Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.086%

Price spread now: BingX against Coinbase International−0.307%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.307% cheaper against Coinbase International than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETHFI-PERP-INTX	0.7165	0.0152	pay 0.0019% / 1h	11m 06s	$31K	$9K	50x
Short	BingX ETHFI-USDC	0.7143	0.0100	get 0.0050% / 4h	2h 11m	—	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.307%Rate

Funding earned: −$10.92
Price spread: −0.307% → 0.000%: −$30.7
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$61.62
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 3 min ago. Net counts fees only.

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 Coinbase International no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	2.10 bp	29.4 bp −$29	93.7 bp −$937	601.6 bp −$60.2K	782.8 bp −$391.4K

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0729%	1h	0.7140	−0.349%	$42K	$18K	10x	as long as short
HTX ETHFI-USDT	−0.0236%	4h	0.7130	−0.488%	$83K	$165K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0214%	1h	0.7136	−0.405%	$281K	$145K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0171%	4h	0.7137	−0.391%	$16K	$1K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.047%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0040%	8h	0.7130	−0.493%	$6K	—	5x	as long as short
Bitget ETHFIUSDT	+0.0046%	4h	0.7139	−0.363%	$6.1M	$5.6M	75x	as long as short
Extended ETHFI-USD	+0.0088%	1h	0.7137	−0.398%	$92K	$495K	10x	as long as short
Binance ETHFIUSDT	+0.0088%	4h	0.7141	−0.335%	$24.8M	$37.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0092%	4h	0.7140	−0.349%	$15.2M	$3.9M	125x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7144	−0.297%	$1.1M	$909K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7148	−0.241%	$18.1M	$9.0M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7146	−0.266%	$183K	$255K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7150	−0.209%	$18.3M	$12.8M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7147	−0.251%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7148	−0.237%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7137	−0.391%	$1.2M	$270K	50x	as long as short
BingX ETHFI-USDCshort	+0.0100%	4h	0.7143	−0.307%	—	$1.2M	—
Variational Omni ETHFI	+0.0100%	4h	0.7147	−0.249%	$1.0M	$707K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7140	−0.345%	$60K	$85K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7145	−0.279%	$2K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7136	−0.403%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0152%	1h	0.7165	long leg	$31K	$9K	50x
BloFin ETHFI-USDT	+0.0329%	4h	0.7129	−0.502%	$1.3M	$293K	75x	as long as short