Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0462%/8h= −50.5% APRpaid last 24h −0.019%

Price spread now: Perpl against BingX−0.040%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Perpl is 0.040% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.135%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.135% in total (about 7.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDT	2,784.5	0.0015	pay 0.0015% / 8h	52m 02s	—	$1.21B	—
Short	Perpl ETH	2,783.4	−0.0447	pay 0.0040% / 43m	5m 02s	$288K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$96.92
Price spread: −0.040% → 0.000%: −$4.02
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$124.74
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 2 min ago; Perpl: 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 BingX live order book, 2 min ago	0.04 bp	5.0 bp −$5	5.1 bp −$51	5.1 bp −$511	5.4 bp −$2,678
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

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 ETHshort	−0.0447%	43m	2,783.4	−0.040%	$288K	$6.9M	8.3x
RISEx ETH/USDC	−0.0206%	1h	2,783	−0.056%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0131%	1h	2,779.8	−0.170%	$8.8M	$32.7M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.073%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,784.2	−0.012%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,784.6	+0.002%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,782	−0.091%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.5	−0.003%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,785	+0.017%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,783.8	−0.028%	$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	+0.0015%	8h	2,784.5	long leg	—	$1.21B	—
OKX ETH-USDT-SWAP	+0.0020%	8h	2,785.7	+0.043%	$1.71B	$11.93B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.3	−0.008%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0028%	8h	2,783.8	−0.026%	$271.3M	$68.8M	150x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,784.7	+0.005%	$257.0M	$1.00B	200x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,784.7	+0.004%	$1.60B	$2.63B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,784.4	−0.004%	$5.1M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,785.6	+0.038%	$2.11B	$3.11B	150x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,784.9	+0.013%	$6.46B	$17.26B	150x	as long as short
Bullet ETH-USD	+0.0067%	1h	2,783.7	−0.030%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,784.8	+0.009%	$3.31B	$9.58B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,785	+0.015%	$60.3M	$4.62B	50x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,785.5	+0.035%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,783.5	−0.038%	$424.0M	$739.3M	100x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,783.7	−0.029%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0093%	1h	2,783.1	−0.052%	$14.4M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,784.3	−0.008%	$116.3M	$495.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,785.6	+0.039%	$25.4M	$120.6M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,784.7	+0.006%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.5	−0.037%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783	−0.055%	$479K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786.3	+0.063%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.2	−0.014%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.8	−0.062%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,784.4	−0.004%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.237%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783.5	−0.038%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.112%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782.4	−0.079%	$182.1M	$780.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.1	−0.016%	$161.9M	$90.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,786.7	+0.078%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,785.2	+0.024%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784	−0.021%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,785.8	+0.046%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.2	−0.048%	$977K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.7	−0.030%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,784.7	+0.005%	$32.7M	$77.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.5	−0.002%	—	$41.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0120%	1h	2,785.3	+0.027%	$258.9M	$222.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.9	+0.012%	$86.8M	$332.7M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,784.5	−0.001%	$8.5M	$682.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.1	+0.055%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0185%	8h	2,785.9	+0.047%	$285.4M	$195.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0197%	1h	2,783.7	−0.030%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,785.1	+0.018%	$271K	$1.5M	20x	as long as short