Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.018%

Price spread now: gTrade (Gains Network) against BingX−0.046%46s7-day average +0.030% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.185% of the position

Long on BingX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.039%−$4 on $10k

Price spread, last 3 days (all we have)+0.113%+$11 · spread now −0.046%, 7d avg +0.030%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and gTrade (Gains Network) is 0.076% cheaper against BingX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.030%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDC	2,747	0.0042	pay 0.0042% / 8h	5h 59m	—	$18.5M	—
Short	gTrade (Gains Network) ETH/USD	2,745.8	L +0.0006% / S −0.0006%	get 0.0001% / 1h	59m 43s	$22.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.046%Rate

Funding earned: −$7.58
Price spread: −0.046% → +0.030%: −$7.59
Slippage, 4 orders: −$1.53
Fee BingX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$33.7
Costs to cover: 0.185%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; gTrade (Gains Network): virtual book (oracle venue), 4 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, 9 min ago	0.24 bp	5.2 bp −$5	5.6 bp −$56	6.8 bp −$684	9.3 bp −$4,647
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,452

ETH on 54 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	−0.0112%	43m	2,746.4	−0.024%	$306K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.8	+0.028%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.6	−0.052%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.050%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.6	+0.056%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,745.8	−0.046%	$22.2M	—	200x
01 Exchange ETHUSD	+0.0024%	1h	2,748	+0.036%	$183K	$981K	50x	as long as short
BingX ETH-USDClong	+0.0042%	8h	2,747	long leg	—	$18.5M	—
OKX ETH-USDT-SWAP	+0.0053%	8h	2,747.7	+0.024%	$1.70B	$10.63B	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,748	+0.035%	$369.8M	$602.2M	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ETHUSDT	+0.0073%	8h	2,747.8	+0.028%	$252.7M	$842.8M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.8	+0.028%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,743.4	−0.130%	$4.9M	$167K	20x	as long as short
HTX ETH-USDT	+0.0083%	8h	2,745.7	−0.048%	$1.06B	$1.18B	200x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,747.9	+0.033%	$1.58B	$2.50B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,747.9	+0.032%	$6.39B	$15.83B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,746.3	−0.028%	$58.6M	$4.28B	50x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,748.3	+0.046%	$8.8M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,748.2	+0.044%	$113.0M	$430.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.5	+0.092%	$24.8M	$108.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.5	+0.017%	—	$31.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.3	+0.157%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.3	+0.010%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.1	−0.034%	$13.9M	$107.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750	+0.108%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.7	+0.061%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.1	+0.038%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.3	−0.063%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748	+0.036%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,747.8	+0.029%	$3.40B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747.7	+0.024%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.3	−0.064%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.015%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.2	+0.042%	$182.1M	$701.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.053%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	+0.043%	$21.3M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747	+0.001%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.5	−0.019%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.2	−0.066%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	−0.030%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.5	+0.017%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.6	−0.051%	$962K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.4	−0.059%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.9	−0.041%	$267.3M	$65.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.029%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.7	−0.012%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,747.4	+0.014%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0118%	1h	2,746.8	−0.009%	$258.9M	$196.3M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,746.8	−0.008%	$7.9M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,748.3	+0.046%	$32.3M	$11.0M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	+0.047%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,745	−0.074%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,750	+0.109%	$250K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,746.3	−0.028%	$88.1M	$310.8M	100x	as long as short