Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: Coinbase International against Extended+0.071%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Extended Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.071%, 7d avg +0.066%

Together, before fees−0.050%+ Points / potential airdropExtended: Active · farm board−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ETH-USD	2,727.8	0.0104	pay 0.0013% / 1h	53m 10s	$30.6M	$73.8M	50x
Short	Coinbase International ETH-PERP-INTX	2,729.8	0.0104	get 0.0013% / 1h	53m 10s	$50.1M	$4.28B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Extended. 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 ExtendedbpFee Coinbase InternationalbpOrdersPrice spread, now +0.071%Rate

Funding earned: $0
Price spread: +0.071% → +0.066%: $0.51
Slippage, 4 orders: −$0.4
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$14.89
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from Extended: live order book, 6 min ago; Coinbase International: 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 Extended live order book, 6 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	3.5 bp −$349	11.5 bp −$5,755
Sell Coinbase International live order book, 1 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	7.4 bp −$737	20.3 bp −$10.2K

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	2,727.3	−0.021%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	+0.002%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0018%	8h	2,728.2	+0.014%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.6	+0.029%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,727.6	−0.009%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.3	−0.020%	$10.7M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.6	+0.028%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,727.5	−0.012%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0030%	8h	2,728.4	+0.019%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,728.9	+0.038%	$2.36B	$4.39B	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	+0.0048%	1h	2,728.1	+0.010%	$186K	$785K	50x	as long as short
SunX ETH-USDT	+0.0059%	8h	2,727.3	−0.019%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,729.1	+0.045%	$378.1M	$576.6M	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,728.2	+0.015%	$178K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,729.8	+0.070%	$258.5M	$203.1M	50x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,728.9	+0.039%	$252.4M	$842.9M	200x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,728.3	+0.017%	$30K	$20K	20x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,726.3	−0.057%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,729.1	+0.045%	$1.56B	$2.55B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0085%	8h	2,729.3	+0.054%	$1.67B	$10.75B	100x	as long as short
Binance ETHUSDT	+0.0085%	8h	2,728.9	+0.041%	$6.33B	$15.97B	150x	as long as short
Phemex ETHUSDT	+0.0089%	8h	2,728.9	+0.039%	$264.1M	$64.1M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,728.9	+0.038%	$111.8M	$428.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.1	+0.082%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.8	−0.001%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.9	−0.034%	$500K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.3	+0.055%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.6	−0.008%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.3	+0.127%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.2	+0.013%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.4	−0.016%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728	+0.006%	$1.5M	$16.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.1	+0.045%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.1	+0.047%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.9	+0.037%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	+0.037%	$134.6M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.4	−0.018%	$183.2M	$672.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731	+0.116%	$158.9M	$87.3M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,729.4	+0.058%	$8.7M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.9	+0.002%	$21.0M	$73.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.6	+0.027%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.6	+0.065%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.9	+0.040%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730	+0.081%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,728.6	+0.028%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.032%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USDlong	+0.0104%	1h	2,727.8	long leg	$30.6M	$73.8M	50x
Coinbase International ETH-PERP-INTXshort	+0.0104%	1h	2,729.8	+0.071%	$50.1M	$4.28B	50x
RISEx ETH/USDC	+0.0108%	1h	2,727.9	+0.003%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0134%	8h	2,728.8	+0.035%	$6.3M	$688.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,729.3	+0.054%	$83.0M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,730.4	+0.095%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,727.7	−0.006%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.8	0.000%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0339%	8h	2,728.9	+0.039%	$282.5M	$174.5M	150x	as long as short