Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.006%

Price spread now: BingX against Bulk−0.468%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−$64as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Bulk Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 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 BingX is 0.468% cheaper against Bulk than usual: you would sell low and buy high (−$47 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	Bulk ETH-USD	2,740.8	0.0100	pay 0.0013% / 1h	48m 46s	$166.9M	$306.7M	25x
Short	BingX ETH-USDT	2,727.9	0.0056	get 0.0056% / 8h	4h 48m	—	$1.14B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bulk. 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 BulkbpFee BingXbpOrdersPrice spread, now −0.468%Rate

Funding earned: −$9.24
Price spread: −0.468% → 0.000%: −$46.77
Slippage, 4 orders: −$0.17
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$73.18
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Bulk: live order book, just now; BingX: live order book, 5 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 Bulk live order book, just now	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.9 bp −$391	4.8 bp −$2,399
Sell BingX live order book, 5 min ago	0.04 bp	5.0 bp −$5	5.4 bp −$54	6.1 bp −$608	6.8 bp −$3,413

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	2,731.5	−0.336%	$299K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	−0.192%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	−0.097%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.3	−0.418%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.6	−0.225%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,732.6	−0.298%	$181K	$833K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.016%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.2	−0.422%	$25.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,729	−0.429%	$54.4M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,729.2	−0.420%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDTshort	+0.0056%	8h	2,727.9	−0.468%	—	$1.14B	—
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.7	−0.441%	$1.67B	$10.64B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,729.3	−0.417%	$379.8M	$573.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,730.5	−0.374%	$260.0M	$196.2M	50x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,728.3	−0.455%	$252.3M	$841.7M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.5	−0.411%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,727.7	−0.476%	$6.33B	$15.78B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,727.7	−0.476%	$1.53B	$2.53B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,729.7	−0.405%	$112.1M	$433.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	−0.397%	$23.9M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.5	−0.227%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.4	−0.304%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737.8	−0.107%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.7	−0.331%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	−0.365%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	−0.429%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	−0.232%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,727.7	−0.477%	$2.40B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.7	−0.331%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	−0.300%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,740.8	long leg	$166.9M	$306.7M	25x
Gate ETH_USDT	+0.0100%	8h	2,729.8	−0.401%	$3.35B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.7	−0.512%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.478%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	−0.214%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	−0.102%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	−0.065%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	−0.199%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	−0.174%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	−0.287%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	−0.290%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	−0.379%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.7	−0.440%	$957K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,728.9	−0.434%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.4	−0.415%	$265.2M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.9	−0.433%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.7	−0.369%	$51.6M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,737.7	−0.112%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,732	−0.320%	$7.3M	$674.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,731	−0.357%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.466%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,730	−0.393%	$85.1M	$311.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,729.7	−0.405%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736	−0.174%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1037%	1h	2,729.3	−0.417%	$21K	$20K	25x	as long as short