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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.0110%/8h= +12.0% APRnext payment +$0.14 per $10,000 · paid last 24h −0.007%
Price spread now: Phoenix against ApeX Omni−0.031%7-day average +0.088% · you buy dearer than you sell
Net, funding: paid 7d − costs−$5as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$200.201% of the position
Long on ApeX OmniShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.151%+$15 on $10k
Price spread, last 7 days+0.121%+$12 · spread now −0.031%, 7d avg +0.088%
Together, before fees+0.272%+$27 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.119% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of +0.088%). If the spread goes back, that is −$12 on $10k: about 3.6 days of funding at the current rate (+$3 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongApeX Omni ETHUSDT2,726.2−0.0115get 0.0014% / 1h43m 17s$8.6M$31.5M100x
ShortPhoenix ETH2,725.4−0.0006pay 0.0001% / 1h43m 17s$816K$3.0M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix 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

Funding earned
$23
Price spread: −0.031% → +0.088%
−$11.85
Slippage, 4 orders
−$3.07
Fee ApeX Omni: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$8.93
Costs to cover
0.201%
Break-even
9.7 days
Slippage from ApeX Omni: live order book, 6 min ago; Phoenix: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy ApeX Omni live order book, 6 min ago0.61 bp5.6 bp −$67.0 bp −$7029.7 bp −$2,96652.2 bp −$26.1K
Sell Phoenix live order book, 5 min ago0.18 bp4.2 bp −$47.6 bp −$7616.9 bp −$1,685doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
ApeX Omni ETHUSDTlong−0.0115%1h2,726.2long leg$8.6M$31.5M100x
Perpl ETH−0.0112%43m2,727.5+0.047%$290K$5.8M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,728.3+0.076%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,727.8+0.057%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,729.4+0.115%$12.0M—200xas long as short
Phoenix ETHshort−0.0006%1h2,725.4−0.031%$816K$3.0M25x
dYdX ETH-USD0.0000%1h2,727.8+0.057%$10.5M$42.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,728.7+0.090%$6.7M$690.9M4.9xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,728.4+0.078%$262.6M$215.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,729.5+0.120%$32.9M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
HTX ETH-USDT+0.0007%8h2,727.6+0.051%$1.05B$1.23B200xas long as short
01 Exchange ETHUSD+0.0024%1h2,728.9+0.098%$191K$892K50xas long as short
BingX ETH-USDC+0.0031%8h2,728.1+0.067%—$18.5M—as long as short
Bybit ETHUSDT+0.0037%8h2,727.4+0.044%$2.34B$4.43B150xas long as short
Aftermath Perps ETHUSD+0.0072%1h2,728.7+0.088%$30K$20K20xas long as short
KuCoin ETHUSDTM+0.0077%8h2,728.4+0.080%$378.5M$577.5M100xas long as short
SoDEX ETH-USD+0.0080%1h2,727.7+0.054%$54.3M$187.4M40xas long as short
SunX ETH-USDT+0.0085%8h2,727.2+0.035%$956K$11.1M100xas long as short
Aster ETHUSDT+0.0086%8h2,727.5+0.048%$252.0M$850.6M200xas long as short
OKX ETH-USDT-SWAP+0.0091%8h2,727.5+0.045%$1.65B$10.96B100xas long as short
MEXC ETH_USDT+0.0094%8h2,728.6+0.085%$1.52B$2.58B500xas long as short
Binance ETHUSDT+0.0094%8h2,727.8+0.057%$6.33B$16.19B150xas long as short
Lighter ETH+0.0096%1h2,728.4+0.079%$112.0M$433.8M50xas long as short
Lighter RH ETH+0.0096%1h2,729.4+0.116%$23.4M$102.9M50xas long as short
Aevo ETH-PERP+0.0096%1h2,727.4+0.044%$4.9M$165K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.4+0.079%$509K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,731.2+0.181%$15.3M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.8+0.094%$14.0M$106.1M50xas long as short
Hyperliquid ETH+0.0100%1h2,730.7+0.164%$3.11B$2.06B25xas long as short
Pacifica ETH+0.0100%1h2,728.8+0.093%$32.0M$333.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,728.2+0.072%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,729.2+0.110%$1.5M$16.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,725.9−0.012%$161.8M$340.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.9+0.099%$3.28B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,727.9+0.062%$2.09B$2.80B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,727.5+0.045%$15.0M$42.0M50xas long as short
Variational Omni ETH+0.0100%8h2,723.1−0.116%$133.0M$326.2M—as long as short
edgeX ETHUSDC+0.0100%4h2,724.6−0.062%$184.7M$683.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.3+0.002%$158.4M$87.7M50xas long as short
StandX ETH-USD+0.0100%1h2,729.6+0.123%$21.0M$69.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.4+0.116%—$767K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,729.4+0.116%$11.2M$9.5M50xas long as short
Bullet ETH-USD+0.0100%1h2,728.8+0.094%$179K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,729+0.102%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,730.3+0.148%$40.9M$30.2M15xas long as short
Phemex ETHUSDT+0.0100%8h2,728.5+0.081%$263.0M$65.0M150xas long as short
Extended ETH-USD+0.0104%1h2,727.5+0.047%$30.4M$74.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,728.1+0.067%—$30.6M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,729.3+0.114%$50.3M$4.32B50xas long as short
RISEx ETH/USDC+0.0115%1h2,729.3+0.111%$5.6M$11.8M25xas long as short
Orderly PERP_ETH_USDC+0.0187%8h2,730.9+0.172%$32.2M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0193%1h2,727.5+0.047%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,728.6+0.085%$83.6M$311.5M100xas long as short
Hibachi ETH/USDT-P+0.0264%1h2,729.3+0.114%$245K$1.4M20xas long as short
BloFin ETH-USDT+0.0377%8h2,728+0.066%$282.2M$175.5M150xas long as short