Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0062%/8h= −6.7% APRpaid last 24h −0.009%

Price spread now: Phemex against Coinbase International−0.083%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now −0.083%, 7d avg −0.034%

Together, before fees−0.064%−$6 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 Phemex is 0.049% cheaper against Coinbase International than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,772	0.0088	pay 0.0011% / 1h	8m 38s	$60.3M	$4.59B	50x
Short	Phemex ETHUSDT	2,769.7	0.0026	get 0.0026% / 8h	8m 38s	$270.0M	$68.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$12.92
Price spread: −0.083% → −0.034%: −$4.86
Slippage, 4 orders: −$0.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$39.85
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Coinbase International: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Coinbase International live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	7.0 bp −$703	18.4 bp −$9,175
Sell Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	7.4 bp −$74	11.3 bp −$1,133	15.3 bp −$7,629

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	−0.0223%	43m	2,770.2	−0.063%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,770.6	−0.050%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.355%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	+0.020%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0023%	1h	2,770.5	−0.053%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.1	−0.067%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.3	−0.023%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	−0.016%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.4	−0.020%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.1	−0.068%	$1.71B	$11.88B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,771.3	−0.024%	$12.8M	—	200x	as long as short
Phemex ETHUSDTshort	+0.0026%	8h	2,769.7	−0.083%	$270.0M	$68.8M	150x
Aftermath Perps ETHUSD	+0.0028%	1h	2,771.6	−0.013%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,770.2	−0.065%	$255.7M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,770	−0.070%	$55.2M	$228.8M	40x	as long as short
Bullet ETH-USD	+0.0037%	1h	2,770.6	−0.047%	$181K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,769.9	−0.074%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,769.9	−0.073%	$6.45B	$17.30B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.6	−0.012%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,770	−0.071%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,770.3	−0.060%	$3.29B	$9.69B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,770.1	−0.067%	$421.1M	$738.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,771.6	−0.012%	$259.0M	$222.1M	50x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,770.2	−0.063%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0088%	8h	2,769.7	−0.082%	—	$17.4M	—	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0088%	1h	2,772	long leg	$60.3M	$4.59B	50x
HTX ETH-USDT	+0.0094%	8h	2,769.8	−0.077%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0096%	1h	2,769.4	−0.093%	$14.3M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770.2	−0.062%	$115.0M	$501.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.8	−0.005%	$25.3M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,770.5	−0.054%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.7	−0.082%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.063%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.2	+0.009%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.5	−0.052%	$31.2M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.6	−0.085%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.2	−0.027%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.092%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.8	−0.042%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.127%	$147.1M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770	−0.071%	$181.8M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.7	−0.117%	$161.0M	$89.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.5	−0.052%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.6	−0.049%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.2	−0.026%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.5	−0.090%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	+0.045%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.5	−0.087%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.1	−0.031%	—	$43.8M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,771.1	−0.031%	$8.1M	$687.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,771.4	−0.019%	$90.4M	$338.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0143%	8h	2,773.4	+0.051%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,770.7	−0.045%	$286.6M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,770.1	−0.065%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,771.8	−0.005%	$252K	$1.6M	20x	as long as short