Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.007%

Price spread now: Phoenix against Bybit−0.092%75s7-day average +0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as 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−$200.203% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 7 days+0.188%+$19 · spread now −0.092%, 7d avg +0.097%

Together, before fees+0.282%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.189% cheaper against Bybit than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.097%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.093%, 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	Bybit ETHUSDT	2,778.2	0.0091	pay 0.0091% / 8h	1h 00m	$2.52B	$4.63B	150x
Short	Phoenix ETH	2,775.6	0	get 0.0000% / 1h	0m 03s	$885K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$19.11
Price spread: −0.092% → +0.097%: −$18.9
Slippage, 4 orders: −$2.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$58.35
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 4 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 Bybit live order book, 4 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.5 bp −$645	9.0 bp −$4,480
Sell Phoenix live order book, 4 min ago	0.18 bp	4.3 bp −$4	6.5 bp −$65	16.1 bp −$1,614	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	2,778.3	+0.006%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,778.3	+0.003%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,779.3	+0.041%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.233%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,778.3	+0.005%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0006%	1h	2,776.4	−0.062%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,779.4	+0.044%	$12.7M	$45.9M	50x	as long as short
Phoenix ETHshort	0.0000%	1h	2,775.6	−0.092%	$885K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,779.2	+0.038%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0014%	8h	2,777.5	−0.025%	—	$17.4M	—	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	+0.0018%	8h	2,777.7	−0.015%	$1.70B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,778	−0.007%	$270.6M	$68.8M	150x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,778.3	+0.003%	$182K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,779.2	+0.036%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,778.3	+0.006%	$254.8M	$995.6M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0045%	1h	2,779.7	+0.054%	$258.7M	$222.8M	50x	as long as short
Nado ETH-PERP	+0.0054%	1h	2,778.4	+0.009%	$14.3M	$118.2M	50x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	−0.022%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,778.1	−0.004%	$1.60B	$2.68B	500x	as long as short
SoDEX ETH-USD	+0.0060%	1h	2,777.8	−0.013%	$55.3M	$229.0M	40x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,778.2	+0.003%	$6.44B	$17.24B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,776.1	−0.074%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,777.9	−0.009%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,777.9	−0.009%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0087%	8h	2,778.2	0.000%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDTlong	+0.0091%	8h	2,778.2	long leg	$2.52B	$4.63B	150x
KuCoin ETHUSDTM	+0.0093%	8h	2,778.4	+0.009%	$422.7M	$739.5M	100x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,778.5	+0.013%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	+0.005%	$115.3M	$503.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.7	+0.057%	$25.4M	$122.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,777.5	−0.024%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.4	+0.009%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.8	+0.095%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	−0.002%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	−0.035%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.7	+0.055%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.008%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778	−0.007%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.9	−0.081%	$147.5M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777	−0.040%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.089%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.3	−0.067%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.8	+0.059%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.8	+0.022%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,780.7	+0.091%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,777.8	−0.014%	$973K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.5	−0.023%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,779.3	+0.040%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779.2	+0.038%	$60.1M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,778.3	+0.005%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,781.2	+0.109%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,779.1	+0.034%	$86.6M	$332.6M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.5	−0.062%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,778.3	+0.005%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,777.5	−0.023%	$270K	$1.5M	20x	as long as short