ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0083%/8h= −9.0% APRnext payment −$0.10 per $10,000 · paid last 24h −0.011%

Price spread now: Phoenix against Bulk0.000%51s7-day average +0.084% · 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—prices read too far apart to compare

costs, in and out, $10k−$150.152% of the position

Long on Bulk Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days+0.088%+$9 · spread now 0.000%, 7d avg +0.084%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.084% cheaper against Bulk than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.084%). Swap the legs. The two prices were read 51 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	Bulk ETH-USD	2,742.3	0.0100	pay 0.0013% / 1h	22m 26s	$165.2M	$299.1M	25x
Short	Phoenix ETH	2,742.3	0.0017	get 0.0002% / 1h	22m 26s	$847K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$17.33
Price spread: 0.000% → +0.084%: −$8.39
Slippage, 4 orders: −$1.21
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.93
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 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 Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.4 bp −$2,204
Sell Phoenix live order book, 1 min ago	0.18 bp	3.8 bp −$4	7.0 bp −$70	16.0 bp −$1,599	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
Hotstuff ETH-PERP	−0.0080%	1h	2,744.9	+0.095%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	+0.015%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,745.1	+0.102%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746	+0.133%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,747.1	+0.176%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,748	+0.209%	$25.0M	—	200x	as long as short
Phoenix ETHshort	+0.0017%	1h	2,742.3	0.000%	$847K	$2.9M	25x
01 Exchange ETHUSD	+0.0032%	1h	2,747.9	+0.204%	$182K	$863K	50x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,742.2	−0.003%	$8.8M	$30.8M	100x	as long as short
BingX ETH-USDT	+0.0051%	8h	2,747.5	+0.190%	—	$1.15B	—	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	+0.0066%	8h	2,747.8	+0.199%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,748	+0.206%	$382.6M	$577.8M	100x	as long as short
Bullet ETH-USD	+0.0075%	1h	2,747.5	+0.190%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.9	+0.205%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,747.4	+0.184%	$253.5M	$841.2M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,747	+0.172%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,747.5	+0.190%	$6.39B	$15.66B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.3	+0.145%	$112.8M	$434.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.7	+0.195%	$24.7M	$104.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.4	+0.111%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,743.2	+0.032%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.7	+0.159%	$58.4M	$4.25B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.3	+0.327%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.2	+0.179%	$471K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.5	+0.189%	$13.9M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.1	+0.285%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.6	+0.193%	$31.7M	$334.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747.7	+0.198%	$2.46B	$4.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745	+0.098%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.8	+0.200%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,742.3	long leg	$165.2M	$299.1M	25x
Gate ETH_USDT	+0.0100%	8h	2,747.8	+0.202%	$3.39B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748	+0.207%	$2.09B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.3	+0.073%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740	−0.084%	$132.7M	$328.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741	−0.048%	$182.2M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.9	−0.123%	$159.3M	$84.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.1	+0.102%	$21.2M	$67.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.8	+0.202%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.7	+0.233%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	+0.155%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744	+0.062%	$963K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.9	+0.095%	$54.7M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744.8	+0.091%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.9	+0.096%	$266.9M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.7	+0.159%	$30.6M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,744.1	+0.066%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,745.1	+0.102%	$7.5M	$669.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0192%	8h	2,747.4	+0.187%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	+0.136%	$86.7M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,747.2	+0.180%	$7.3M	$1.1M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0238%	1h	2,746.7	+0.159%	$259.8M	$196.9M	50x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746	+0.135%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0299%	1h	2,744.8	+0.093%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,744.6	+0.085%	$285.8M	$181.2M	150x	as long as short