Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against Binance+0.027%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Binance Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 7 days+0.002%$0 · spread now +0.027%, 7d avg +0.007%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.021% dearer against Binance than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of +0.007%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ETHUSDT	2,743.1	0.0095	pay 0.0095% / 8h	5h 09m	$6.38B	$15.68B	150x
Short	gTrade (Gains Network) ETH/USD	2,743.9	L +0.0007% / S −0.0007%	get 0.0001% / 1h	9m 23s	$25.1M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Binance. 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 BinancebpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.027%Rate

Funding earned: −$18.3
Price spread: +0.027% → +0.007%: $2.09
Slippage, 4 orders: −$1.13
Fee Binance: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$34.33
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 5 min ago.

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 Binance live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$587	8.3 bp −$4,169
Sell gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,450

ETH on 55 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
Hotstuff ETH-PERP	−0.0080%	1h	2,744.2	+0.038%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.275%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,744	+0.030%	$12.1M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,743.4	+0.007%	$305K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.9	+0.065%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0007% / S −0.0007%	1h	2,743.9	+0.027%	$25.1M	—	200x
Phoenix ETH	+0.0017%	1h	2,744.6	+0.053%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,744.2	+0.038%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,744.4	+0.046%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDC	+0.0054%	8h	2,743	−0.006%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0067%	8h	2,743.4	+0.010%	$1.71B	$10.55B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,743.1	0.000%	$381.8M	$575.1M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,743.3	+0.007%	$182K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,743.8	+0.025%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,743.1	−0.001%	$253.8M	$840.9M	200x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,743.2	+0.002%	$54.6M	$187.5M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,743	−0.005%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDTlong	+0.0095%	8h	2,743.1	long leg	$6.38B	$15.68B	150x
Lighter ETH	+0.0096%	1h	2,743.6	+0.017%	$112.8M	$436.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.9	+0.064%	$24.7M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.2	+0.038%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,740.6	−0.093%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.5	+0.048%	$54.9M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,747.7	+0.168%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.3	+0.006%	$467K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.7	+0.019%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.6	+0.089%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744	+0.031%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743.4	+0.010%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.3	+0.079%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.9	+0.026%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.125%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.6	+0.017%	$3.39B	$8.78B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.6	+0.018%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.2	+0.038%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	−0.002%	$133.1M	$325.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.7	−0.016%	$182.3M	$665.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.1	+0.070%	$159.6M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.9	+0.137%	$21.2M	$68.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.5	+0.049%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.4	+0.046%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.3	+0.078%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.3	−0.031%	$961K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,743.1	−0.001%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.4	+0.010%	$266.6M	$64.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.6	−0.019%	$30.7M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0136%	1h	2,745.2	+0.074%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,744.5	+0.049%	$7.7M	$670.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0169%	1h	2,744.8	+0.059%	$260.0M	$195.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,745.6	+0.088%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0215%	8h	2,743.2	+0.003%	$284.9M	$179.7M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.1	+0.036%	$86.5M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,742.2	−0.033%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,747	+0.140%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0364%	1h	2,743.8	+0.024%	$21K	$20K	25x	as long as short