Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.006%

Price spread now: Bulk against BingX−0.199%7-day average +0.052% · 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−$43as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on BingX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.050%+$5 on $10k

Price spread, last 7 days+0.219%+$22 · spread now −0.199%, 7d avg +0.052%

Together, before fees+0.269%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.251% cheaper against BingX than usual: you would sell low and buy high (spread −0.199% now, against its 7-day average of +0.052%). If the spread goes back, that is −$25 on $10k: about 15 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDC	2,739.1	0.0043	pay 0.0043% / 8h	4h 00m	—	$18.4M	—
Short	Bulk ETH-USD	2,733.7	0.0100	get 0.0013% / 1h	0m 05s	$169.4M	$313.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BingX. 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 BingXbpFee BulkbpOrdersPrice spread, now −0.199%Rate

Funding earned: $11.97
Price spread: −0.199% → +0.052%: −$25.1
Slippage, 4 orders: −$0.4
Fee BingX: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$30.53
Costs to cover: 0.174%
Break-even: 24.9 days

Slippage from BingX: live order book, 3 min ago; Bulk: 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 BingX live order book, 3 min ago	0.18 bp	5.2 bp −$5	5.2 bp −$52	6.5 bp −$651	9.4 bp −$4,720
Sell Bulk live order book, 4 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$377	4.7 bp −$2,362

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	−0.0447%	43m	2,738	−0.042%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.180%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.2	−0.070%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.4	+0.012%	$11.9M	—	200x	as long as short
Phoenix ETH	0.0000%	1h	2,737.3	−0.066%	$827K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,738.2	−0.035%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.6	+0.018%	$28.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,739.4	+0.010%	$187K	$822K	50x	as long as short
Bullet ETH-USD	+0.0016%	1h	2,739.1	−0.001%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0024%	8h	2,739	−0.006%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDClong	+0.0043%	8h	2,739.1	long leg	—	$18.4M	—
Bybit ETHUSDT	+0.0054%	8h	2,738.7	−0.015%	$2.38B	$4.36B	150x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,736.1	−0.110%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,739.2	+0.004%	$380.3M	$573.7M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,739.3	+0.007%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0077%	8h	2,739.2	+0.002%	$266.0M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,739.1	+0.001%	$251.2M	$842.0M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,739.6	+0.017%	$113.1M	$442.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.6	+0.053%	$23.5M	$106.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,738.1	−0.036%	—	$31.0M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,739	−0.006%	$1.55B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.8	−0.083%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,739	−0.004%	$6.37B	$15.89B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.6	+0.018%	$5.7M	$11.7M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,742.7	+0.132%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.4	−0.026%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	−0.014%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741	+0.069%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.7	+0.020%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737.8	−0.048%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.4	+0.011%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,733.7	−0.199%	$169.4M	$313.3M	25x
Gate ETH_USDT	+0.0100%	8h	2,739	−0.004%	$3.34B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.9	−0.007%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.3	−0.028%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.3	−0.066%	$134.0M	$324.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,735.2	−0.144%	$184.0M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.6	−0.092%	$159.2M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.2	−0.107%	$21.1M	$68.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.6	+0.054%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,739	−0.004%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.2	+0.075%	$41.4M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.9	−0.043%	$961K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,739.2	+0.003%	$54.6M	$187.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.6	+0.018%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738	−0.041%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.4	+0.047%	$51.4M	$4.28B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,736.1	−0.111%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0129%	8h	2,738.9	−0.008%	$6.8M	$679.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0188%	1h	2,740.7	+0.056%	$260.1M	$197.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,741.7	+0.093%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,738.5	−0.022%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,739.8	+0.024%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,739.2	+0.003%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0387%	8h	2,737.2	−0.069%	$283.5M	$175.9M	150x	as long as short