Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.007%

Price spread now: edgeX against Bullet+0.195%53s7-day average −0.045% · 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−$210.213% of the position

Long on Bullet Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.047%+$5 on $10k

Price spread, last 7 days−0.207%−$21 · spread now +0.195%, 7d avg −0.045%

Together, before fees−0.160%+ Points / potential airdropedgeX: Active · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and edgeX is 0.240% dearer against Bullet than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.045%. The two prices were read 53 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	Bullet ETH-USD	2,770.7	0.0084	pay 0.0011% / 1h	11m 42s	$183K	$1.8M	20x
Short	edgeX ETHUSDC	2,776.1	0.0100	get 0.0050% / 4h	2h 11m	$179.9M	$795.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bullet. 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 BulletbpFee edgeXbpOrdersPrice spread, now +0.195%Rate

Funding earned: $3.3
Price spread: +0.195% → −0.045%: $23.97
Slippage, 4 orders: −$4.29
Fee Bullet: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $5.97
Costs to cover: 0.213%
Break-even: from the start

Slippage from Bullet: live order book, 2 min ago; edgeX: 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 Bullet live order book, 2 min ago	0.54 bp	6.5 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.1 bp −$506	6.4 bp −$3,189

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	2,770.9	+0.009%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.199%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	+0.015%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.1	+0.015%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.9	+0.188%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771	+0.012%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	+0.038%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,775.9	+0.189%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.4	+0.025%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0021%	1h	2,772.1	+0.052%	$258.5M	$225.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.5	−0.006%	$1.71B	$11.89B	100x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,770.7	−0.001%	$266.9M	$66.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.3	+0.024%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,770.4	−0.010%	$256.2M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	+0.186%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.6	−0.075%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,770.6	−0.005%	$6.44B	$17.23B	150x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,770.6	−0.005%	$1.59B	$2.69B	500x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,770.6	−0.003%	$3.28B	$9.69B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,770.4	−0.012%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USDlong	+0.0084%	1h	2,770.7	long leg	$183K	$1.8M	20x
Lighter ETH	+0.0096%	1h	2,771.2	+0.020%	$114.7M	$515.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.4	+0.062%	$25.4M	$123.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.1	+0.087%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,776.8	+0.222%	$141.1M	$320.7M	—	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.5	−0.005%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.2	−0.018%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771	+0.011%	$486K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	+0.028%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.1	+0.087%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771	+0.011%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.3	−0.014%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.9	−0.028%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.6	+0.068%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.005%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.7	+0.001%	$422.0M	$742.2M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.5	−0.008%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	−0.004%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,776.1	+0.195%	$179.9M	$795.5M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,779.2	+0.308%	$161.6M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.5	+0.174%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.5	+0.065%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.3	+0.058%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.9	+0.043%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.082%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770	−0.025%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.5	−0.007%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.1	−0.020%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.9	+0.045%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,772.4	+0.062%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,773.2	+0.092%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,772.3	+0.056%	$285.5M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,771	+0.013%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.7	+0.038%	$86.8M	$330.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,774.7	+0.145%	$280K	$1.5M	20x	as long as short