Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.008%

Price spread now: Phemex against ApeX Omni−0.026%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now −0.026%, 7d avg +0.002%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.028% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.002%). If the spread goes back, that is −$3 on $10k: about 27 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.071% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,767.5	−0.0052	get 0.0006% / 1h	34m 26s	$8.8M	$32.5M	100x
Short	Phemex ETHUSDT	2,766.8	0.0030	get 0.0030% / 8h	2h 34m	$266.3M	$66.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.026%Rate

Funding earned: $17.22
Price spread: −0.026% → +0.002%: −$2.82
Slippage, 4 orders: −$0.99
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$8.59
Costs to cover: 0.230%
Break-even: 10.5 days

Slippage from ApeX Omni: live order book, 5 min ago; Phemex: 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 ApeX Omni live order book, 5 min ago	0.34 bp	5.5 bp −$5	6.2 bp −$62	19.8 bp −$1,977	50.7 bp −$25.3K
Sell Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.0 bp −$70	9.5 bp −$949	14.3 bp −$7,160

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
Perpl ETH	−0.0112%	43m	2,768.1	+0.021%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.052%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.9	+0.013%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767	−0.020%	$171K	$1.2M	50x	as long as short
ApeX Omni ETHUSDTlong	−0.0052%	1h	2,767.5	long leg	$8.8M	$32.5M	100x
Phoenix ETH	−0.0023%	1h	2,767.2	−0.012%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.4	−0.004%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.047%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767	−0.019%	$22.3M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,767.6	+0.001%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,766	−0.055%	$1.71B	$11.84B	100x	as long as short
Aftermath Perps ETHUSD	+0.0022%	1h	2,767.4	−0.006%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,766.9	−0.022%	$13.1M	—	200x	as long as short
Phemex ETHUSDTshort	+0.0030%	8h	2,766.8	−0.026%	$266.3M	$66.0M	150x
Aster ETHUSDT	+0.0037%	8h	2,767.5	−0.002%	$255.8M	$995.1M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,767.1	−0.014%	$258.4M	$224.5M	50x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,766.4	−0.043%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,767.1	−0.017%	$6.42B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,763.5	−0.146%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,768	+0.015%	$3.28B	$9.61B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,766.2	−0.048%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,766	−0.056%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,764	−0.127%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	+0.026%	$115.3M	$511.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.9	+0.083%	$25.3M	$122.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.8	−0.064%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.9	+0.015%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.8	−0.027%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	+0.007%	$14.7M	$116.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.9	+0.049%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.5	+0.035%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,766.5	−0.037%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.7	+0.006%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.4	+0.068%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.072%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,766.6	−0.035%	$424.3M	$741.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.1	+0.020%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.131%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.6	+0.002%	$160.9M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.2	−0.085%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.3	−0.008%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768	+0.017%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766	−0.054%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768	+0.018%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,764.2	−0.119%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,765.2	−0.085%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.3	−0.044%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.3	−0.009%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,767.3	−0.009%	$60.1M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,766.1	−0.052%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,768.2	+0.022%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,766.1	−0.052%	$285.7M	$194.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,765.3	−0.082%	$7.5M	$995K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,767	−0.019%	$87.9M	$329.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,766.2	−0.048%	$280K	$1.5M	20x	as long as short