Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.004%

Price spread now: Bullet against HTX+0.033%7-day average +0.011% · 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−$22as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on HTX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now +0.033%, 7d avg +0.011%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.021% dearer against HTX than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of +0.011%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 3 days (−0.026% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ETH-USDT	2,771.9	0.0077	pay 0.0077% / 8h	7h 09m	$1.08B	$1.23B	200x
Short	Bullet ETH-USD	2,772.8	0.0015	get 0.0002% / 1h	9m 17s	$185K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against HTX. 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 HTXbpFee BulletbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$13.06
Price spread: +0.033% → +0.011%: $2.14
Slippage, 4 orders: −$4.13
Fee HTX: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$35.05
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Bullet: live order book, 5 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 HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.5 bp −$75	9.5 bp −$952	14.4 bp −$7,205
Sell Bullet live order book, 5 min ago	0.18 bp	4.5 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit

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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.069%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,774.1	+0.078%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,773.8	+0.067%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.6	+0.098%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,774	+0.076%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.8	−0.039%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.7	+0.101%	$12.3M	$42.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.2	+0.048%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0006%	8h	2,772.4	+0.018%	$269.8M	$65.9M	150x	as long as short
Bullet ETH-USDshort	+0.0015%	1h	2,772.8	+0.033%	$185K	$1.7M	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0031%	8h	2,772.2	+0.010%	$1.71B	$10.97B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,773.2	+0.048%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,771.8	−0.003%	$55.2M	$187.7M	40x	as long as short
Aster ETHUSDT	+0.0051%	8h	2,772.7	+0.029%	$256.4M	$861.4M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770.8	−0.041%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,772.7	+0.030%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,772.1	+0.008%	$6.48B	$16.06B	150x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.4	−0.017%	$31K	$21K	20x	as long as short
HTX ETH-USDTlong	+0.0077%	8h	2,771.9	long leg	$1.08B	$1.23B	200x
Bitget ETHUSDT	+0.0079%	8h	2,772.5	+0.023%	$2.10B	$2.82B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.3	+0.051%	$60.4M	$4.40B	50x	as long as short
Gate ETH_USDT	+0.0084%	8h	2,772.9	+0.038%	$3.38B	$9.10B	200x	as long as short
Vest ETH-PERP	+0.0085%	1h	2,773.9	+0.073%	—	$876K	50x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,769	−0.104%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,773.9	+0.073%	$421.1M	$594.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,772.7	+0.028%	$115.2M	$460.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.1	+0.080%	$25.6M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778.6	+0.242%	$16.0M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	+0.062%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.8	+0.068%	$14.6M	$112.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.3	+0.123%	$3.17B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.6	+0.098%	$31.4M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.5	+0.022%	$2.51B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.2	+0.083%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	+0.102%	$2.8M	$16.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.301%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,772.9	+0.035%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.4	+0.054%	$15.2M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.2	−0.099%	$134.1M	$347.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.6	−0.120%	$183.7M	$750.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	−0.018%	$161.1M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.1	−0.029%	$21.4M	$64.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.5	+0.058%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.3	+0.050%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.2	+0.084%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.3	+0.016%	$972K	$12.8M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.7	−0.007%	$30.9M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.9	+0.072%	—	$36.0M	500x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,774.8	+0.105%	$8.2M	$673.4M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.4	+0.055%	$98.0M	$314.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0157%	8h	2,775.1	+0.114%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,774.4	+0.090%	$253K	$1.5M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0168%	1h	2,773.5	+0.059%	$259.1M	$201.6M	50x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,771.6	−0.012%	$288.0M	$175.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,772.7	+0.030%	$7.3M	$1.1M	25x	as long as short