Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0078%/8h= −8.6% APRpaid last 24h −0.007%

Price spread now: Phemex against Bulk−0.030%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now −0.030%, 7d avg −0.021%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,777.9	0.0100	pay 0.0013% / 1h	58m 36s	$168.1M	$250.4M	25x
Short	Phemex ETHUSDT	2,777.1	0.0022	get 0.0022% / 8h	58m 36s	$270.5M	$68.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$16.4
Price spread: −0.030% → −0.021%: −$0.94
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.42
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bulk: live order book, 1 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bulk live order book, 1 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.2 bp −$419	5.7 bp −$2,841
Sell Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	7.0 bp −$70	10.9 bp −$1,092	14.9 bp −$7,437

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	2,778.5	+0.021%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,778.6	+0.023%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,777.3	−0.023%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778	+0.002%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,779.4	+0.052%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0004%	1h	2,776.8	−0.041%	$29K	$22K	20x	as long as short
Bullet ETH-USD	−0.0001%	1h	2,776.8	−0.041%	$181K	$1.7M	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.9	−0.002%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,777.6	−0.012%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.7	−0.008%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0014%	8h	2,778.3	+0.012%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,779.8	+0.068%	$1.70B	$11.89B	100x	as long as short
Phemex ETHUSDTshort	+0.0022%	8h	2,777.1	−0.030%	$270.5M	$68.8M	150x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.7	−0.010%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,779.2	+0.045%	$254.9M	$995.7M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0034%	1h	2,778.5	+0.021%	$258.7M	$222.8M	50x	as long as short
Nado ETH-PERP	+0.0035%	1h	2,779.4	+0.052%	$14.3M	$118.2M	50x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,776.9	−0.038%	$55.3M	$229.0M	40x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	−0.014%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,778.8	+0.030%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,779.4	+0.052%	$6.45B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0064%	8h	2,779.7	+0.062%	$2.10B	$3.10B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.5	−0.125%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,778.6	+0.022%	$3.30B	$9.55B	200x	as long as short
HTX ETH-USDT	+0.0087%	8h	2,776.6	−0.048%	$1.08B	$1.32B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,778.1	+0.006%	$60.1M	$4.61B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,779.7	+0.061%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0092%	8h	2,777.4	−0.021%	$423.4M	$739.5M	100x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,779.3	+0.050%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,778.7	+0.025%	$115.3M	$491.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.3	+0.050%	$25.4M	$120.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778.3	+0.013%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,779.2	+0.045%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,782.3	+0.157%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779.1	+0.042%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.9	−0.002%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.1	+0.077%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,777.9	long leg	$168.1M	$250.4M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	−0.008%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.9	−0.073%	$147.5M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777	−0.033%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.9	−0.038%	$161.5M	$90.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.5	+0.020%	$21.5M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.2	+0.117%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.1	+0.006%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.2	+0.046%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.9	−0.039%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.2	+0.010%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,777.4	−0.019%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,778.2	+0.009%	$86.5M	$332.6M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,777.8	−0.005%	$8.3M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.7	+0.064%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.8	−0.042%	$285.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,779.7	+0.063%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0296%	1h	2,778.5	+0.021%	$270K	$1.5M	20x	as long as short