Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0211%/8h= −23.2% APRpaid last 24h −0.045%

Price spread now: Phoenix against BloFin+0.102%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 4 days (all we have)+0.397%+$40 · spread now +0.102%, 7d avg +0.076%

Together, before fees+0.241%+$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.027% dearer against BloFin than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of +0.076%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.157% in total) that is about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,738.4	0.0211	pay 0.0211% / 8h	4h 53m	$285.5M	$172.8M	150x
Short	Phoenix ETH	2,741.2	0	get 0.0000% / 1h	53m 19s	$832K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$44.41
Price spread: +0.102% → +0.076%: $2.67
Slippage, 4 orders: −$1.56
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$62.3
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from BloFin: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 6 min ago	0.04 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$622	7.7 bp −$3,828
Sell Phoenix live order book, 5 min ago	0.18 bp	4.2 bp −$4	7.6 bp −$76	16.7 bp −$1,672	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	2,738.4	+0.001%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	+0.069%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.1	+0.026%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739	+0.021%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.5	+0.039%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,739	+0.022%	$182K	$834K	50x	as long as short
Phoenix ETHshort	0.0000%	1h	2,741.2	+0.102%	$832K	$2.9M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.2	+0.029%	$25.4M	—	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,738.4	−0.002%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0059%	1h	2,738.3	−0.003%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0062%	1h	2,738.5	+0.004%	$54.5M	$187.6M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,739	+0.022%	$1.68B	$10.59B	100x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,738.5	+0.002%	$380.6M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,738.5	+0.003%	$253.3M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,736.3	−0.077%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,738.5	+0.005%	$1.56B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,738.5	+0.005%	$6.36B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,738.7	+0.012%	$112.5M	$431.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.3	+0.068%	$24.5M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.3	+0.031%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.1	+0.024%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742.4	+0.146%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.9	−0.018%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.5	+0.005%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.7	+0.084%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739	+0.022%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,738.8	+0.014%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.7	+0.011%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.9	+0.018%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.086%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.8	+0.014%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.9	+0.018%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.3	+0.032%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.093%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	+0.053%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.038%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.126%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.7	+0.084%	$21.2M	$69.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740	+0.058%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.5	+0.077%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.8	−0.022%	$961K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,738.4	0.000%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	+0.001%	$266.1M	$65.1M	150x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.5	+0.041%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.1	−0.012%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.3	+0.071%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,740.1	+0.063%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,739.2	+0.029%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,741	+0.096%	$32.2M	$11.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0195%	1h	2,740.3	+0.070%	$260.0M	$194.8M	50x	as long as short
BloFin ETH-USDTlong	+0.0211%	8h	2,738.4	long leg	$285.5M	$172.8M	150x
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,739.4	+0.037%	$86.0M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,738.2	−0.008%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,740.3	+0.071%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1989%	1h	2,739.3	+0.034%	$21K	$20K	25x	as long as short