Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.084%

Price spread now: Coinbase International against Bybit+0.889%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.889% dearer against Bybit than usual: you sell high and buy low: +$89 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHFIUSDT	0.6978	0.0100	pay 0.0050% / 4h	2h 18m	$17.2M	$12.1M	25x
Short	Coinbase International ETHFI-PERP-INTX	0.7040	0.0328	get 0.0041% / 1h	18m 49s	$32K	$5K	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 +0.889%Rate

Funding earned: $47.88
Price spread: +0.889% → 0.000%: $88.85
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $115.73
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Coinbase International: no order-book sample. 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 Bybit live order book, 3 min ago	0.72 bp	17.8 bp −$18	44.9 bp −$449	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0609%	1h	0.6975	−0.043%	$42K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0306%	4h	0.6971	−0.100%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0187%	4h	0.6976	−0.028%	$932K	$743K	—	as long as short
HTX ETHFI-USDT	−0.0036%	4h	0.6964	−0.201%	$83K	$135K	20x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.755%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0047%	8h	0.6970	−0.120%	$6K	—	5x	as long as short
Extended ETHFI-USD	+0.0056%	1h	0.6967	−0.152%	$106K	$500K	10x	as long as short
Binance ETHFIUSDT	+0.0058%	4h	0.6973	−0.072%	$24.4M	$33.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0058%	4h	0.6970	−0.115%	$15.7M	$4.2M	125x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6986	+0.109%	$1.1M	$729K	5x	as long as short

Show all 24 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0096%	1h	0.6971	−0.093%	$8K	—	3x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6984	+0.090%	$16.8M	$8.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6982	+0.054%	$179K	$181K	10x	as long as short
Bybit ETHFIUSDTlong	+0.0100%	4h	0.6978	long leg	$17.2M	$12.1M	25x
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6980	+0.029%	$5.1M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6976	−0.029%	$1.7M	$1.8M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6977	−0.014%	$1.2M	$187K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6977	−0.014%	$6.2M	$3.8M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6978	0.000%	—	$11.6M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6983	+0.064%	$53K	$148K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6982	+0.057%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0231%	4h	0.6974	−0.057%	$1.2M	$233K	75x	as long as short
Coinbase International ETHFI-PERP-INTXshort	+0.0328%	1h	0.7040	+0.889%	$32K	$5K	50x
Kraken Futures PF_ETHFIUSD	+0.1000%	1h	0.6992	+0.200%	$299K	$295K	20x	as long as short