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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 08:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.12 per $10,000 · paid last 24h −0.001%
Price spread now: Phemex against Bitget+0.016%46s7-day average −0.001% · you sell dearer than you buy
Net, funding: paid 7d − costs−$27as 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−$240.241% of the position
Long on BitgetShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days−0.025%−$3 on $10k
Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.016%, 7d avg −0.001%
Together, before fees−0.048%−$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBitget ETHUSDT2,732.20.0100pay 0.0100% / 8h1h 08m$2.10B$2.77B150x
ShortPhemex ETHUSDT2,732.60.0088get 0.0088% / 8h1h 08m$263.1M$64.5M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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
−$2.51
Price spread: +0.016% → −0.001%
$1.67
Slippage, 4 orders
−$0.07
Fee Bitget: 6 bp × 2 orders
−$12
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$24.91
Costs to cover
0.241%
Break-even
never at this rate
Slippage from Bitget: live order book, 6 min ago; Phemex: live order book, 6 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 Bitget live order book, 6 min ago0.02 bp6.0 bp −$66.3 bp −$637.8 bp −$780doesn't fit
Sell Phemex live order book, 6 min ago0.02 bp6.0 bp −$66.8 bp −$6810.3 bp −$1,030doesn't fit

ETH on 54 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
Hotstuff ETH-PERP−0.0080%1h2,732−0.006%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,733.1+0.034%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,732.5+0.012%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,733.1+0.034%$813K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,732.4+0.007%$10.5M$42.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,732.4+0.008%$6.6M$683.3M4.9xas long as short
Perpl ETH0.0000%43m2,732.2+0.001%$288K$5.8M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,733.5+0.049%$262.6M$213.4M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,732.5+0.012%$33.0M—200xas long as short
ApeX Omni ETHUSDT+0.0012%1h2,731.7−0.018%$8.6M$31.5M100xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0016%1h2,732.2+0.001%$191K$889K50xas long as short
BingX ETH-USDC+0.0024%8h2,731−0.042%—$18.6M—as long as short
HTX ETH-USDT+0.0027%8h2,732.7+0.020%$1.05B$1.22B200xas long as short
Bybit ETHUSDT+0.0028%8h2,731.6−0.022%$2.34B$4.38B150xas long as short
KuCoin ETHUSDTM+0.0068%8h2,731.4−0.028%$379.5M$576.7M100xas long as short
SoDEX ETH-USD+0.0071%1h2,732.5+0.012%$54.4M$187.1M40xas long as short
OKX ETH-USDT-SWAP+0.0081%8h2,731.4−0.027%$1.65B$10.86B100xas long as short
Aster ETHUSDT+0.0083%8h2,731.6−0.022%$253.0M$846.8M200xas long as short
Phemex ETHUSDTshort+0.0088%8h2,732.6+0.016%$263.1M$64.5M150x
Bullet ETH-USD+0.0088%1h2,732.7+0.021%$189K$1.7M20xas long as short
MEXC ETH_USDT+0.0095%8h2,731.5−0.023%$1.54B$2.61B500xas long as short
Binance ETHUSDT+0.0095%8h2,731.8−0.014%$6.33B$16.11B150xas long as short
Lighter ETH+0.0096%1h2,732.2+0.001%$112.8M$438.8M50xas long as short
Lighter RH ETH+0.0096%1h2,733.3+0.042%$23.5M$103.4M50xas long as short
Aevo ETH-PERP+0.0096%1h2,730−0.078%$4.9M$165K20xas long as short
Aftermath Perps ETHUSD+0.0099%1h2,733.4+0.045%$30K$20K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.4−0.028%$502K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,736.6+0.163%$15.4M$7.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,731.4−0.027%$14.1M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,734.2+0.074%$3.11B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,732.5+0.013%$32.0M$332.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,731.6−0.021%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.4+0.008%$1.5M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,731.8−0.013%$164.2M$349.6M25xas long as short
Gate ETH_USDT+0.0100%8h2,731.6−0.019%$3.31B$9.04B200xas long as short
Bitget ETHUSDTlong+0.0100%8h2,732.2long leg$2.10B$2.77B150x
Backpack ETH_USDC_PERP+0.0100%1h2,732.4+0.007%$15.1M$41.8M50xas long as short
Variational Omni ETH+0.0100%8h2,731.2−0.035%$134.1M$321.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,732.20.000%$185.8M$682.5M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,732−0.005%$158.8M$85.9M50xas long as short
StandX ETH-USD+0.0100%1h2,733+0.030%$21.0M$70.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.7+0.055%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.6+0.052%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,733.3+0.042%$22K$21K25xas long as short
SunX ETH-USDT+0.0100%8h2,732.1−0.001%$958K$10.9M100xas long as short
Extended ETH-USD+0.0104%1h2,730.7−0.055%$30.4M$72.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,732.4+0.009%—$30.4M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,733.6+0.054%$46.5M$4.31B50xas long as short
RISEx ETH/USDC+0.0115%1h2,732.3+0.005%$5.6M$11.6M25xas long as short
Hibachi ETH/USDT-P+0.0144%1h2,733+0.031%$243K$1.4M20xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,734.8+0.096%$32.2M$11.3M100xas long as short
Reya ETHRUSDPERP+0.0187%1h2,731.5−0.024%$7.3M$975K25xas long as short
Kraken Futures PF_ETHUSD+0.0210%1h2,733.1+0.033%$82.2M$309.8M100xas long as short
BloFin ETH-USDT+0.0381%8h2,732.4+0.010%$281.0M$175.4M150xas long as short