Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.001%

Price spread now: Coinbase International against Bybit+0.081%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.081%, 7d avg +0.032%

Together, before fees+0.030%+$3 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: Coinbase International is 0.049% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,781.3	0.0091	pay 0.0091% / 8h	47m 56s	$2.52B	$4.64B	150x
Short	Coinbase International ETH-PERP-INTX	2,783.6	0.0088	get 0.0011% / 1h	47m 56s	$60.4M	$4.62B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$0.65
Price spread: +0.081% → +0.032%: $4.9
Slippage, 4 orders: −$0.07
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$16.82
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$695	10.2 bp −$5,100
Sell Coinbase International live order book, 1 min ago	0.02 bp	5.0 bp −$5	5.2 bp −$52	7.7 bp −$768	22.7 bp −$11.4K

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	2,783.5	+0.079%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,782	+0.023%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0110%	1h	2,783.3	+0.070%	$8.8M	$32.8M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	+0.042%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,781.8	+0.017%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,782.7	+0.049%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0013%	1h	2,782.9	+0.057%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.1	+0.099%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.6	+0.081%	$887K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,782.9	+0.055%	$22.5M	—	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-USDT	+0.0016%	8h	2,782.6	+0.045%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,781.2	−0.006%	$1.71B	$11.92B	100x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,782.3	+0.034%	$271.1M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,782.9	+0.056%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,781.7	+0.012%	$256.7M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,782.2	+0.029%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,782.6	+0.047%	$1.60B	$2.63B	500x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,781.3	−0.002%	$2.11B	$3.11B	150x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,781.7	+0.013%	$6.45B	$17.29B	150x	as long as short
Bullet ETH-USD	+0.0069%	1h	2,782.1	+0.027%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,782.4	+0.040%	$3.31B	$9.60B	200x	as long as short
Coinbase International ETH-PERP-INTXshort	+0.0088%	1h	2,783.6	+0.081%	$60.4M	$4.62B	50x
KuCoin ETHUSDTM	+0.0089%	8h	2,782.1	+0.027%	$422.8M	$739.9M	100x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,782.3	+0.034%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDTlong	+0.0091%	8h	2,781.3	long leg	$2.52B	$4.64B	150x
Lighter ETH	+0.0096%	1h	2,782.8	+0.053%	$116.3M	$496.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,784.2	+0.101%	$25.4M	$120.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,783	+0.061%	—	$41.9M	500x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,782.4	+0.040%	—	$1.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0099%	1h	2,783.8	+0.090%	$258.9M	$222.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,782.1	+0.029%	$16.0M	$10.3M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.5	+0.042%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,782.1	+0.026%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,785.3	+0.142%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.5	+0.076%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782	+0.024%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783.4	+0.074%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.103%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,782.5	+0.042%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,782.7	+0.048%	$147.8M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,783.9	+0.093%	$182.2M	$781.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,783.7	+0.086%	$161.9M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,782.2	+0.031%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,783.7	+0.085%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,782.9	+0.054%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,784.5	+0.112%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,781.3	−0.001%	$975K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,782.2	+0.031%	$55.4M	$229.1M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.7	−0.023%	$32.7M	$77.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,783.3	+0.070%	$87.0M	$333.3M	100x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,783.1	+0.063%	$8.4M	$682.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,784.9	+0.126%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,781	−0.014%	$284.9M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,782.3	+0.035%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,783.5	+0.078%	$271K	$1.5M	20x	as long as short