Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.010%

Price spread now: Bullet against OKX−0.017%7-day average +0.017% · 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−$25as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on OKX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.017%, 7d avg +0.017%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bullet is 0.034% cheaper against OKX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,729.4	0.0076	pay 0.0076% / 8h	3h 25m	$1.66B	$10.73B	100x
Short	Bullet ETH-USD	2,729	0.0026	get 0.0003% / 1h	25m 22s	$177K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against OKX. 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 OKXbpFee BulletbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$10.54
Price spread: −0.017% → +0.017%: −$3.36
Slippage, 4 orders: −$3.58
Fee OKX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$35.47
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Bullet: 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 OKX live order book, 4 min ago	0.02 bp	5.5 bp −$5	6.1 bp −$61	7.2 bp −$718	9.2 bp −$4,602
Sell Bullet live order book, 4 min ago	0.37 bp	5.8 bp −$6	7.7 bp −$77	doesn't fit	doesn't fit

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	2,730.7	+0.044%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.3	+0.032%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,729.2	−0.008%	$1.06B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.1	+0.061%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,739	+0.350%	$821K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.5	+0.001%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0009%	1h	2,731.3	+0.067%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USDshort	+0.0026%	1h	2,729	−0.017%	$177K	$1.7M	20x
BingX ETH-USDC	+0.0033%	8h	2,728.3	−0.041%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,729.2	−0.009%	$2.36B	$4.37B	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	2,730.2	+0.028%	$186K	$815K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,729.4	−0.001%	$379.0M	$573.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0069%	1h	2,731.7	+0.084%	$259.5M	$200.2M	50x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,731.1	+0.060%	$957K	$11.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,732.1	+0.096%	$8.6M	$31.2M	100x	as long as short
OKX ETH-USDT-SWAPlong	+0.0076%	8h	2,729.4	long leg	$1.66B	$10.73B	100x
Aster ETHUSDT	+0.0080%	8h	2,729	−0.015%	$250.6M	$841.1M	200x	as long as short
Phemex ETHUSDT	+0.0085%	8h	2,731.2	+0.066%	$264.8M	$65.1M	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.4	−0.001%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,728.9	−0.019%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,729	−0.016%	$6.34B	$15.93B	150x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,730.6	+0.042%	$54.4M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,730.5	+0.040%	$112.4M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.7	+0.083%	$23.4M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.9	+0.054%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.134%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.6	+0.006%	$498K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732	+0.095%	$15.6M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.2	+0.029%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.6	+0.079%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.2	+0.063%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	+0.006%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	+0.047%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.256%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.8	+0.014%	$3.33B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.5	+0.002%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.6	+0.042%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.6	+0.007%	$133.3M	$321.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.8	+0.087%	$183.8M	$670.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	+0.191%	$159.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.2	+0.138%	$21.0M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	+0.063%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.1	+0.061%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.4	+0.073%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.117%	$41.2M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.7	−0.026%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,730.4	+0.033%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,734.3	+0.179%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,732.2	+0.101%	$6.5M	$684.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.2	+0.064%	$50.9M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,731.2	+0.063%	$83.2M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,733.1	+0.134%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,728.6	−0.030%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.4	+0.108%	$242K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,732	+0.094%	$282.9M	$174.9M	150x	as long as short