Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.013%

Price spread now: BingX against gTrade (Gains Network)−0.036%7-day average −0.030% · 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−$19as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on gTrade (Gains Network)Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now −0.036%, 7d avg −0.030%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ETH/USD	2,770.1	L +0.0006% / S −0.0006%	pay 0.0001% / 1h	4m 30s	$22.4M	—	200x
Short	BingX ETH-USDC	2,769.1	0.0018	get 0.0018% / 8h	2h 04m	—	$17.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BingXbpOrdersPrice spread, now −0.036%Rate

Funding earned: $2.48
Price spread: −0.036% → −0.030%: −$0.64
Slippage, 4 orders: −$1.3
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$16.46
Costs to cover: 0.183%
Break-even: 53.5 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 5 min ago; BingX: live order book, 4 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.52 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,444
Sell BingX live order book, 4 min ago	0.11 bp	5.1 bp −$5	5.5 bp −$55	7.6 bp −$758	10.3 bp −$5,171

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	2,769.3	−0.030%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.220%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.7	−0.014%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,769.6	−0.018%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.9	+0.029%	$884K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.8	−0.011%	$5.7M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	+0.009%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0006% / S −0.0006%	1h	2,770.1	long leg	$22.4M	—	200x
Aftermath Perps ETHUSD	+0.0007%	1h	2,772.1	+0.073%	$29K	$22K	20x	as long as short
BingX ETH-USDCshort	+0.0018%	8h	2,769.1	−0.036%	—	$17.4M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0021%	1h	2,770.8	+0.025%	$258.5M	$225.1M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,769	−0.039%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,770.1	−0.001%	$13.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,769.8	−0.010%	$266.8M	$66.0M	150x	as long as short
ApeX Omni ETHUSDT	+0.0031%	1h	2,771	+0.034%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,769.1	−0.036%	$256.1M	$995.6M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,767.2	−0.106%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,769.2	−0.031%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,769.2	−0.032%	$6.43B	$17.23B	150x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,769.2	−0.033%	$182K	$1.8M	20x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,768.9	−0.042%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,769.3	−0.028%	$3.28B	$9.70B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,769.9	−0.008%	$114.6M	$515.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.3	+0.042%	$25.4M	$123.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.3	+0.008%	—	$41.8M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,769.1	−0.035%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,768.9	−0.042%	$141.0M	$320.9M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	−0.033%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	−0.007%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769	−0.038%	$14.5M	$118.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.3	+0.043%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770	−0.004%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.1	−0.036%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.032%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.4	+0.045%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	+0.016%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.3	−0.031%	$421.9M	$742.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.8	−0.012%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.8	+0.027%	$179.5M	$782.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.049%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	+0.011%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.8	+0.025%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	+0.011%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.8	+0.061%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.6	−0.055%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,769.2	−0.032%	$55.1M	$228.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770	−0.003%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.7	−0.050%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,770.6	+0.018%	$59.8M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,770.3	+0.007%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.3	+0.081%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,769.2	−0.032%	$285.8M	$195.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.1	−0.037%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.4	+0.011%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.3	+0.044%	$285K	$1.5M	20x	as long as short