Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.015%

Price spread now: Phemex against Injective+0.274%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$720.724% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now +0.274%, 7d avg −0.064%

Together, before fees−0.395%−$39 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 0.337% dearer against Injective than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of −0.064%. Mind the row above: over the last 7 days funding on this pair cost −0.224%, 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	Injective ETH/USDC PERP	2,762.1	−0.0088	get 0.0011% / 1h	8m 42s	$119K	$22.5M	52x
Short	Phemex ETHUSDT	2,769.7	0.0026	get 0.0026% / 8h	8m 42s	$270.0M	$68.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.274%Rate

Funding earned: $23.94
Price spread: +0.274% → −0.064%: $33.74
Slippage, 4 orders: −$60.39
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$14.73
Costs to cover: 0.724%
Break-even: 11.3 days

Slippage from Injective: live order book, just now; 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 Injective live order book, just now	13.87 bp	13.9 bp −$14	13.9 bp −$139	13.9 bp −$1,388	20678.2 bp −$10.34M
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

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	2,770.2	+0.293%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,770.6	+0.306%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPlong	−0.0088%	1h	2,762.1	long leg	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	+0.377%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0023%	1h	2,770.5	+0.304%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.1	+0.290%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.3	+0.333%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	+0.340%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.4	+0.337%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.1	+0.289%	$1.71B	$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	2,771.3	+0.332%	$12.8M	—	200x	as long as short
Phemex ETHUSDTshort	+0.0026%	8h	2,769.7	+0.274%	$270.0M	$68.8M	150x
Aftermath Perps ETHUSD	+0.0028%	1h	2,771.6	+0.344%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,770.2	+0.291%	$255.7M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0031%	1h	2,770	+0.286%	$55.2M	$228.8M	40x	as long as short
Bullet ETH-USD	+0.0037%	1h	2,770.6	+0.309%	$181K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,769.9	+0.282%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,769.9	+0.284%	$6.45B	$17.30B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.6	+0.345%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,770	+0.286%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,770.3	+0.297%	$3.29B	$9.69B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,770.1	+0.289%	$421.1M	$738.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,771.6	+0.344%	$259.0M	$222.1M	50x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,770.2	+0.293%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0088%	8h	2,769.7	+0.274%	—	$17.4M	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,772	+0.357%	$60.3M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,769.8	+0.279%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0096%	1h	2,769.4	+0.264%	$14.3M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770.2	+0.294%	$115.0M	$501.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.8	+0.352%	$25.3M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,770.5	+0.303%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.7	+0.274%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	+0.293%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.2	+0.366%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.5	+0.304%	$31.2M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.6	+0.272%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.2	+0.330%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	+0.264%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.8	+0.314%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	+0.229%	$147.1M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770	+0.286%	$181.8M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.7	+0.239%	$161.0M	$89.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.5	+0.304%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.6	+0.308%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.2	+0.331%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.5	+0.266%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	+0.402%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.5	+0.269%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.1	+0.325%	—	$43.8M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,771.1	+0.326%	$8.1M	$687.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,771.4	+0.337%	$90.4M	$338.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0143%	8h	2,773.4	+0.408%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0176%	8h	2,770.7	+0.311%	$286.6M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,770.1	+0.291%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,771.8	+0.352%	$252K	$1.6M	20x	as long as short