Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.010%

Price spread now: Bullet against SunX+0.034%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$230.228% of the position

Long on SunX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now +0.034%, 7d avg +0.013%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Bullet is 0.020% dearer against SunX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,727.3	0.0059	pay 0.0059% / 8h	2h 52m	$956K	$11.2M	100x
Short	Bullet ETH-USD	2,728.2	0.0071	get 0.0009% / 1h	52m 37s	$178K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against SunX. 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 SunXbpFee BulletbpOrdersPrice spread, now +0.034%Rate

Funding earned: $2.47
Price spread: +0.034% → +0.013%: $2.03
Slippage, 4 orders: −$6.76
Fee SunX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$18.26
Costs to cover: 0.228%
Break-even: 58.8 days

Slippage from SunX: live order book, 7 min ago; Bullet: 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 SunX live order book, 7 min ago	0.61 bp	6.3 bp −$6	6.3 bp −$63	9.1 bp −$913	doesn't fit
Sell Bullet live order book, 2 min ago	0.18 bp	6.0 bp −$6	8.8 bp −$88	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	2,727.3	−0.002%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.7	+0.088%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0018%	8h	2,728.2	+0.033%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.6	+0.048%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,727.6	+0.011%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.8	+0.054%	$10.7M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.6	+0.047%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,727.5	+0.007%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0030%	8h	2,730	+0.099%	—	$1.13B	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,729.9	+0.094%	$2.36B	$4.40B	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	+0.0040%	1h	2,730.6	+0.121%	$186K	$785K	50x	as long as short
SunX ETH-USDTlong	+0.0059%	8h	2,727.3	long leg	$956K	$11.2M	100x
KuCoin ETHUSDTM	+0.0067%	8h	2,730.1	+0.103%	$378.3M	$576.6M	100x	as long as short
Bullet ETH-USDshort	+0.0071%	1h	2,728.2	+0.034%	$178K	$1.7M	20x
Deribit ETH-PERPETUAL	+0.0076%	1h	2,729.8	+0.089%	$258.5M	$203.1M	50x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,730	+0.099%	$252.5M	$842.9M	200x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,728.3	+0.036%	$30K	$20K	20x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,726.3	−0.037%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,730	+0.098%	$1.56B	$2.55B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0085%	8h	2,730.1	+0.104%	$1.67B	$10.75B	100x	as long as short
Binance ETHUSDT	+0.0085%	8h	2,730.1	+0.102%	$6.33B	$15.97B	150x	as long as short
Phemex ETHUSDT	+0.0089%	8h	2,728.9	+0.058%	$264.1M	$64.1M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.8	+0.092%	$111.8M	$428.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.1	+0.139%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.8	+0.018%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.8	+0.091%	$501K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.1	+0.176%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.4	+0.077%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.9	+0.168%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.5	+0.116%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.4	+0.077%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.6	+0.119%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729	+0.060%	$165.1M	$317.5M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.3	+0.108%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730	+0.100%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.9	+0.056%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	+0.056%	$134.6M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.4	+0.002%	$183.2M	$672.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731	+0.135%	$158.9M	$87.3M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,729.4	+0.077%	$8.7M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728	+0.025%	$21.0M	$73.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.6	+0.046%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.6	+0.084%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.9	+0.059%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730	+0.100%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,728.6	+0.047%	$54.3M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.2	+0.070%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,729.8	+0.090%	$50.1M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.8	+0.127%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0134%	8h	2,728.8	+0.055%	$6.3M	$688.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,729.3	+0.073%	$83.0M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,730.4	+0.114%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,727.7	+0.013%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.8	+0.019%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0339%	8h	2,728.9	+0.058%	$282.5M	$174.5M	150x	as long as short