Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.012%

Price spread now: BingX against Coinbase International−0.070%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now −0.070%, 7d avg −0.050%

Together, before fees−0.036%−$4 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: BingX is 0.021% cheaper against Coinbase International than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,778	0.0104	pay 0.0013% / 1h	21m 05s	$60.1M	$4.63B	50x
Short	BingX ETH-USDC	2,776	0.0100	get 0.0100% / 8h	2h 21m	—	$17.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$0.84
Price spread: −0.070% → −0.050%: −$2.05
Slippage, 4 orders: −$0.36
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$23.25
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; BingX: 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 Coinbase International live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.1 bp −$51	8.8 bp −$877	20.5 bp −$10.2K
Sell BingX live order book, 2 min ago	0.16 bp	5.2 bp −$5	5.2 bp −$52	5.7 bp −$570	9.5 bp −$4,770

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	−0.0112%	43m	2,776	−0.071%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	−0.081%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	−0.053%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,778.2	+0.009%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.164%	$858K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,778	+0.001%	$5.8M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,774.7	−0.117%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.6	+0.023%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.9	−0.040%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,776.1	−0.066%	$267.3M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,776	−0.071%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.8	−0.043%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,776.2	−0.064%	$256.8M	$995.8M	200x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,776.7	−0.047%	$8.8M	$32.6M	100x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,776.4	−0.057%	$1.60B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.8	−0.078%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,776.4	−0.057%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.3	−0.061%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,776.2	−0.064%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,775.9	−0.074%	$183K	$1.8M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,778.1	+0.003%	$258.5M	$225.0M	50x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.137%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777	−0.036%	$115.2M	$514.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.2	+0.010%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	−0.042%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,778.3	+0.011%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.5	+0.019%	$489K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,777.6	−0.014%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.9	+0.034%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779	+0.037%	$31.3M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776.2	−0.062%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.6	−0.013%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.9	+0.068%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.005%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.3	−0.059%	$423.0M	$741.9M	100x	as long as short
BingX ETH-USDCshort	+0.0100%	8h	2,776	−0.070%	—	$17.3M	—
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.6	−0.050%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	−0.038%	$178.5M	$792.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	−0.033%	$161.6M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	−0.035%	$21.4M	$57.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.9	+0.034%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777	−0.036%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.025%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.6	−0.048%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.2	−0.063%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776	−0.071%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.1	+0.005%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.9	−0.074%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0104%	1h	2,778	long leg	$60.1M	$4.63B	50x
Kalshi KXETHPERP	+0.0121%	8h	2,777.7	−0.009%	$8.5M	$673.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,779.2	+0.045%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.069%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.6	−0.083%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.5	−0.015%	$86.6M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.044%	$284K	$1.5M	20x	as long as short