Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.087%

Price spread now: Bitget against Coinbase International−1.248%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 Bitget

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 −$8 a day on $10k at the current rate, and Bitget is 1.248% cheaper against Coinbase International than usual: you would sell low and buy high (−$125 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	0.7054	0.0376	pay 0.0047% / 1h	55m 52s	$31K	$6K	50x
Short	Bitget ETHFIUSDT	0.6966	0.0100	get 0.0050% / 4h	2h 55m	$6.0M	$5.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −1.248%Rate

Funding earned: −$57.96
Price spread: −1.248% → 0.000%: −$124.75
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$204.71
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	2.87 bp	19.0 bp −$19	41.3 bp −$413	doesn't fit	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
Deribit ETHFI_USDC-PERPETUAL	−0.0466%	1h	0.6974	−1.134%	$40K	$10K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0410%	1h	0.6979	−1.058%	$257K	$226K	20x	as long as short
HTX ETHFI-USDT	−0.0372%	4h	0.6962	−1.304%	$81K	$182K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0254%	4h	0.6976	−1.106%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0137%	4h	0.6970	−1.191%	$17.4M	$12.7M	25x	as long as short
Variational Omni ETHFI	−0.0049%	4h	0.6972	−1.158%	$957K	$717K	—	as long as short
MEXC ETHFI_USDT	+0.0012%	4h	0.6968	−1.219%	$15.8M	$4.0M	125x	as long as short
Binance ETHFIUSDT	+0.0013%	4h	0.6968	−1.224%	$24.2M	$35.3M	75x	as long as short
Extended ETHFI-USD	+0.0016%	1h	0.6968	−1.217%	$94K	$507K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+2.637%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ETHFI-USD-PERP	+0.0043%	8h	0.6967	−1.237%	$6K	—	5x	as long as short
BloFin ETHFI-USDT	+0.0050%	4h	0.6977	−1.092%	$1.2M	$239K	75x	as long as short
Aster ETHFIUSDT	+0.0052%	4h	0.6969	−1.202%	$178K	$253K	10x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.6973	−1.150%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6976	−1.106%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6970	−1.188%	$17.0M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6974	−1.134%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6977	−1.092%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6978	−1.077%	$1.2M	$230K	50x	as long as short
Bitget ETHFIUSDTshort	+0.0100%	4h	0.6966	−1.248%	$6.0M	$5.2M	75x
BingX ETHFI-USDT	+0.0100%	4h	0.6972	−1.162%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6971	−1.171%	$64K	$125K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6983	−1.007%	$1K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0376%	1h	0.7054	long leg	$31K	$6K	50x