Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.021%

Price spread now: Phemex against Derive−0.106%7-day average −0.060% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.106%, 7d avg −0.060%

Together, before fees−0.121%−$12 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 0.045% cheaper against Derive than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,773	0.0100	pay 0.0013% / 1h	9m 36s	$42.7M	$29.4M	15x
Short	Phemex ETHUSDT	2,770	0.0027	get 0.0027% / 8h	9m 36s	$270.0M	$68.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Derive. 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 DerivebpFee PhemexbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$15.53
Price spread: −0.106% → −0.060%: −$4.55
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.08
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.4 bp −$74	11.3 bp −$1,133	15.3 bp −$7,629

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,770.7	−0.082%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,769.8	−0.113%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.391%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	−0.016%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0023%	1h	2,770.5	−0.089%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.1	−0.103%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.3	−0.060%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.8	−0.042%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.1	−0.069%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.1	−0.104%	$1.70B	$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	2,770.9	−0.075%	$12.8M	—	200x	as long as short
Phemex ETHUSDTshort	+0.0027%	8h	2,770	−0.106%	$270.0M	$68.9M	150x
Aster ETHUSDT	+0.0031%	8h	2,769.5	−0.125%	$255.6M	$1.00B	200x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,771.5	−0.052%	$29K	$22K	20x	as long as short
SoDEX ETH-USD	+0.0032%	1h	2,770.3	−0.096%	$55.2M	$228.8M	40x	as long as short
Bullet ETH-USD	+0.0037%	1h	2,770.3	−0.097%	$181K	$1.7M	20x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,769.5	−0.123%	$6.45B	$17.30B	150x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,769.3	−0.132%	$1.62B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.8	−0.149%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,770.5	−0.088%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,769.4	−0.127%	$3.29B	$9.69B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,769.5	−0.124%	$421.0M	$738.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,772.1	−0.032%	$259.0M	$222.1M	50x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,770.1	−0.104%	$2.50B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0088%	8h	2,769.2	−0.135%	—	$17.5M	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,771.4	−0.057%	$60.2M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,769.7	−0.116%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0096%	1h	2,769.4	−0.129%	$14.3M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770.2	−0.098%	$115.0M	$500.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772	−0.034%	$25.3M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,770.5	−0.090%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.1	−0.139%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.7	−0.117%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.6	−0.013%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.1	−0.102%	$31.2M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.9	−0.110%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	−0.087%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.128%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	−0.086%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.163%	$147.1M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770	−0.107%	$181.8M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.7	−0.153%	$161.0M	$89.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.5	−0.088%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.6	−0.085%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.7	−0.046%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770	−0.106%	$973K	$13.9M	100x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,773	long leg	$42.7M	$29.4M	15x
Extended ETH-USD	+0.0104%	1h	2,768.9	−0.146%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771	−0.070%	—	$43.7M	500x	as long as short
Kalshi KXETHPERP	+0.0107%	8h	2,771.3	−0.060%	$8.2M	$687.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,771.5	−0.051%	$90.4M	$338.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0143%	8h	2,773.2	+0.008%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,768.4	−0.163%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,770.1	−0.101%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,770.7	−0.081%	$252K	$1.6M	20x	as long as short