Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.082%

Price spread now: Bybit against Coinbase International−0.363%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 Bybit

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 −$6 a day on $10k at the current rate, and Bybit is 0.363% cheaper against Coinbase International than usual: you would sell low and buy high (−$36 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	0.7168	0.0304	pay 0.0038% / 1h	31m 31s	$31K	$7K	50x
Short	Bybit ETHFIUSDT	0.7142	0.0100	get 0.0050% / 4h	1h 31m	$18.1M	$13.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.363%Rate

Funding earned: −$42.84
Price spread: −0.363% → 0.000%: −$36.27
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$100.11
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	1.40 bp	17.9 bp −$18	42.5 bp −$425	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	−0.0309%	1h	0.7157	−0.153%	$42K	$18K	10x	as long as short
HTX ETHFI-USDT	−0.0300%	4h	0.7150	−0.251%	$83K	$165K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0253%	1h	0.7169	+0.020%	$281K	$147K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0181%	4h	0.7152	−0.223%	$16K	$1K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.004%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0035%	8h	0.7142	−0.365%	$6K	—	5x	as long as short
MEXC ETHFI_USDT	+0.0044%	4h	0.7141	−0.377%	$15.1M	$3.8M	125x	as long as short
Binance ETHFIUSDT	+0.0045%	4h	0.7141	−0.383%	$24.8M	$37.1M	75x	as long as short
Extended ETHFI-USD	+0.0048%	1h	0.7140	−0.387%	$93K	$493K	10x	as long as short
Bitget ETHFIUSDT	+0.0082%	4h	0.7139	−0.405%	$6.1M	$5.7M	75x	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	0.7149	−0.269%	$1.1M	$898K	5x	as long as short
Aevo ETHFI-PERP	+0.0096%	1h	0.7153	−0.210%	$9K	—	3x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7150	−0.248%	$18.1M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7151	−0.234%	$183K	$258K	10x	as long as short
Bybit ETHFIUSDTshort	+0.0100%	4h	0.7142	−0.363%	$18.1M	$13.0M	25x
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7144	−0.335%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7144	−0.335%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7141	−0.377%	$1.2M	$271K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7142	−0.363%	—	$25.9M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7161	−0.102%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7142	−0.361%	$59K	$93K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7158	−0.140%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0183%	4h	0.7158	−0.140%	$1.2M	$293K	75x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0304%	1h	0.7168	long leg	$31K	$7K	50x