Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0457%/8h= −50.0% APRpaid last 24h −0.076%

Price spread now: Binance against Coinbase International−0.533%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Binance

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 against this trade now: funding costs −$14 a day on $10k at the current rate, and Binance is 0.533% cheaper against Coinbase International than usual: you would sell low and buy high (−$53 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETHFI-PERP-INTX	0.7075	0.0544	pay 0.0068% / 1h	53m 37s	$31K	$6K	50x
Short	Binance ETHFIUSDT	0.7037	0.0087	get 0.0044% / 4h	3h 53m	$24.4M	$35.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.533%Rate

Funding earned: −$95.91
Price spread: −0.533% → 0.000%: −$53.34
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$169.25
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Binance: live order book, 3 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	0.71 bp	13.0 bp −$13	31.0 bp −$310	141.3 bp −$14.1K	doesn't fit

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 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
HTX ETHFI-USDT	−0.0906%	4h	0.7056	−0.269%	$87K	$171K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0603%	1h	0.7028	−0.664%	$40K	$11K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0305%	1h	0.7031	−0.621%	$263K	$209K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0238%	4h	0.7026	−0.693%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0001%	8h	0.7038	−0.522%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+2.332%	$321	$51K	5.5x	as long as short
Variational Omni ETHFI	+0.0065%	4h	0.7037	−0.540%	$980K	$703K	—	as long as short
Binance ETHFIUSDTshort	+0.0087%	4h	0.7037	−0.533%	$24.4M	$35.1M	75x
Extended ETHFI-USD	+0.0088%	1h	0.7036	−0.552%	$95K	$379K	10x	as long as short
MEXC ETHFI_USDT	+0.0088%	4h	0.7038	−0.523%	$16.0M	$4.0M	125x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7047	−0.392%	$1.1M	$841K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7042	−0.466%	$17.5M	$7.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7046	−0.404%	$180K	$224K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7039	−0.509%	$17.6M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7048	−0.382%	$5.1M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7040	−0.495%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7039	−0.509%	$1.2M	$229K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7035	−0.565%	$6.0M	$5.2M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7041	−0.481%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7042	−0.468%	$70K	$118K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7035	−0.565%	$1K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7027	−0.674%	$8K	—	3x	as long as short
BloFin ETHFI-USDT	+0.0330%	4h	0.7056	−0.269%	$1.2M	$244K	75x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0544%	1h	0.7075	long leg	$31K	$6K	50x