Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.007%

Price spread now: HTX against Bullet−0.036%7-day average −0.010% · 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−$26as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now −0.036%, 7d avg −0.010%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and HTX is 0.026% cheaper against Bullet than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ETH-USD	2,729.4	0.0061	pay 0.0008% / 1h	50m 05s	$178K	$1.7M	20x
Short	HTX ETH-USDT	2,728.4	−0.0015	pay 0.0015% / 8h	2h 50m	$1.05B	$1.21B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bullet. 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 BulletbpFee HTXbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$15.87
Price spread: −0.036% → −0.010%: −$2.56
Slippage, 4 orders: −$3.48
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$41.91
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Bullet: live order book, 4 min ago; HTX: live order book, 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 Bullet live order book, 4 min ago	0.18 bp	5.5 bp −$5	9.1 bp −$91	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.2 bp −$722	11.4 bp −$5,687

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	−0.0335%	43m	2,730	+0.022%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.4	+0.037%	$5K	$1K	50x	as long as short
HTX ETH-USDTshort	−0.0015%	8h	2,728.4	−0.036%	$1.05B	$1.21B	200x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.7	+0.012%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,730.9	+0.055%	$815K	$3.0M	25x	as long as short
dYdX ETH-USD	+0.0003%	1h	2,730.2	+0.030%	$10.7M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.9	+0.018%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,730.1	+0.026%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,728	−0.051%	—	$1.13B	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,727.7	−0.061%	$2.36B	$4.40B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,731.1	+0.062%	$186K	$785K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0051%	1h	2,729.3	−0.004%	$258.4M	$203.2M	50x	as long as short
Bullet ETH-USDlong	+0.0061%	1h	2,729.4	long leg	$178K	$1.7M	20x
SunX ETH-USDT	+0.0063%	8h	2,727.2	−0.080%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,728.1	−0.048%	$377.7M	$576.7M	100x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,729.2	−0.008%	$30K	$20K	20x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,726.4	−0.109%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,728.1	−0.049%	$252.3M	$843.1M	200x	as long as short
MEXC ETH_USDT	+0.0085%	8h	2,727.8	−0.057%	$1.56B	$2.55B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0085%	8h	2,728.3	−0.041%	$1.67B	$10.75B	100x	as long as short
Binance ETHUSDT	+0.0086%	8h	2,727.8	−0.058%	$6.32B	$15.98B	150x	as long as short
Phemex ETHUSDT	+0.0089%	8h	2,727.8	−0.058%	$264.0M	$64.1M	150x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,727	−0.089%	$8.7M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.5	−0.034%	$111.8M	$429.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.3	−0.005%	$23.4M	$102.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.3	+0.035%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730	+0.022%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.9	+0.130%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.2	+0.030%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.1	+0.026%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.1	+0.061%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.004%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.1	+0.061%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729	−0.016%	$165.1M	$317.5M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728	−0.050%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.8	−0.059%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.068%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.7	+0.012%	$134.4M	$324.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.8	−0.095%	$183.1M	$672.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	−0.024%	$158.8M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.2	+0.029%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.5	+0.078%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.8	+0.088%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.2	−0.007%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730	+0.021%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.9	−0.055%	$54.3M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.6	−0.066%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,728.9	−0.019%	$50.1M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.8	+0.053%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,730.6	+0.044%	$6.3M	$689.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,728.4	−0.035%	$83.0M	$316.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,730.9	+0.055%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0204%	1h	2,729.6	+0.008%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,731.1	+0.062%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0341%	8h	2,730.3	+0.033%	$282.7M	$174.6M	150x	as long as short