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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 09:00 UTC+0.0133%/8h= +14.6% APRpaid last 24h −0.001%
Price spread now: Bullet against Bybit+0.019%7-day average +0.012% · 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−$20as in the Price arb table
costs, in and out, $10k−$200.204% of the position
Long on BybitShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.026%−$3 on $10k
Price spread, last 7 days−0.020%−$2 · spread now +0.019%, 7d avg +0.012%
Together, before fees−0.046%−$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBybit ETHUSDT2,731−0.0040get 0.0040% / 8h7h 38m$2.32B$4.30B150x
ShortBullet ETH-USD2,731.50.0094get 0.0012% / 1h38m 19s$177K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet 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

Funding earned
$28.01
Price spread: +0.019% → +0.012%
$0.66
Slippage, 4 orders
−$1.45
Fee Bybit: 5.5 bp × 2 orders
−$11
Fee Bullet: 4 bp × 2 orders
−$8
Net
$8.23
Costs to cover
0.204%
Break-even
4.9 days
Slippage from Bybit: live order book, 6 min ago; Bullet: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bybit live order book, 6 min ago0.02 bp5.5 bp −$66.0 bp −$607.7 bp −$76810.9 bp −$5,453
Sell Bullet live order book, 1 min ago0.18 bp5.2 bp −$59.3 bp −$93doesn't fitdoesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BloFin ETH-USDT−0.0180%8h2,730−0.036%$280.5M$177.6M150xas long as short
Perpl ETH−0.0112%43m2,730.7−0.009%$277K$5.7M8.3xas long as short
HTX ETH-USDT−0.0081%8h2,730−0.038%$1.05B$1.21B200xas long as short
Hotstuff ETH-PERP−0.0080%1h2,729.7−0.047%$5K$1K50xas long as short
Phemex ETHUSDT−0.0045%8h2,730.4−0.023%$263.1M$63.8M150xas long as short
Bybit ETHUSDTlong−0.0040%8h2,731long leg$2.32B$4.30B150x
Phoenix ETH−0.0012%1h2,731.6+0.023%$806K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,731.9+0.035%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,731.2+0.006%$10.6M$41.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,731.4+0.015%$6.7M$670.8M4.9xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Deribit ETH-PERPETUAL0.0000%1h2,732.4+0.051%$264.6M$219.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,732+0.039%$33.0M—200xas long as short
SunX ETH-USDT+0.0015%8h2,730.8−0.008%$940K$10.7M100xas long as short
ApeX Omni ETHUSDT+0.0033%1h2,729−0.073%$8.4M$31.2M100xas long as short
01 Exchange ETHUSD+0.0040%1h2,732.2+0.045%$191K$885K50xas long as short
SoDEX ETH-USD+0.0049%1h2,730.1−0.032%$54.4M$182.5M40xas long as short
Gate ETH_USDT+0.0062%8h2,731.5+0.020%$3.28B$8.25B200xas long as short
Hibachi ETH/USDT-P+0.0064%1h2,730.7−0.011%$237K$1.4M20xas long as short
OKX ETH-USDT-SWAP+0.0077%8h2,731.4+0.015%$1.66B$10.72B100xas long as short
Aster ETHUSDT+0.0079%8h2,731.4+0.017%$252.8M$848.5M200xas long as short
KuCoin ETHUSDTM+0.0083%8h2,731.6+0.023%$383.4M$575.5M100xas long as short
Aevo ETH-PERP+0.0088%1h2,729−0.072%$4.9M$195K20xas long as short
Binance ETHUSDT+0.0089%8h2,731.3+0.011%$6.32B$16.05B150xas long as short
MEXC ETH_USDT+0.0089%8h2,731.5+0.018%$1.57B$2.55B500xas long as short
Bullet ETH-USDshort+0.0094%1h2,731.5+0.019%$177K$1.7M20x
Lighter ETH+0.0096%1h2,730.6−0.012%$112.5M$401.4M50xas long as short
Lighter RH ETH+0.0096%1h2,731.9+0.032%$23.7M$95.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,730.1−0.030%—$30.4M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.8+0.030%$499K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,733.3+0.084%$15.4M$7.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,730.9−0.003%$14.3M$101.0M50xas long as short
Hyperliquid ETH+0.0100%1h2,733.9+0.107%$3.11B$2.03B25xas long as short
Pacifica ETH+0.0100%1h2,731.4+0.014%$32.1M$333.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,730.5−0.018%$2.7M$16.4M25xas long as short
Arcus ETH-USD+0.0100%1h2,731.9+0.032%$1.6M$15.8M25xas long as short
Bulk ETH-USD+0.0100%1h2,729.4−0.058%$164.7M$339.6M25xas long as short
Bitget ETHUSDT+0.0100%8h2,731.8+0.030%$2.11B$2.75B150xas long as short
BingX ETH-USDT+0.0100%8h2,731.3+0.010%—$1.05B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,729.9−0.041%$15.2M$39.9M50xas long as short
Variational Omni ETH+0.0100%8h2,728.7−0.083%$131.4M$316.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,729.6−0.049%$185.7M$682.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,730.9−0.003%$158.8M$79.8M50xas long as short
StandX ETH-USD+0.0100%1h2,731.5+0.019%$21.0M$70.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,732.9+0.069%—$441K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,732+0.037%$11.2M$9.3M50xas long as short
Derive ETH-PERP+0.0100%1h2,731.1+0.003%$40.6M$29.2M15xas long as short
Extended ETH-USD+0.0104%1h2,730.8−0.006%$30.5M$71.2M50xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,730.8−0.006%$81.9M$309.6M100xas long as short
Aftermath Perps ETHUSD+0.0119%1h2,731.6+0.022%$30K$20K20xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,731.5+0.019%$46.2M$4.24B50xas long as short
RISEx ETH/USDC+0.0137%1h2,732.2+0.045%$5.7M$11.4M25xas long as short
Reya ETHRUSDPERP+0.0173%1h2,730.8−0.007%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,733.8+0.104%$32.2M$11.3M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,730.3−0.025%$117K$20.2M52xas long as short
Bluefin ETH-PERP+0.2321%1h2,731.7+0.027%$20K$23K25xas long as short