Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.011%

Price spread now: Phoenix against Binance+0.091%75s7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as 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−$180.182% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.091%, 7d avg +0.092%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.092%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you. The two prices were read 75 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	Binance ETHUSDT	2,719.1	0.0091	pay 0.0091% / 8h	2h 32m	$6.29B	$16.07B	150x
Short	Phoenix ETH	2,721.6	−0.0009	pay 0.0001% / 1h	32m 12s	$815K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.091%Rate

Funding earned: −$21.05
Price spread: +0.091% → +0.092%: −$0.08
Slippage, 4 orders: −$1.23
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.36
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Phoenix: live order book, 1 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 Binance live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$532	7.8 bp −$3,923
Sell Phoenix live order book, 1 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	17.2 bp −$1,719	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
Perpl ETH	−0.0447%	43m	2,720.2	+0.041%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.2	−0.034%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718.4	−0.026%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.7	+0.021%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0009%	1h	2,721.6	+0.091%	$815K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,719.8	+0.024%	$30.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.5	+0.088%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0011%	1h	2,720.4	+0.047%	$10.7M	$42.0M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0011%	1h	2,719.7	+0.021%	$258.7M	$206.2M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,720.6	+0.055%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0033%	8h	2,719.5	+0.014%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,719.1	−0.002%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,719.6	+0.019%	$953K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0070%	1h	2,719.1	−0.001%	$179K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,721.9	+0.101%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,719	−0.004%	$374.5M	$577.9M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,719.2	+0.003%	$251.6M	$843.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,715.9	−0.119%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,718.9	−0.010%	$1.66B	$10.78B	100x	as long as short
Binance ETHUSDTlong	+0.0091%	8h	2,719.1	long leg	$6.29B	$16.07B	150x
MEXC ETH_USDT	+0.0092%	8h	2,719.3	+0.005%	$1.56B	$2.58B	500x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,719.1	−0.002%	$262.8M	$64.3M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,719.2	+0.004%	$111.2M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,720.7	+0.058%	$23.3M	$103.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,719.6	+0.018%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.8	+0.136%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720.2	+0.040%	$13.8M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,721.6	+0.091%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,720.9	+0.065%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,718.6	−0.019%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,720.8	+0.061%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.006%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,719.4	+0.009%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.6	−0.017%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718	−0.040%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.151%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.1	+0.184%	$184.5M	$676.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.165%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	+0.201%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,718	−0.041%	$20.9M	$71.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,720.6	+0.054%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,720.9	+0.066%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.7	+0.022%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719.9	+0.027%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,718.7	−0.015%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.9	−0.044%	$30.5M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.3	+0.045%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,720.4	+0.045%	$49.7M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,720.8	+0.062%	$5.5M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,720	+0.033%	$6.5M	$691.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.4	+0.010%	$82.7M	$315.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,721.2	+0.077%	$32.0M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,718.3	−0.029%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,720.4	+0.047%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,717.8	−0.049%	$281.2M	$174.1M	150x	as long as short