Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h −0.020%

Price spread now: Phemex against Deribit−0.026%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$200.198% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.026%, 7d avg −0.044%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.062%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,730.5	0	get 0.0000% / 1h	58m 50s	$262.5M	$213.4M	50x
Short	Phemex ETHUSDT	2,729.8	0.0096	get 0.0096% / 8h	58m 50s	$262.9M	$64.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.026%Rate

Funding earned: $20.22
Price spread: −0.026% → −0.044%: $1.83
Slippage, 4 orders: −$0.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $2.24
Costs to cover: 0.198%
Break-even: 6.2 days

Slippage from Deribit: live order book, 5 min ago; Phemex: 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 Deribit live order book, 5 min ago	0.09 bp	3.8 bp −$4	4.9 bp −$49	9.9 bp −$987	18.0 bp −$8,978
Sell Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.0 bp −$70	10.4 bp −$1,036	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	2,729.9	−0.022%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.9	−0.021%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,730	−0.019%	$812K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.8	−0.026%	$10.5M	$42.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,730.2	−0.011%	$6.5M	$681.9M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,729.5	−0.036%	$288K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUALlong	0.0000%	1h	2,730.5	long leg	$262.5M	$213.4M	50x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.9	−0.022%	$32.9M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0012%	1h	2,728.8	−0.062%	$8.6M	$31.6M	100x	as long as short
BingX ETH-USDT	+0.0022%	8h	2,728.9	−0.060%	—	$1.10B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0025%	8h	2,728.7	−0.067%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,729.3	−0.046%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,730.2	−0.011%	$191K	$890K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,734.2	+0.135%	$117K	$20.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,730	−0.018%	$82.1M	$309.7M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,729.3	−0.045%	$385.5M	$577.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,728.8	−0.063%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,728.9	−0.059%	$252.7M	$847.8M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,729.1	−0.052%	$1.54B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,729.1	−0.053%	$6.33B	$16.12B	150x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,729.5	−0.037%	$187K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,730.2	−0.013%	$112.6M	$428.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.5	+0.036%	$23.5M	$101.7M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727	−0.127%	$4.9M	$174K	20x	as long as short
Phemex ETHUSDTshort	+0.0096%	8h	2,729.8	−0.026%	$262.9M	$64.4M	150x
SoDEX ETH-USD	+0.0098%	1h	2,729.4	−0.041%	$54.4M	$187.2M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.037%	$501K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.9	+0.122%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.3	−0.044%	$14.1M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.7	+0.043%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.5	−0.001%	$32.2M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.1	−0.052%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.3	−0.007%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.1	−0.051%	$3.30B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.8	−0.062%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.3	−0.044%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728	−0.092%	$134.0M	$320.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.7	−0.066%	$185.5M	$683.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.2	−0.048%	$158.6M	$83.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.8	+0.011%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	+0.025%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.8	+0.011%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.3	−0.008%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.078%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.2	−0.049%	$957K	$10.9M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729	−0.056%	$162.7M	$352.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,731.2	+0.026%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.1	−0.089%	$30.4M	$72.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,729.8	−0.026%	—	$30.5M	500x	as long as short
Hibachi ETH/USDT-P	+0.0112%	1h	2,729.7	−0.028%	$243K	$1.4M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.8	+0.010%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,730.5	−0.002%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0144%	8h	2,729.9	−0.024%	$281.2M	$177.3M	150x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,731.8	+0.048%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,728.8	−0.064%	$7.3M	$975K	25x	as long as short