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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.011%
Price spread now: Phemex against GMX+0.055%7-day average −0.033% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.035%−$3 on $10k
Price spread, last 3 days (all we have)−0.131%−$13 · spread now +0.055%, 7d avg −0.033%
Together, before fees−0.166%−$17 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.088% dearer against GMX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.033%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,766.3L +0.0043% / S −0.0009%pay 0.0005% / 1h17m 28s$12.7M—200x
ShortPhemex ETHUSDT2,767.80.0100get 0.0100% / 8h7h 17m$269.4M$67.3M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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
$11.96
Price spread: +0.055% → −0.033%
$8.75
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$3.29
Costs to cover
0.240%
Break-even
8.9 days
Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 GMX no order-book sample—————
Sell Phemex live order book, 2 min ago0.02 bp8.5 bp −$811.8 bp −$11814.8 bp −$1,48118.7 bp −$9,360
GMX: 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
Injective ETH/USDC PERP−0.0752%1h2,776.9+0.382%$119K$22.5M52xas long as short
RISEx ETH/USDC−0.0128%1h2,768+0.060%$5.6M$11.2M25xas long as short
Perpl ETH−0.0112%43m2,767.3+0.034%$340K$6.3M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,768.1+0.064%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,768.2+0.068%$169K$1.1M50xas long as short
Phoenix ETH−0.0003%1h2,772+0.205%$873K$3.7M25xas long as short
dYdX ETH-USD0.0000%1h2,768.3+0.072%$12.2M$43.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,767.2+0.031%$22.3M—200xas long as short
Bullet ETH-USD+0.0018%1h2,766−0.012%$184K$1.7M20xas long as short
OKX ETH-USDT-SWAP+0.0028%8h2,767.5+0.043%$1.70B$11.14B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SoDEX ETH-USD+0.0028%1h2,766.6+0.010%$55.1M$188.0M40xas long as short
Aster ETHUSDT+0.0043%8h2,767.8+0.054%$256.3M$885.8M200xas long as short
GMX ETH/USD [ETH-USDC]longL +0.0043% / S −0.0009%1h2,766.3long leg$12.7M—200x
Aevo ETH-PERP+0.0056%1h2,765.9−0.015%$5.0M$165K20xas long as short
MEXC ETH_USDT+0.0057%8h2,766.7+0.013%$1.61B$2.65B500xas long as short
Binance ETHUSDT+0.0058%8h2,767.9+0.057%$6.47B$16.25B150xas long as short
Gate ETH_USDT+0.0062%8h2,767.5+0.042%$3.38B$9.06B200xas long as short
Bitget ETHUSDT+0.0076%8h2,767+0.024%$2.10B$2.87B150xas long as short
Aftermath Perps ETHUSD+0.0078%1h2,769.6+0.119%$31K$21K20xas long as short
Coinbase International ETH-PERP-INTX+0.0080%1h2,769+0.096%$60.3M$4.42B50xas long as short
Vest ETH-PERP+0.0081%1h2,767.8+0.053%—$876K50xas long as short
HTX ETH-USDT+0.0086%8h2,767+0.025%$1.07B$1.25B200xas long as short
KuCoin ETHUSDTM+0.0086%8h2,768.1+0.063%$420.6M$604.6M100xas long as short
Lighter ETH+0.0096%1h2,768+0.062%$114.9M$459.0M50xas long as short
Lighter RH ETH+0.0096%1h2,769.9+0.131%$25.6M$111.8M50xas long as short
ApeX Omni ETHUSDT+0.0098%1h2,768.2+0.067%$8.7M$32.1M100xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,770.6+0.154%$15.9M$8.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,768+0.061%$488K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,768+0.060%$14.6M$113.5M50xas long as short
Hyperliquid ETH+0.0100%1h2,770.2+0.140%$3.16B$2.19B25xas long as short
Pacifica ETH+0.0100%1h2,768.1+0.065%$31.2M$328.0M50xas long as short
Bybit ETHUSDT+0.0100%8h2,768.1+0.063%$2.51B$4.33B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,766.9+0.021%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,768.7+0.084%$2.8M$16.9M25xas long as short
Bulk ETH-USD+0.0100%1h2,763.5−0.101%$172.0M$292.0M25xas long as short
BingX ETH-USDC+0.0100%8h2,766.7+0.012%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,767.7+0.050%$15.1M$42.1M50xas long as short
Variational Omni ETH+0.0100%8h2,768.5+0.080%$137.0M$344.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,768.1+0.064%$181.7M$785.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,768.8+0.088%$161.1M$85.1M50xas long as short
StandX ETH-USD+0.0100%1h2,767.9+0.057%$21.4M$64.0M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,767.6+0.046%$10.5M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,767.7+0.050%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,768.7+0.086%$42.5M$28.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,765.3−0.038%$969K$13.0M100xas long as short
Phemex ETHUSDTshort+0.0100%8h2,767.8+0.055%$269.4M$67.3M150x
Extended ETH-USD+0.0104%1h2,766.7+0.015%$30.9M$74.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,765.8−0.021%—$36.1M500xas long as short
Kalshi KXETHPERP+0.0109%8h2,765.7−0.023%$8.1M$677.9M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0134%1h2,769.2+0.102%$97.8M$320.5M100xas long as short
Orderly PERP_ETH_USDC+0.0155%8h2,769.8+0.124%$32.6M$11.1M100xas long as short
Deribit ETH-PERPETUAL+0.0158%1h2,768.8+0.088%$259.1M$203.4M50xas long as short
Hibachi ETH/USDT-P+0.0160%1h2,766.5+0.007%$252K$1.5M20xas long as short
BloFin ETH-USDT+0.0180%8h2,763.6−0.100%$287.3M$178.3M150xas long as short
Reya ETHRUSDPERP+0.0213%1h2,766.8+0.018%$7.3M$1.1M25xas long as short