Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h +0.009%

Price spread now: Bullet against BingX−0.052%7-day average — · 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−$28as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 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 −$1 a day on $10k at the current rate, and Bullet is 0.052% cheaper against BingX than usual: you would sell low and buy high (−$5 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	BingX ETH-USDT	2,775.9	0.0100	pay 0.0100% / 8h	2h 25m	—	$1.18B	—
Short	Bullet ETH-USD	2,774.5	0.0082	get 0.0010% / 1h	25m 08s	$185K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$3.87
Price spread: −0.052% → 0.000%: −$5.21
Slippage, 4 orders: −$4.36
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$31.44
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from BingX: live order book, 9 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 BingX live order book, 9 min ago	0.04 bp	5.5 bp −$5	5.7 bp −$57	6.1 bp −$611	6.9 bp −$3,474
Sell Bullet live order book, 4 min ago	0.18 bp	7.0 bp −$7	9.2 bp −$92	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	−0.0112%	43m	2,774.8	−0.041%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.354%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.9	−0.145%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,775.1	−0.030%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.091%	$798K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,774.9	−0.037%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.6	−0.011%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.4	−0.019%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0007%	1h	2,771.1	−0.174%	$29K	$22K	20x	as long as short
Phemex ETHUSDT	+0.0014%	8h	2,774.5	−0.052%	$267.2M	$66.1M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.165%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,775.8	−0.006%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,775.3	−0.024%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,775.9	−0.003%	$256.8M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,774.7	−0.045%	$1.60B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0047%	8h	2,776	+0.004%	$6.44B	$17.23B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,774.3	−0.058%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,775.8	−0.005%	$3.28B	$9.65B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,776	+0.002%	$2.10B	$3.12B	150x	as long as short
Bullet ETH-USDshort	+0.0082%	1h	2,774.5	−0.052%	$185K	$1.8M	20x
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.064%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,775.3	−0.024%	$115.4M	$513.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.6	+0.024%	$25.4M	$122.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.3	−0.021%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.6	−0.048%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.5	−0.052%	$482K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,774.9	−0.036%	$14.6M	$117.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.8	+0.067%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.4	−0.019%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776.1	+0.005%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.1	−0.066%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.8	+0.030%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.361%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,774.6	−0.048%	$424.4M	$741.3M	100x	as long as short
BingX ETH-USDTlong	+0.0100%	8h	2,775.9	long leg	—	$1.18B	—
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.1	+0.006%	$15.4M	$42.6M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.9	−0.180%	$178.1M	$791.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.111%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.4	−0.055%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.2	−0.025%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776	+0.003%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.6	−0.012%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777	+0.039%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.7	−0.081%	$972K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,774.7	−0.044%	$55.2M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,774.6	−0.048%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.3	−0.060%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.6	+0.024%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,775.9	−0.001%	$8.5M	$672.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,777.7	+0.062%	$32.6M	$12.0M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0139%	1h	2,776.4	+0.017%	$258.4M	$224.8M	50x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,774.5	−0.052%	$285.0M	$195.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0182%	1h	2,774.6	−0.049%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,776.2	+0.010%	$86.9M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0432%	1h	2,777.3	+0.051%	$285K	$1.5M	20x	as long as short