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 +0.007%

Price spread now: Coinbase International against HTX+0.060%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now +0.060%, 7d avg +0.048%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ETH-USDT	2,777.2	0.0100	pay 0.0100% / 8h	2h 22m	$1.08B	$1.32B	200x
Short	Coinbase International ETH-PERP-INTX	2,778.9	0.0104	get 0.0013% / 1h	22m 01s	$60.3M	$4.63B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.060%Rate

Funding earned: $0.84
Price spread: +0.060% → +0.048%: $1.21
Slippage, 4 orders: −$0.07
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$20.02
Costs to cover: 0.221%
Break-even: 173.9 days

Slippage from HTX: live order book, 2 min ago; Coinbase International: 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 HTX live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	8.2 bp −$824	12.2 bp −$6,096
Sell Coinbase International live order book, 2 min ago	0.02 bp	5.0 bp −$5	5.3 bp −$53	7.3 bp −$732	20.7 bp −$10.4K

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	2,776.2	−0.035%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	−0.054%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	−0.025%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	−0.014%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.136%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.7	−0.019%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	−0.004%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,773.9	−0.117%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.1	+0.034%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,777	−0.006%	$267.4M	$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
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.210%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,776.3	−0.032%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,778.1	+0.032%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,777.1	−0.004%	$256.9M	$995.8M	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,777.4	+0.006%	$1.61B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.9	−0.045%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0048%	8h	2,776.8	−0.013%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.2	0.000%	$3.29B	$9.66B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,777.5	+0.010%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,777.4	+0.008%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.109%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777.8	+0.021%	$115.4M	$514.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.1	+0.068%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.2	+0.037%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	−0.043%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	−0.039%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	−0.034%	$15.3M	$117.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.090%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.9	−0.010%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776.6	−0.021%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.6	−0.057%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.3	+0.040%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.406%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.3	+0.005%	$423.2M	$742.1M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,777.1	−0.004%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.017%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.9	−0.225%	$178.1M	$791.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.156%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	−0.036%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.016%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.051%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.017%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.084%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.6	−0.056%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,777.1	−0.003%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDTlong	+0.0100%	8h	2,777.2	long leg	$1.08B	$1.32B	200x
Extended ETH-USD	+0.0104%	1h	2,776.7	−0.018%	$31.4M	$76.0M	50x	as long as short
Coinbase International ETH-PERP-INTXshort	+0.0104%	1h	2,778.9	+0.060%	$60.3M	$4.63B	50x
Deribit ETH-PERPETUAL	+0.0121%	1h	2,778.9	+0.061%	$258.5M	$224.9M	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777.6	+0.015%	$8.6M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,780	+0.100%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,776.3	−0.033%	$285.2M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,777.5	+0.010%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.4	+0.045%	$87.0M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.072%	$284K	$1.5M	20x	as long as short