Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h −0.140%

Price spread now: Orderly against Coinbase International−1.030%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 Orderly

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 −$17 a day on $10k at the current rate, and Orderly is 1.030% cheaper against Coinbase International than usual: you would sell low and buy high (−$103 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	0.6990	0.0272	pay 0.0034% / 1h	20m 35s	$32K	$6K	50x
Short	Orderly PERP_ETHFI_USDC	0.6918	−0.0292	pay 0.0146% / 4h	20m 35s	$16K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.030%Rate

Funding earned: −$118.54
Price spread: −1.030% → 0.000%: −$103
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$237.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	−0.0472%	1h	0.6920	−1.001%	$40K	$11K	10x	as long as short
HTX ETHFI-USDT	−0.0414%	4h	0.6916	−1.059%	$82K	$150K	20x	as long as short
Orderly PERP_ETHFI_USDCshort	−0.0292%	4h	0.6918	−1.030%	$16K	$1K	10x
Variational Omni ETHFI	−0.0201%	4h	0.6915	−1.069%	$911K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0095%	8h	0.6925	−0.924%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0064%	4h	0.6931	−0.844%	$17.1M	$13.0M	25x	as long as short
Extended ETHFI-USD	−0.0024%	1h	0.6923	−0.957%	$94K	$503K	10x	as long as short
MEXC ETHFI_USDT	−0.0020%	4h	0.6926	−0.916%	$15.6M	$4.2M	125x	as long as short
Binance ETHFIUSDT	−0.0017%	4h	0.6929	−0.873%	$24.1M	$36.2M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.577%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0072%	1h	0.6915	−1.073%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6930	−0.857%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6928	−0.884%	$16.6M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6929	−0.869%	$177K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6935	−0.787%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6933	−0.815%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6923	−0.959%	$1.2M	$224K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6926	−0.916%	$6.0M	$4.8M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6929	−0.873%	—	$10.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6929	−0.877%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6919	−1.016%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0220%	4h	0.6923	−0.959%	$1.2M	$240K	75x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0272%	1h	0.6990	long leg	$32K	$6K	50x
Kraken Futures PF_ETHFIUSD	+0.0825%	1h	0.6932	−0.835%	$289K	$290K	20x	as long as short