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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 21:00 UTC−0.0119%/8h= −13.0% APRnext payment −$0.15 per $10,000 · paid last 24h −0.009%
Price spread now: Phoenix against Jupiter Perps−0.054%7-day average +0.063% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on Jupiter PerpsShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.012%−$1 on $10k
Price spread, last 3 days (all we have)+0.164%+$16 · spread now −0.054%, 7d avg +0.063%
Together, before fees+0.152%+$15 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.117% cheaper against Jupiter Perps than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.063%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongJupiter Perps ETH-PERP2,779.7L +0.0096% / S +0.0048%pay 0.0012% / 1h17m 08s—$41.7M500x
ShortPhoenix ETH2,778.2−0.0023pay 0.0003% / 1h17m 08s$859K$3.7M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Jupiter Perps. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$24.99
Price spread: −0.054% → +0.063%
−$11.73
Slippage, 4 orders
no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders
−$12
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$55.71
Costs to cover
0.190%
Break-even
never at this rate
Slippage unknown: Jupiter Perps: no order-book sample; Phoenix: live order book, 7 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 Jupiter Perps no order-book sample—————
Sell Phoenix live order book, 7 min ago0.18 bp3.8 bp −$46.5 bp −$6515.2 bp −$1,524doesn't fit
Jupiter Perps: 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−0.0112%43m2,777.7−0.072%$290K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,776.6−0.112%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,778.7−0.036%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0048%1h2,778.3−0.051%$172K$1.2M50xas long as short
Phoenix ETHshort−0.0023%1h2,778.2−0.054%$859K$3.7M25x
RISEx ETH/USDC−0.0011%1h2,778.3−0.052%$5.8M$11.7M25xas long as short
Aftermath Perps ETHUSD−0.0002%1h2,776.1−0.131%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,777.9−0.066%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,779.70.000%$22.5M—200xas long as short
Phemex ETHUSDT+0.0013%8h2,779.2−0.019%$267.6M$66.0M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0022%8h2,778.1−0.058%$1.71B$11.92B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,779.6−0.002%$13.2M—200xas long as short
Aster ETHUSDT+0.0038%8h2,779−0.026%$257.0M$995.4M200xas long as short
ApeX Omni ETHUSDT+0.0040%1h2,777.7−0.073%$8.8M$32.6M100xas long as short
Aevo ETH-PERP+0.0048%1h2,777.7−0.071%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0049%8h2,779.1−0.021%$1.60B$2.68B500xas long as short
Binance ETHUSDT+0.0050%8h2,779.4−0.010%$6.45B$17.22B150xas long as short
Gate ETH_USDT+0.0074%8h2,778.9−0.031%$3.29B$9.68B200xas long as short
Bitget ETHUSDT+0.0075%8h2,779−0.028%$2.10B$3.13B150xas long as short
Bullet ETH-USD+0.0084%1h2,779−0.026%$184K$1.8M20xas long as short
Variational Omni ETH+0.0096%8h2,776.8−0.106%$141.1M$320.7M—as long as short
Lighter ETH+0.0096%1h2,779.5−0.008%$115.3M$514.6M50xas long as short
Lighter RH ETH+0.0096%1h2,781.1+0.050%$25.4M$122.9M50xas long as short
Jupiter Perps ETH-PERPlongL +0.0096% / S +0.0048%1h2,779.7long leg—$41.7M500x
Paradex ETH-USD-PERP+0.0100%8h2,778.1−0.057%$16.0M$10.8M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,778.1−0.058%$488K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,776.8−0.106%$15.3M$117.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,781.8+0.075%$3.21B$2.39B25xas long as short
Pacifica ETH+0.0100%1h2,778.5−0.044%$31.3M$289.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,778.4−0.048%$2.52B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777−0.098%$2.9M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,780.1+0.013%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,778.1−0.058%$165.4M$253.6M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,779.1−0.022%$423.3M$741.7M100xas long as short
BingX ETH-USDT+0.0100%8h2,778.7−0.036%—$1.18B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,779.6−0.003%$15.4M$42.8M50xas long as short
edgeX ETHUSDC+0.0100%4h2,775.9−0.136%$179.9M$794.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,775.7−0.146%$161.4M$97.4M50xas long as short
StandX ETH-USD+0.0100%1h2,776.8−0.105%$21.4M$57.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,778.5−0.044%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,779.6−0.004%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,779.5−0.009%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,781.4+0.062%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,778.3−0.049%$974K$14.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,779.1−0.022%$55.3M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,778.6−0.039%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,778.7−0.038%$31.4M$75.7M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,780.6+0.033%$60.1M$4.64B50xas long as short
Deribit ETH-PERPETUAL+0.0106%1h2,780.8+0.040%$258.5M$225.1M50xas long as short
Kalshi KXETHPERP+0.0121%8h2,778.6−0.040%$8.6M$674.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0134%8h2,782+0.083%$32.6M$12.0M100xas long as short
BloFin ETH-USDT+0.0170%8h2,778.9−0.029%$284.7M$196.1M150xas long as short
Reya ETHRUSDPERP+0.0183%1h2,778.1−0.058%$7.4M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0240%1h2,780.5+0.028%$86.9M$330.9M100xas long as short
Hibachi ETH/USDT-P+0.0448%1h2,778.4−0.048%$283K$1.5M20xas long as short