Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.013%

Price spread now: Phemex against gTrade (Gains Network)+0.193%50s7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.201% of the position

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.349%−$35 · spread now +0.193%, 7d avg −0.013%

Together, before fees−0.293%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.206% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.013%. The two prices were read 50 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	gTrade (Gains Network) ETH/USD	2,729.2	L +0.0007% / S −0.0007%	pay 0.0001% / 1h	49m 21s	$25.7M	—	200x
Short	Phemex ETHUSDT	2,734.4	0.0100	get 0.0100% / 8h	4h 49m	$265.7M	$65.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now +0.193%Rate

Funding earned: $19.59
Price spread: +0.193% → −0.013%: $20.59
Slippage, 4 orders: −$1.13
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $20.04
Costs to cover: 0.201%
Break-even: from the start

Slippage from gTrade (Gains Network): virtual book (oracle venue), 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,450
Sell Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.8 bp −$68	9.3 bp −$930	13.1 bp −$6,552

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	2,731.5	+0.086%	$299K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.232%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	+0.327%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.3	+0.005%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.6	+0.198%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,732.6	+0.125%	$181K	$833K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.440%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0007% / S −0.0007%	1h	2,729.2	long leg	$25.7M	—	200x
Bullet ETH-USD	+0.0038%	1h	2,729.2	+0.002%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0050%	1h	2,734.3	+0.188%	$54.5M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0056%	8h	2,728.7	−0.018%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.5	−0.027%	$1.68B	$10.62B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,732.2	+0.110%	$379.4M	$573.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,730.5	+0.049%	$260.0M	$196.2M	50x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,732.6	+0.124%	$252.7M	$841.5M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.5	+0.011%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,728.5	−0.026%	$6.34B	$15.74B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,730.4	+0.043%	$1.55B	$2.53B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,734.2	+0.184%	$112.5M	$432.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.2	+0.182%	$24.1M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.5	+0.196%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.4	+0.119%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,737.8	+0.317%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.7	+0.092%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.7	+0.057%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.4	+0.155%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	+0.191%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,728.5	−0.025%	$2.41B	$4.26B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.7	+0.092%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	+0.123%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.424%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.7	+0.019%	$3.35B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.4	+0.008%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.8	+0.171%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.209%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.322%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.359%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.224%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	+0.250%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	+0.136%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	+0.133%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	+0.044%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.7	−0.017%	$957K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,734.2	+0.185%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,734.4	+0.193%	$265.7M	$65.2M	150x
Extended ETH-USD	+0.0104%	1h	2,727.7	−0.053%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,735.7	+0.240%	$51.2M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,737.7	+0.312%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,735.5	+0.232%	$7.7M	$673.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,731	+0.066%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,735.5	+0.232%	$285.2M	$172.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,730	+0.029%	$85.1M	$311.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,729.7	+0.018%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736	+0.250%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1037%	1h	2,729.3	+0.005%	$21K	$20K	25x	as long as short