Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.017%

Price spread now: OKX against Coinbase International+0.186%7-day average −0.043% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs+$2as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 3 days (all we have)−0.218%−$22 · spread now +0.186%, 7d avg −0.043%

Together, before fees−0.317%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.229% dearer against Coinbase International than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of −0.043%): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,743.9	0.0096	pay 0.0012% / 1h	56m 39s	$58.6M	$4.27B	50x
Short	OKX ETH-USDT-SWAP	2,749	0.0054	get 0.0054% / 8h	5h 56m	$1.70B	$10.59B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.186%Rate

Funding earned: −$8.78
Price spread: +0.186% → −0.043%: $22.9
Slippage, 4 orders: −$0.6
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$6.47
Costs to cover: 0.206%
Break-even: from the start

Slippage from Coinbase International: live order book, 3 min ago; OKX: live order book, 3 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	5.4 bp −$54	9.1 bp −$908	22.3 bp −$11.1K
Sell OKX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.9 bp −$2,928

ETH on 54 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	2,743.8	−0.004%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.199%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.6	−0.048%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.2	−0.027%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.163%	$847K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.8	+0.178%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743.2	−0.028%	$22.2M	—	200x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,748.8	+0.176%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,749.6	+0.207%	$183K	$966K	50x	as long as short
OKX ETH-USDT-SWAPshort	+0.0054%	8h	2,749	+0.186%	$1.70B	$10.59B	100x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0065%	8h	2,748.3	+0.157%	$369.4M	$598.6M	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,746.1	+0.077%	$252.5M	$841.0M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,749.8	+0.215%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,740.5	−0.123%	$4.9M	$159K	20x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,748.4	+0.164%	$6.39B	$15.75B	150x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,749.2	+0.190%	$1.57B	$2.51B	500x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,742.8	−0.040%	$182K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0086%	8h	2,743.1	−0.029%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,748.2	+0.154%	$113.0M	$430.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.1	+0.188%	$24.8M	$103.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.6	+0.061%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0096%	1h	2,743.9	long leg	$58.6M	$4.27B	50x
ApeX Omni ETHUSDT	+0.0097%	1h	2,747.1	+0.116%	$8.7M	$31.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,752.6	+0.315%	$16.2M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.1	+0.188%	$484K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.7	−0.010%	$13.9M	$106.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.2	+0.192%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749	+0.185%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.2	+0.190%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.4	+0.163%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.8	+0.213%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,749.4	+0.201%	$3.39B	$8.63B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,749.5	+0.202%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.4	−0.019%	$15.0M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	+0.097%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	+0.106%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.3	+0.123%	$159.7M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747	+0.112%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.2	+0.009%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.2	−0.027%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743.3	−0.024%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,744.7	+0.027%	$41.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.1	−0.066%	$961K	$11.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.7	−0.045%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.7	−0.007%	$267.1M	$65.2M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	+0.084%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.9	+0.182%	$30.6M	$72.6M	50x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,746.7	+0.101%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0118%	1h	2,743.9	−0.001%	$258.9M	$195.6M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,744	+0.003%	$7.9M	$670.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,745.4	+0.053%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,743.3	−0.022%	$88.0M	$309.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,742.5	−0.053%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,746.5	+0.094%	$250K	$1.4M	20x	as long as short