Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: StandX against Bulk+0.062%54s7-day average +0.010% · you sell dearer than you buy

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−$180.183% of the position

Long on Bulk Short on StandX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days−0.068%−$7 · spread now +0.062%, 7d avg +0.010%

Together, before fees−0.064%+ Points / potential airdropStandX: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: StandX is 0.053% dearer against Bulk than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.010%. The two prices were read 54 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	2,727.1	0.0100	pay 0.0013% / 1h	51m 45s	$161.7M	$337.0M	25x
Short	StandX ETH-USD	2,728.8	0.0100	get 0.0013% / 1h	51m 45s	$21.0M	$70.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → +0.010%: $5.26
Slippage, 4 orders: −$3.27
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee StandX: 4 bp × 2 orders: −$8
Net: −$13.02
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; StandX: 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	3.5 bp −$352	3.9 bp −$1,942
Sell StandX live order book, 2 min ago	0.92 bp	6.3 bp −$6	9.0 bp −$90	11.5 bp −$1,152	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	2,728.6	+0.056%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.6	+0.018%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0012%	1h	2,728.7	+0.058%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	+0.025%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.6	+0.055%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,728.5	+0.051%	$6.7M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.3	+0.009%	$264.6M	$219.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.8	+0.024%	$32.9M	—	200x	as long as short
HTX ETH-USDT	+0.0014%	8h	2,726.7	−0.013%	$1.05B	$1.22B	200x	as long as short
Bybit ETHUSDT	+0.0048%	8h	2,729.2	+0.076%	$2.32B	$4.31B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ETH_USDT	+0.0061%	8h	2,727.9	+0.031%	$3.29B	$8.21B	200x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,727.6	+0.019%	$949K	$10.6M	100x	as long as short
01 Exchange ETHUSD	+0.0072%	1h	2,728.9	+0.066%	$191K	$884K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,729.7	+0.094%	$1.66B	$10.72B	100x	as long as short
BloFin ETH-USDT	+0.0081%	8h	2,728.6	+0.056%	$281.2M	$177.7M	150x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,729.1	+0.073%	$383.2M	$576.5M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,728.9	+0.067%	$252.2M	$849.1M	200x	as long as short
Hibachi ETH/USDT-P	+0.0088%	1h	2,729.4	+0.085%	$241K	$1.4M	20x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,729.2	+0.078%	$6.31B	$16.08B	150x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,729.1	+0.072%	$1.57B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,729.6	+0.091%	$112.5M	$400.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731	+0.142%	$23.6M	$95.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,729.2	+0.077%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.8	−0.084%	$4.9M	$193K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.6	+0.128%	$501K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.4	+0.194%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.2	+0.041%	$14.1M	$102.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.4	+0.121%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.3	+0.116%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.5	+0.124%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731	+0.144%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,727.1	long leg	$161.7M	$337.0M	25x
Bitget ETHUSDT	+0.0100%	8h	2,730.8	+0.135%	$2.11B	$2.76B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,729.5	+0.086%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	+0.021%	$15.2M	$40.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.3	+0.008%	$131.3M	$315.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.6	−0.055%	$185.4M	$684.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.6	−0.020%	$158.5M	$80.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	−0.090%	$8.4M	$31.3M	100x	as long as short
StandX ETH-USDshort	+0.0100%	1h	2,728.8	+0.062%	$21.0M	$70.4M	40x
Vest ETH-PERP	+0.0100%	1h	2,730	+0.105%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	+0.106%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,727.7	+0.020%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728	+0.032%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.167%	$40.6M	$29.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.5	−0.022%	$54.3M	$182.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.4	+0.049%	$262.9M	$63.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,727.8	+0.025%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.9	+0.101%	$30.4M	$71.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,727	−0.004%	$81.8M	$310.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,727.8	+0.025%	$46.5M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,731.4	+0.159%	$5.6M	$11.5M	25x	as long as short
Reya ETHRUSDPERP	+0.0175%	1h	2,727.2	+0.003%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,729.4	+0.085%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,728	+0.033%	$117K	$19.3M	52x	as long as short