Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h −0.002%

Price spread now: Bulk against Bybit−0.338%7-day average +0.010% · 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−$53as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Bybit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$2 on $10k

Price spread, last 7 days+0.340%+$34 · spread now −0.338%, 7d avg +0.010%

Together, before fees+0.356%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.348% cheaper against Bybit than usual: you would sell low and buy high (spread −0.338% now, against its 7-day average of +0.010%). If the spread goes back, that is −$35 on $10k: about 20 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.015% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,731.7	0.0043	pay 0.0043% / 8h	2h 17m	$2.35B	$4.41B	150x
Short	Bulk ETH-USD	2,722.5	0.0100	get 0.0013% / 1h	17m 35s	$160.0M	$319.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bybit. 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 BybitbpFee BulkbpOrdersPrice spread, now −0.338%Rate

Funding earned: $12
Price spread: −0.338% → +0.010%: −$34.77
Slippage, 4 orders: −$0.07
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$40.84
Costs to cover: 0.181%
Break-even: 30.8 days

Slippage from Bybit: live order book, 2 min ago; Bulk: 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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$702	9.2 bp −$4,597
Sell Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.1 bp −$408	4.6 bp −$2,279

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	2,732	+0.008%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732	+0.010%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.5	+0.030%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,725.4	−0.232%	$815K	$3.0M	25x	as long as short
HTX ETH-USDT	−0.0004%	8h	2,732.6	+0.031%	$1.05B	$1.22B	200x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.7	+0.037%	$33.0M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,732.3	+0.020%	$10.4M	$42.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.536%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0034%	8h	2,731.9	+0.005%	—	$1.12B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,732.7	+0.036%	$191K	$842K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDTlong	+0.0043%	8h	2,731.7	long leg	$2.35B	$4.41B	150x
SunX ETH-USDT	+0.0077%	8h	2,731.8	+0.002%	$958K	$11.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,731.9	+0.005%	$375.1M	$577.9M	100x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,732.4	+0.025%	$181K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0088%	1h	2,725.6	−0.223%	$30K	$20K	20x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,732.8	+0.041%	$263.4M	$65.0M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,732.4	+0.025%	$252.8M	$846.1M	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,732.1	+0.012%	$1.54B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,732.2	+0.017%	$6.34B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.7	0.000%	$112.4M	$435.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733	+0.045%	$23.5M	$104.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.5	−0.045%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0097%	8h	2,731.7	0.000%	$1.66B	$10.88B	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.5	−0.008%	$505K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736	+0.157%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.7	−0.002%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.1	+0.050%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.3	+0.022%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.9	−0.030%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.8	+0.039%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,722.5	−0.338%	$160.0M	$319.3M	25x
Gate ETH_USDT	+0.0100%	8h	2,731.6	−0.006%	$3.29B	$9.04B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.8	+0.004%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.8	+0.002%	$15.0M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.265%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.3	−0.234%	$184.6M	$678.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.6	−0.005%	$158.9M	$87.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,729.9	−0.067%	$8.7M	$31.4M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.7	−0.001%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.2	+0.055%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.6	+0.068%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,732.7	+0.036%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.4	+0.096%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,732.7	+0.036%	$54.4M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.3	−0.015%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,732.7	+0.036%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,734.1	+0.085%	$49.8M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,732.6	+0.030%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,732	+0.010%	$7.0M	$692.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0163%	1h	2,734.1	+0.085%	$259.3M	$207.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,733.5	+0.065%	$83.3M	$311.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,735.1	+0.122%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,730.9	−0.031%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,729.6	−0.080%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0376%	8h	2,731	−0.026%	$281.5M	$174.8M	150x	as long as short