Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: Bitget against Bulk−0.257%48s7-day average −0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.191% of the position

Long on Bulk Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.032%−$3 on $10k

Price spread, last 7 days+0.266%+$27 · spread now −0.257%, 7d avg −0.008%

Together, before fees+0.235%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.249% cheaper against Bulk than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,778.9	0.0100	pay 0.0013% / 1h	11m 51s	$165.9M	$253.8M	25x
Short	Bitget ETHUSDT	2,771.8	0.0068	get 0.0068% / 8h	1h 11m	$2.10B	$3.10B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.257%Rate

Funding earned: −$6.72
Price spread: −0.257% → −0.008%: −$24.88
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$50.67
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; Bitget: live order book, 2 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, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$378	5.1 bp −$2,561
Sell Bitget live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.8 bp −$68	7.7 bp −$767	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	−0.0447%	43m	2,772.9	−0.215%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,772.4	−0.235%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.209%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.025%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.9	−0.216%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,775.7	−0.117%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.2	−0.169%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.9	−0.109%	$885K	$3.7M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0002%	1h	2,774	−0.177%	$258.5M	$222.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	−0.200%	$22.4M	—	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-USDC	+0.0015%	8h	2,771.5	−0.269%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,771.5	−0.268%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,772.5	−0.230%	$269.8M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	−0.205%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,772.4	−0.233%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0035%	8h	2,772.1	−0.244%	$255.7M	$992.4M	200x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.3	−0.237%	$14.2M	$118.2M	50x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,772.4	−0.236%	$1.61B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.9	−0.290%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,772	−0.250%	$6.43B	$17.21B	150x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,772.4	−0.234%	$55.2M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,775.6	−0.121%	$8.8M	$32.6M	100x	as long as short
Bitget ETHUSDTshort	+0.0068%	8h	2,771.8	−0.257%	$2.10B	$3.10B	150x
Gate ETH_USDT	+0.0073%	8h	2,771.9	−0.252%	$3.29B	$9.66B	200x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,772.5	−0.231%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,771.7	−0.259%	$2.52B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,772.8	−0.219%	$115.0M	$502.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.3	−0.167%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.4	−0.198%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,771.5	−0.268%	$422.0M	$739.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.1	−0.246%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.1	−0.209%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.1	−0.173%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.1	−0.208%	$31.2M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.2	−0.242%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774	−0.178%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,778.9	long leg	$165.9M	$253.8M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	−0.229%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.7	−0.150%	$141.6M	$331.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.7	−0.116%	$181.7M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	−0.113%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.5	−0.195%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	−0.184%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.5	−0.196%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.9	−0.146%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.9	−0.251%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	−0.206%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.5	−0.268%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.6	−0.193%	$59.7M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,773.4	−0.198%	$8.4M	$680.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.2	−0.135%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.4	−0.199%	$86.0M	$332.4M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,772.5	−0.230%	$283.9M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,772.3	−0.237%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,773.9	−0.179%	$270K	$1.5M	20x	as long as short