Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: edgeX against Coinbase International−0.076%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now −0.076%, 7d avg −0.054%

Together, before fees+0.088%+ Points / potential airdropedgeX: Active · farm board+$9 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: edgeX is 0.022% cheaper against Coinbase International than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,740.8	0.0096	pay 0.0012% / 1h	29m 15s	$46.0M	$3.87B	50x
Short	edgeX ETHUSDC	2,738.7	0.0100	get 0.0050% / 4h	1h 29m	$184.3M	$579.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Coinbase International. 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 Coinbase InternationalbpFee edgeXbpOrdersPrice spread, now −0.076%Rate

Funding earned: $0.84
Price spread: −0.076% → −0.054%: −$2.23
Slippage, 4 orders: −$1.08
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$21.47
Costs to cover: 0.201%
Break-even: 185.9 days

Slippage from Coinbase International: live order book, 3 min ago; edgeX: live order book, 3 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 Coinbase International live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.2 bp −$52	7.7 bp −$772	28.5 bp −$14.3K
Sell edgeX live order book, 3 min ago	0.04 bp	4.5 bp −$5	4.5 bp −$45	4.6 bp −$465	5.8 bp −$2,901

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0088%	1h	2,739.9	−0.030%	$233K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.6	+0.213%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,740	−0.026%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,739.3	−0.053%	$819K	$2.8M	25x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,738.7	−0.075%	$8.2M	$25.2M	100x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.4	−0.013%	$7.1M	$660.0M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,738.8	−0.072%	$268K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,739.9	−0.033%	$33.1M	—	200x	as long as short
Bybit ETHUSDT	+0.0030%	8h	2,738.7	−0.075%	$2.36B	$3.80B	150x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,739.9	−0.031%	$182K	$908K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,738.5	−0.081%	$1.67B	$9.15B	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,739.7	−0.037%	$257.6M	$715.0M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,738.7	−0.076%	$1.59B	$2.36B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,738.4	−0.086%	$4.9M	$228K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,739.4	−0.048%	$6.39B	$13.93B	150x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,739.1	−0.061%	$363.1M	$436.9M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0093%	1h	2,741.1	+0.012%	$267.0M	$183.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,740.5	−0.011%	$113.7M	$388.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.8	0.000%	$23.5M	$95.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.5	−0.047%	—	$23.5M	500x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0096%	1h	2,740.8	long leg	$46.0M	$3.87B	50x
Gate ETH_USDT	+0.0097%	8h	2,740.2	−0.022%	$3.27B	$7.75B	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.4	−0.086%	$510K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.1	−0.060%	$15.1M	$94.4M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.7	−0.037%	$32.1M	$321.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.2	−0.093%	$2.8M	$14.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.3	−0.018%	$1.5M	$14.0M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.6	−0.077%	$2.10B	$2.28B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,738.7	−0.076%	—	$942.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.3	−0.089%	$14.9M	$35.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.4	−0.085%	$132.2M	$283.3M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,738.7	−0.076%	$184.3M	$579.4M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.5	−0.044%	$159.3M	$69.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.5	−0.046%	$21.0M	$75.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.9	+0.004%	—	$337K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.1	+0.013%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,739.7	−0.038%	$176K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.9	−0.033%	$944K	$8.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,739.8	−0.035%	$61.7M	$121.7M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,739.8	−0.035%	$1.05B	$1.02B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,739.7	−0.038%	$262.9M	$56.2M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,744.4	+0.135%	$164.0M	$319.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.8	−0.072%	$30.2M	$64.4M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,740.3	−0.018%	$82.3M	$270.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0112%	1h	2,741.6	+0.030%	$30K	$8K	20x	as long as short
dYdX ETH-USD	+0.0132%	1h	2,739.1	−0.060%	$15.2M	$42.5M	50x	as long as short
Bluefin ETH-PERP	+0.0135%	1h	2,739.7	−0.038%	$20K	$13K	25x	as long as short
Reya ETHRUSDPERP	+0.0153%	1h	2,738.2	−0.095%	$7.3M	$835K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0178%	8h	2,742.4	+0.059%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,740.4	−0.011%	$5.7M	$10.5M	25x	as long as short
Hyperliquid ETH	+0.0222%	1h	2,742.7	+0.071%	$3.14B	$1.72B	25x	as long as short
BloFin ETH-USDT	+0.0354%	8h	2,739.4	−0.049%	$284.6M	$148.2M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,742.8	+0.075%	$118K	$24.0M	52x	as long as short
Paradex ETH-USD-PERP	+0.0591%	8h	2,741.8	+0.037%	$15.9M	$6.2M	50x	as long as short