Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.016%

Price spread now: Deribit against BingX−0.030%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

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. Deribit is 0.030% cheaper against BingX than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 44 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.049% in total) that is about 4.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDT	2,783.2	0.0016	pay 0.0016% / 8h	48m 57s	—	$1.21B	—
Short	Deribit ETH-PERPETUAL	2,782.4	0.0070	get 0.0009% / 1h	48m 57s	$258.9M	$222.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now −0.030%Rate

Funding earned: $11.34
Price spread: −0.030% → 0.000%: −$2.98
Slippage, 4 orders: −$2.47
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.12
Costs to cover: 0.195%
Break-even: 13.9 days

Slippage from BingX: live order book, 5 min ago; Deribit: live order book, 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 BingX live order book, 5 min ago	0.04 bp	5.0 bp −$5	5.1 bp −$51	5.1 bp −$511	5.4 bp −$2,678
Sell Deribit live order book, 5 min ago	0.72 bp	5.0 bp −$5	5.6 bp −$56	11.5 bp −$1,149	22.7 bp −$11.3K

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
Perpl ETH	−0.0447%	43m	2,782.8	−0.015%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,781.7	−0.052%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0110%	1h	2,783.3	+0.004%	$8.8M	$32.8M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.025%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782.2	−0.036%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,782.4	−0.029%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0009%	1h	2,782.9	−0.012%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,783.1	−0.004%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.6	+0.014%	$887K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,782.7	−0.018%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDTlong	+0.0016%	8h	2,783.2	long leg	—	$1.21B	—
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.2	+0.001%	$1.71B	$11.93B	100x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,781.2	−0.073%	$271.0M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,782.7	−0.019%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,782.6	−0.022%	$256.8M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,781.4	−0.063%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,783.3	+0.003%	$1.60B	$2.63B	500x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,783.3	+0.003%	$2.11B	$3.11B	150x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,783.1	−0.005%	$6.46B	$17.28B	150x	as long as short
Deribit ETH-PERPETUALshort	+0.0070%	1h	2,782.4	−0.030%	$258.9M	$222.8M	50x
Bullet ETH-USD	+0.0071%	1h	2,781.9	−0.045%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,783.2	0.000%	$3.31B	$9.59B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,782.4	−0.028%	$60.4M	$4.61B	50x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,781.7	−0.052%	$423.1M	$739.2M	100x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,780.9	−0.083%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.4	+0.005%	$2.52B	$4.64B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,781.9	−0.047%	$116.2M	$495.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,783	−0.006%	$25.4M	$120.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,782.8	−0.015%	—	$41.9M	500x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,782.8	−0.015%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,781.9	−0.046%	$16.0M	$10.3M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.1	−0.040%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,782.8	−0.013%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,783.9	+0.023%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.3	+0.003%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,781.3	−0.068%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783	−0.006%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.036%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,780.9	−0.083%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,782.7	−0.019%	$147.8M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,783.9	+0.026%	$182.2M	$781.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,783.7	+0.019%	$161.9M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784	+0.029%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,783	−0.007%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780.5	−0.098%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.1	−0.004%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,781.6	−0.057%	$975K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,780.8	−0.086%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,782.8	−0.014%	$32.7M	$77.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,782.2	−0.037%	$86.9M	$333.3M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,782.4	−0.029%	$8.5M	$682.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,782.6	−0.023%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,781	−0.081%	$284.9M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,781.8	−0.050%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,785	+0.064%	$271K	$1.5M	20x	as long as short