Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.026%

Price spread now: BingX against Derive−0.068%7-day average −0.076% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.158%−$16 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.068%, 7d avg −0.076%

Together, before fees−0.128%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.076%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,728.1	0.0100	pay 0.0013% / 1h	9m 36s	$40.9M	$29.9M	15x
Short	BingX ETH-USDC	2,726.3	0.0028	get 0.0028% / 8h	3h 09m	—	$18.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Derive. 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 DerivebpFee BingXbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$15.12
Price spread: −0.068% → −0.076%: $0.82
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$30.3
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; BingX: live order book, 14 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell BingX live order book, 14 min ago	0.18 bp	5.2 bp −$5	5.8 bp −$58	7.3 bp −$734	10.5 bp −$5,256

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0335%	43m	2,726	−0.079%	$301K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728	−0.005%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0018%	8h	2,726	−0.077%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.6	−0.054%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	+0.032%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727.3	−0.030%	$6.2M	$686.0M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,726.8	−0.050%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.8	−0.048%	$28.0M	—	200x	as long as short
BingX ETH-USDCshort	+0.0028%	8h	2,726.3	−0.068%	—	$18.5M	—
Bullet ETH-USD	+0.0035%	1h	2,726.3	−0.067%	$177K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0037%	8h	2,725.9	−0.082%	$2.36B	$4.39B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,727.7	−0.016%	$186K	$814K	50x	as long as short
SunX ETH-USDT	+0.0059%	8h	2,725.6	−0.094%	$954K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,727.6	−0.020%	$377.6M	$575.0M	100x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,726.7	−0.053%	$250.6M	$842.3M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,726.1	−0.075%	$1.67B	$10.72B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724	−0.152%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,726.7	−0.054%	$6.32B	$15.94B	150x	as long as short
MEXC ETH_USDT	+0.0085%	8h	2,727	−0.042%	$1.56B	$2.58B	500x	as long as short
ApeX Omni ETHUSDT	+0.0087%	1h	2,728	−0.003%	$8.7M	$31.2M	100x	as long as short
SoDEX ETH-USD	+0.0089%	1h	2,726.6	−0.056%	$54.3M	$187.8M	40x	as long as short
Phemex ETHUSDT	+0.0089%	8h	2,726.6	−0.056%	$264.2M	$64.7M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,728	−0.005%	$112.3M	$435.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729	+0.032%	$23.3M	$104.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.3	−0.031%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.098%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.1	−0.074%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.3	+0.044%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727	−0.041%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.2	+0.039%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.2	+0.003%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.6	−0.056%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.3	−0.030%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	+0.004%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	−0.045%	$3.34B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.7	−0.051%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.2	−0.070%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	−0.041%	$134.7M	$322.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	−0.001%	$183.5M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	+0.023%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.8	−0.012%	$21.0M	$72.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.6	−0.020%	—	$845K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.9	−0.008%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.2	−0.033%	$21K	$20K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,728.1	long leg	$40.9M	$29.9M	15x
Aftermath Perps ETHUSD	+0.0102%	1h	2,729.3	+0.043%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0102%	1h	2,728	−0.003%	$258.4M	$202.7M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.8	−0.087%	$30.6M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.3	−0.031%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,727.9	−0.010%	$50.5M	$4.27B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,727.5	−0.024%	$83.5M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,728.8	+0.024%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,725.5	−0.094%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,728.7	+0.020%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0345%	8h	2,727.7	−0.016%	$282.2M	$174.7M	150x	as long as short