%	4h	0.6943	+0.014%	$17.3M	$12.7M	25x	as long as short
Variational Omni ETHFI	−0.0084%	4h	0.6950	+0.119%	$948K	$724K	—	as long as short
Binance ETHFIUSDT	−0.0009%	4h	0.6940	−0.025%	$24.1M	$35.4M	75x	as long as short
Aster ETHFIUSDT	−0.0008%	4h	0.6951	+0.128%	$178K	$258K	10x	as long as short
Extended ETHFI-USD	−0.0008%	1h	0.6938	−0.057%	$94K	$506K	10x	as long as short
MEXC ETHFI_USDT	−0.0006%	4h	0.6950	+0.115%	$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	+0.0017%	8h	0.6948	+0.088%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.293%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6947	+0.072%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6951	+0.125%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6952	+0.147%	$17.0M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6949	+0.101%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6952	+0.144%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6949	+0.101%	$1.2M	$230K	50x	as long as short
Bitget ETHFIUSDTshort	+0.0100%	4h	0.6940	−0.029%	$6.0M	$5.2M	75x
BingX ETHFI-USDC	+0.0100%	4h	0.6948	+0.086%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6952	+0.147%	$63K	$126K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6956	+0.202%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0172%	4h	0.6949	+0.101%	$1.2M	$237K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	+1.613%	$31K	$5K	50x	as long as short