Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0012%/8hnext payment +$0.01 per $10,000 · paid last 24h −0.005%

Price spread now: 01 Exchange against Bulk+0.044%7-day average +0.005% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Bulk Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.044%, 7d avg +0.005%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and 01 Exchange is 0.039% dearer against Bulk than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,762.6	0.0012	pay 0.0002% / 1h	6m 57s	$165.0M	$265.6M	25x
Short	01 Exchange ETHUSD	2,763.8	0.0024	get 0.0003% / 1h	6m 57s	$178K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.044%Rate

Funding earned: $2.42
Price spread: +0.044% → +0.005%: $3.94
Slippage, 4 orders: −$4.57
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$12.2
Costs to cover: 0.186%
Break-even: 42.3 days

Slippage from Bulk: live order book, 2 min ago; 01 Exchange: live order book, 2 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, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.2 bp −$416	5.6 bp −$2,794
Sell 01 Exchange live order book, 2 min ago	0.18 bp	6.9 bp −$7	12.2 bp −$122	doesn't fit	doesn't fit

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	−0.0223%	43m	2,762.1	−0.016%	$269K	$6.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0208%	1h	2,761.8	−0.028%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,761.1	−0.054%	$5K	$2K	50x	as long as short
SoDEX ETH-USD	−0.0019%	1h	2,762.1	−0.017%	$55.7M	$184.4M	40x	as long as short
Phoenix ETH	−0.0003%	1h	2,762.9	+0.012%	$928K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,763.2	+0.021%	$13.5M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,763.6	+0.035%	$22.4M	—	200x	as long as short
Bulk ETH-USDlong	+0.0012%	1h	2,762.6	long leg	$165.0M	$265.6M	25x
OKX ETH-USDT-SWAP	+0.0016%	8h	2,762.1	−0.017%	$1.73B	$11.32B	100x	as long as short
ApeX Omni ETHUSDT	+0.0018%	1h	2,761.7	−0.033%	$8.4M	$28.8M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0018%	1h	2,764.2	+0.057%	$258.4M	$209.2M	50x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0020% / S +0.0013%	1h	2,763.6	+0.037%	$12.3M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,762.4	−0.007%	$194K	$1.8M	20x	as long as short
01 Exchange ETHUSDshort	+0.0024%	1h	2,763.8	+0.044%	$178K	$1.2M	50x
Phemex ETHUSDT	+0.0029%	8h	2,762.6	+0.002%	$267.1M	$64.5M	150x	as long as short
MEXC ETH_USDT	+0.0038%	8h	2,762.1	−0.016%	$1.62B	$2.48B	500x	as long as short
Binance ETHUSDT	+0.0038%	8h	2,762.2	−0.013%	$6.57B	$16.31B	150x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,760.9	−0.061%	$5.0M	$651K	20x	as long as short
RISEx ETH/USDC	+0.0044%	1h	2,762.9	+0.013%	$5.8M	$12.2M	25x	as long as short
Gate ETH_USDT	+0.0051%	8h	2,762.3	−0.009%	$3.35B	$9.25B	200x	as long as short
Aster ETHUSDT	+0.0057%	8h	2,762.2	−0.014%	$268.4M	$947.4M	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,762.3	−0.011%	$2.10B	$3.00B	150x	as long as short
Aftermath Perps ETHUSD	+0.0075%	1h	2,763.6	+0.036%	$29K	$20K	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,760.4	−0.080%	$139.7M	$304.4M	—	as long as short
Lighter ETH	+0.0096%	1h	2,762.9	+0.013%	$115.2M	$498.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,764.3	+0.062%	$25.5M	$122.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,763.1	+0.017%	—	$44.1M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.9	+0.156%	$15.8M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,763	+0.015%	$481K	$2.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,761.4	−0.042%	$17.3M	$112.7M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,762.2	−0.014%	$31.2M	$265.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,762.4	−0.008%	$2.53B	$4.42B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,761.9	−0.025%	$2.9M	$15.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,763.7	+0.041%	$2.9M	$16.8M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,762.2	−0.013%	$413.5M	$711.1M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,762.5	−0.003%	—	$16.9M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,762.7	+0.003%	$15.3M	$41.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,761.2	−0.049%	$179.7M	$749.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,761.6	−0.036%	$160.6M	$95.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,762.1	−0.017%	$21.3M	$56.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,764.7	+0.077%	$11.4M	$7.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,763.8	+0.045%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,765.7	+0.112%	$42.9M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,761.2	−0.049%	$968K	$14.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,761.8	−0.029%	$1.08B	$1.24B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,763	+0.015%	—	$1.1M	50x	as long as short
Hyperliquid ETH	+0.0102%	1h	2,764.7	+0.077%	$3.23B	$2.20B	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,762	−0.020%	$31.5M	$75.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0113%	8h	2,765.4	+0.104%	$32.5M	$11.1M	100x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,763.2	+0.022%	$8.6M	$642.9M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0128%	1h	2,764.1	+0.054%	$59.6M	$4.57B	50x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,763.6	+0.036%	$278K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0154%	8h	2,762.2	−0.015%	$292.7M	$186.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0163%	1h	2,763.7	+0.042%	$85.4M	$322.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,761.6	−0.035%	$7.5M	$936K	25x	as long as short