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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 21:00 UTC−0.0123%/8h= −13.5% APRnext payment −$0.15 per $10,000 · paid last 24h −0.019%
Price spread now: Phoenix against Derive+0.029%7-day average +0.023% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on DeriveShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.064%−$6 on $10k
Price spread, last 3 days (all we have)+0.109%+$11 · spread now +0.029%, 7d avg +0.023%
Together, before fees+0.045%+$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDerive ETH-PERP2,770.50.0100pay 0.0013% / 1h45m 04s$42.8M$29.4M15x
ShortPhoenix ETH2,771.3−0.0023pay 0.0003% / 1h45m 04s$795K$3.7M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix 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

Funding earned
−$25.83
Price spread: +0.029% → +0.023%
$0.51
Slippage, 4 orders
no order book: not counted
Fee Derive: 3 bp × 2 orders
−$6
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$38.32
Costs to cover
0.130%
Break-even
never at this rate
Slippage unknown: Derive: no order-book sample; Phoenix: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Derive no order-book sample—————
Sell Phoenix live order book, 4 min ago0.18 bp4.3 bp −$48.5 bp −$8517.5 bp −$1,749doesn't fit
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,769−0.053%$289K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,770.7+0.007%$119K$22.5M52xas long as short
ApeX Omni ETHUSDT−0.0095%1h2,771.1+0.022%$10.5M$31.0M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,770.50.000%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0072%1h2,768.4−0.076%$172K$1.2M50xas long as short
Phoenix ETHshort−0.0023%1h2,771.3+0.029%$795K$3.7M25x
RISEx ETH/USDC−0.0011%1h2,768.4−0.077%$5.8M$11.9M25xas long as short
dYdX ETH-USD0.0000%1h2,770.7+0.008%$12.9M$45.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,768.9−0.058%$22.4M—200xas long as short
Phemex ETHUSDT+0.0021%8h2,768.1−0.089%$266.3M$65.9M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0023%8h2,767.6−0.105%$1.70B$11.83B100xas long as short
Aftermath Perps ETHUSD+0.0024%1h2,772.3+0.063%$29K$21K20xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,768.9−0.059%$13.1M—200xas long as short
Aster ETHUSDT+0.0043%8h2,768−0.092%$255.7M$995.6M200xas long as short
MEXC ETH_USDT+0.0044%8h2,767.5−0.110%$1.59B$2.63B500xas long as short
Binance ETHUSDT+0.0045%8h2,768−0.089%$6.43B$17.18B150xas long as short
Aevo ETH-PERP+0.0048%1h2,766.1−0.158%$5.0M$636K20xas long as short
Gate ETH_USDT+0.0059%8h2,768.1−0.086%$3.29B$9.56B200xas long as short
Bitget ETHUSDT+0.0074%8h2,767.4−0.113%$2.09B$3.13B150xas long as short
Bullet ETH-USD+0.0079%1h2,768.1−0.088%$186K$1.8M20xas long as short
Variational Omni ETH+0.0092%8h2,771.1+0.020%$141.1M$318.8M—as long as short
SoDEX ETH-USD+0.0094%1h2,768−0.091%$55.1M$228.6M40xas long as short
Lighter ETH+0.0096%1h2,768.5−0.074%$115.1M$509.1M50xas long as short
Lighter RH ETH+0.0096%1h2,770−0.020%$25.3M$121.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,769−0.054%—$41.9M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,768.1−0.088%$15.9M$10.9M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,768.9−0.058%$481K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,768.1−0.087%$16.0M$114.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,770.7+0.008%$3.19B$2.38B25xas long as short
Pacifica ETH+0.0100%1h2,769.3−0.043%$31.3M$283.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,767.7−0.101%$2.50B$4.63B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,768.2−0.083%$2.9M$16.5M25xas long as short
Arcus ETH-USD+0.0100%1h2,770.4−0.004%$2.8M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,770.8+0.012%$164.5M$255.4M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,767.9−0.094%$424.8M$742.5M100xas long as short
BingX ETH-USDT+0.0100%8h2,767.8−0.100%—$1.19B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,768.5−0.074%$15.3M$42.4M50xas long as short
edgeX ETHUSDC+0.0100%4h2,771.4+0.033%$178.2M$790.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,771.7+0.043%$161.2M$97.4M50xas long as short
StandX ETH-USD+0.0100%1h2,770.4−0.004%$21.4M$57.6M40xas long as short
Vest ETH-PERP+0.0100%1h2,769.5−0.035%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,769.6−0.033%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,769.3−0.043%$21K$25K25xas long as short
Derive ETH-PERPlong+0.0100%1h2,770.5long leg$42.8M$29.4M15x
SunX ETH-USDT+0.0100%8h2,767.2−0.119%$971K$14.3M100xas long as short
HTX ETH-USDT+0.0100%8h2,767.6−0.106%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,767.1−0.124%$31.5M$76.1M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,769.6−0.032%$60.0M$4.63B50xas long as short
Kalshi KXETHPERP+0.0120%8h2,770.3−0.008%$8.6M$671.0M4.9xas long as short
Orderly PERP_ETH_USDC+0.0129%8h2,771+0.019%$32.5M$11.8M100xas long as short
Deribit ETH-PERPETUAL+0.0144%1h2,770−0.017%$259.0M$223.3M50xas long as short
BloFin ETH-USDT+0.0165%8h2,767.9−0.094%$286.6M$195.3M150xas long as short
Reya ETHRUSDPERP+0.0190%1h2,767.4−0.113%$7.5M$998K25xas long as short
Kraken Futures PF_ETHUSD+0.0241%1h2,769.3−0.043%$88.4M$329.9M100xas long as short
Hibachi ETH/USDT-P+0.0392%1h2,772.4+0.067%$273K$1.5M20xas long as short