Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: SunX against Bulk−0.067%7-day average −0.042% · 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−$21as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on Bulk Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.088%−$9 · spread now −0.067%, 7d avg −0.042%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.026% cheaper against Bulk than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,730.9	0.0100	pay 0.0013% / 1h	41m 23s	$166.8M	$318.0M	25x
Short	SunX ETH-USDT	2,729.1	0.0100	get 0.0100% / 8h	4h 41m	$957K	$11.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.042%: −$2.55
Slippage, 4 orders: −$3.21
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$20.76
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Bulk: live order book, 3 min ago; SunX: live order book, 8 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, 3 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.3 bp −$430	5.8 bp −$2,898
Sell SunX live order book, 8 min ago	0.26 bp	6.9 bp −$7	7.2 bp −$72	8.8 bp −$875	10.6 bp −$5,310

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	2,729.8	−0.040%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,728.7	−0.080%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.9	−0.036%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.6	−0.011%	$11.9M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,729.9	−0.038%	$8.9M	$31.3M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.8	−0.040%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,730	−0.033%	$188K	$841K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.077%	$832K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,729.9	−0.036%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,731.1	+0.008%	$26.2M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0058%	1h	2,730.2	−0.025%	$54.4M	$187.6M	40x	as long as short
BingX ETH-USDT	+0.0059%	8h	2,730.6	−0.010%	—	$1.14B	—	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,729.5	−0.053%	$380.2M	$576.1M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,730	−0.032%	$1.67B	$10.70B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,730.8	−0.003%	$251.5M	$844.3M	200x	as long as short
HTX ETH-USDT	+0.0082%	8h	2,728	−0.107%	$1.05B	$1.19B	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,727.8	−0.114%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,730.8	−0.004%	$6.34B	$15.86B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,729.9	−0.036%	$1.52B	$2.55B	500x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,729.9	−0.036%	$2.39B	$4.34B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.8	−0.041%	$112.1M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.1	+0.009%	$23.2M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.2	−0.024%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,733.6	+0.100%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,730.5	−0.016%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.2	−0.062%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.7	−0.045%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.9	+0.037%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.4	−0.018%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.058%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.3	−0.023%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.7	−0.007%	$3.34B	$8.82B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.3	−0.020%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.8	−0.076%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.092%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.8	−0.004%	$183.7M	$669.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.7	−0.009%	$158.9M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.4	−0.018%	$21.1M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.5	−0.016%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.2	+0.011%	$11.1M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.9	+0.036%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,729.1	−0.067%	$957K	$11.4M	100x
Phemex ETHUSDT	+0.0100%	8h	2,729	−0.069%	$265.3M	$65.4M	150x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,730.9	long leg	$166.8M	$318.0M	25x
Extended ETH-USD	+0.0104%	1h	2,729	−0.070%	$30.4M	$72.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0105%	1h	2,731.7	+0.028%	$260.1M	$196.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730	−0.034%	$51.7M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0123%	1h	2,731.4	+0.020%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,728.5	−0.088%	$6.4M	$677.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.8	+0.068%	$32.1M	$11.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,729.2	−0.062%	$84.2M	$314.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,728.9	−0.072%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,730.5	−0.013%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0333%	8h	2,728.7	−0.079%	$284.6M	$174.8M	150x	as long as short
Bluefin ETH-PERP	+0.0360%	1h	2,731.1	+0.009%	$21K	$20K	25x	as long as short