ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0106%/8h= −11.6% APRnext payment −$0.13 per $10,000 · paid last 24h −0.014%

Price spread now: Phoenix against Backpack+0.232%80s7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.185% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 7 days+0.551%+$55 · spread now +0.232%, 7d avg +0.099%

Together, before fees+0.531%+$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.133% dearer against Backpack than usual: you sell high and buy low (spread +0.232% now, against its 7-day average of +0.099%): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.2 days. At the pace of the last 7 days (−0.020% in total) that is about 47 days. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,749.7	0.0100	pay 0.0013% / 1h	51m 40s	$14.9M	$42.5M	50x
Short	Phoenix ETH	2,756.1	−0.0006	pay 0.0001% / 1h	51m 40s	$865K	$3.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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 BackpackbpFee PhoenixbpOrdersPrice spread, now +0.232%Rate

Funding earned: −$22.22
Price spread: +0.232% → +0.099%: $13.3
Slippage, 4 orders: −$1.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.47
Costs to cover: 0.185%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Phoenix: live order book, 2 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 Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	7.8 bp −$78	30.1 bp −$3,005	doesn't fit
Sell Phoenix live order book, 2 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	17.0 bp −$1,704	doesn't fit

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
ApeX Omni ETHUSDT	−0.0449%	1h	2,745.8	−0.143%	$8.7M	$31.5M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,750	+0.009%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.7	−0.001%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	+0.017%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.1	−0.024%	$12.0M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,756.1	+0.232%	$865K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,750.6	+0.030%	$10.9M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.6	−0.042%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,750.2	+0.017%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0028%	8h	2,749.7	−0.001%	—	$1.20B	—	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	+0.0035%	8h	2,748.1	−0.060%	$1.67B	$11.07B	100x	as long as short
HTX ETH-USDT	+0.0038%	8h	2,749.1	−0.025%	$1.07B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,750.2	+0.015%	$255.9M	$854.7M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,749.5	−0.007%	$1.58B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,747.3	−0.089%	$4.9M	$163K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,749.8	+0.002%	$6.37B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,748.9	−0.030%	$3.33B	$8.72B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,750.4	+0.024%	$385.0M	$607.1M	100x	as long as short
Bitget ETHUSDT	+0.0083%	8h	2,749.5	−0.008%	$2.07B	$2.86B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,751	+0.044%	$258.8M	$202.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.2	+0.055%	$59.6M	$4.39B	50x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,750	+0.010%	$30K	$21K	20x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.297%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,749.1	−0.021%	$113.2M	$438.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.9	+0.044%	$25.0M	$105.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,750.1	+0.012%	—	$35.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.7	+0.072%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.3	−0.016%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.1	+0.013%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.3	+0.093%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.014%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.5	−0.044%	$2.46B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.1	−0.023%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.7	+0.035%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.106%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,749.7	long leg	$14.9M	$42.5M	50x
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.236%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.096%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.9	−0.139%	$21.2M	$65.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.8	+0.003%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.9	+0.006%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.7	−0.037%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.3	−0.015%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.2	+0.054%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749.1	−0.021%	$963K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.6	−0.005%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.8	+0.002%	$267.4M	$66.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749	−0.028%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,750	+0.010%	$7.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0160%	8h	2,751.5	+0.065%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,748.1	−0.060%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,747.3	−0.087%	$286.1M	$178.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.5	−0.190%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.3	−0.017%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751	+0.046%	$93.1M	$319.7M	100x	as long as short