Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0259%/8h= −28.3% APRpaid last 24h −0.005%

Price spread now: HTX against Bulk−0.225%7-day average −0.035% · 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−$38as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bulk Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now −0.225%, 7d avg −0.035%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and HTX is 0.190% cheaper against Bulk than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.024% in total (about -2.4% 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	Bulk ETH-USD	2,729.4	0.0100	pay 0.0013% / 1h	29m 08s	$164.7M	$339.6M	25x
Short	HTX ETH-USDT	2,723.3	−0.0159	pay 0.0159% / 8h	7h 29m	$1.05B	$1.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bulk. 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 BulkbpFee HTXbpOrdersPrice spread, now −0.225%Rate

Funding earned: −$54.35
Price spread: −0.225% → −0.035%: −$18.99
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$92.42
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bulk: live order book, 5 min ago; HTX: 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 Bulk live order book, 5 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.4 bp −$2,195
Sell HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	8.4 bp −$843	12.4 bp −$6,198

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
BloFin ETH-USDT	−0.0161%	8h	2,723.6	−0.212%	$281.2M	$176.3M	150x	as long as short
HTX ETH-USDTshort	−0.0159%	8h	2,723.3	−0.225%	$1.05B	$1.20B	200x
SunX ETH-USDT	−0.0119%	8h	2,722	−0.271%	$938K	$10.5M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,723.2	−0.226%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.6	−0.212%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0068%	8h	2,723.2	−0.226%	$2.31B	$4.29B	150x	as long as short
ApeX Omni ETHUSDT	−0.0013%	1h	2,724.3	−0.185%	$8.3M	$31.3M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,732	+0.096%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.3	−0.223%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.5	−0.215%	$10.5M	$41.8M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,723.7	−0.208%	$6.7M	$669.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.7	−0.173%	$265.8M	$222.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724	−0.197%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0025%	8h	2,723.2	−0.227%	$3.27B	$8.27B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,723.2	−0.227%	$194K	$886K	50x	as long as short
Hibachi ETH/USDT-P	+0.0032%	1h	2,724.2	−0.190%	$237K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0043%	1h	2,723.4	−0.219%	$54.2M	$182.4M	40x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,723.5	−0.217%	$252.0M	$841.4M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,723.5	−0.215%	$1.65B	$10.59B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,723.9	−0.202%	$262.4M	$63.1M	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,723	−0.236%	$4.9M	$195K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,723.4	−0.218%	$6.30B	$15.97B	150x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,723.5	−0.215%	$382.2M	$564.2M	100x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,723.5	−0.214%	$1.58B	$2.56B	500x	as long as short
Bullet ETH-USD	+0.0087%	1h	2,722.7	−0.245%	$174K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,724.2	−0.191%	$112.3M	$402.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725.4	−0.148%	$23.6M	$96.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,723.9	−0.201%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,722.8	−0.241%	$497K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,726.9	−0.093%	$15.4M	$7.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,722.9	−0.238%	$14.3M	$100.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.8	−0.131%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.2	−0.190%	$31.9M	$331.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722.7	−0.245%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,723.2	−0.226%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,729.4	long leg	$164.7M	$339.6M	25x
Bitget ETHUSDT	+0.0100%	8h	2,723.4	−0.218%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,722.8	−0.241%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.3	−0.224%	$15.1M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.194%	$131.7M	$315.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.3	−0.186%	$185.3M	$683.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,724.3	−0.188%	$158.4M	$80.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.194%	$20.9M	$71.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,724.7	−0.174%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,722.5	−0.252%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.186%	$40.5M	$29.1M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.8	−0.242%	$30.3M	$70.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,724.3	−0.187%	$81.8M	$308.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,727.7	−0.063%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,724.5	−0.179%	$45.7M	$4.21B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,723.6	−0.213%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0172%	1h	2,721.9	−0.273%	$7.3M	$964K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0183%	8h	2,725.9	−0.127%	$32.1M	$10.8M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,728.1	−0.047%	$293K	$21.4M	52x	as long as short
Bluefin ETH-PERP	+0.1501%	1h	2,724.2	−0.191%	$20K	$23K	25x	as long as short