Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.009%

Price spread now: Arcus against Bybit−0.005%7-day average +0.027% · 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−$20as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.005%, 7d avg +0.027%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.033% cheaper against Bybit than usual: you would sell low and buy high (spread −0.005% now, against its 7-day average of +0.027%). If the spread goes back, that is −$3 on $10k: about 31 hours of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.021% in total) that is about 6.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,731.8	0.0016	pay 0.0016% / 8h	7h 48m	$2.32B	$4.31B	150x
Short	Arcus ETH-USD	2,731.7	0.0100	get 0.0013% / 1h	48m 38s	$1.6M	$16.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now −0.005%Rate

Funding earned: $17.58
Price spread: −0.005% → +0.027%: −$3.28
Slippage, 4 orders: −$1.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$2.82
Costs to cover: 0.171%
Break-even: 8.1 days

Slippage from Bybit: live order book, 6 min ago; Arcus: live order book, 1 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 Bybit live order book, 6 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$702	10.5 bp −$5,241
Sell Arcus live order book, 1 min ago	0.02 bp	3.4 bp −$3	3.9 bp −$39	5.3 bp −$528	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
Phemex ETHUSDT	−0.0198%	8h	2,731.2	−0.022%	$263.2M	$63.8M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731.5	−0.012%	$277K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.8	−0.037%	$5K	$1K	50x	as long as short
BloFin ETH-USDT	−0.0015%	8h	2,731.2	−0.023%	$280.8M	$177.8M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,731	−0.029%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.6	−0.007%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.2	−0.022%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.6	−0.007%	$6.7M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,732	+0.008%	$264.7M	$218.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.7	−0.002%	$33.0M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0015%	8h	2,730.7	−0.039%	$1.05B	$1.21B	200x	as long as short
Bybit ETHUSDTlong	+0.0016%	8h	2,731.8	long leg	$2.32B	$4.31B	150x
ApeX Omni ETHUSDT	+0.0037%	1h	2,728.2	−0.133%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,732.3	+0.018%	$191K	$884K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,732	+0.007%	$1.66B	$10.74B	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,732	+0.007%	$252.4M	$848.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,731.1	−0.027%	$383.5M	$576.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0088%	1h	2,731.6	−0.008%	$241K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0093%	1h	2,731.1	−0.026%	$54.4M	$182.5M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,730.8	−0.036%	$1.57B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,731.8	−0.001%	$6.32B	$16.06B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.6	−0.009%	$112.6M	$400.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.8	+0.038%	$23.6M	$95.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.6	−0.044%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,728.6	−0.116%	$4.9M	$195K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.9	+0.004%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.4	+0.095%	$15.4M	$7.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731	−0.031%	$14.1M	$100.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.3	+0.055%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732	+0.007%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.3	−0.018%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USDshort	+0.0100%	1h	2,731.7	−0.005%	$1.6M	$16.0M	25x
Gate ETH_USDT	+0.0100%	8h	2,731.3	−0.019%	$3.30B	$8.22B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.1	+0.011%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,730.5	−0.046%	—	$18.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.4	−0.015%	$15.2M	$40.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.3	−0.053%	$131.3M	$316.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.1	−0.171%	$185.5M	$684.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	−0.104%	$158.7M	$80.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.9	+0.004%	$21.0M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.3	+0.056%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	+0.037%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,731.1	−0.024%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.6	−0.008%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.5	+0.025%	$40.6M	$29.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731	−0.031%	$946K	$10.6M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.8	−0.036%	$162.8M	$334.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.3	−0.056%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,731.6	−0.008%	$82.0M	$310.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0106%	1h	2,729.4	−0.088%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.3	+0.020%	$46.5M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732.3	+0.017%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0174%	1h	2,731.4	−0.016%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,733.5	+0.061%	$32.2M	$11.2M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,731.3	−0.018%	$117K	$19.3M	52x	as long as short