Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.014%

Price spread now: Phoenix against Paradex−0.161%7-day average +0.044% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$130.130% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.025%−$3 on $10k

Price spread, last 7 days+0.238%+$24 · spread now −0.161%, 7d avg +0.044%

Together, before fees+0.212%+ Points / potential airdropParadex: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.205% cheaper against Paradex than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,749.2	0.0100	pay 0.0100% / 8h	6h 06m	$16.2M	$8.1M	50x
Short	Phoenix ETH	2,744.8	−0.0006	pay 0.0001% / 1h	6m 56s	$847K	$3.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$22.12
Price spread: −0.161% → +0.044%: −$20.52
Slippage, 4 orders: −$2.03
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$55.67
Costs to cover: 0.130%
Break-even: never at this rate

Slippage from Paradex: live order book, 2 min ago; Phoenix: live order book, 2 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 Paradex live order book, 2 min ago	0.40 bp	2.7 bp −$3	5.8 bp −$58	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	0.18 bp	4.1 bp −$4	7.2 bp −$72	17.1 bp −$1,710	doesn't fit

ETH on 54 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	−0.0112%	43m	2,745.3	−0.145%	$310K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.1	−0.078%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.2	−0.112%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.3	−0.106%	$12.1M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,744.8	−0.161%	$847K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,746.3	−0.106%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.4	−0.104%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.2	−0.110%	$181K	$1.0M	50x	as long as short
BingX ETH-USDT	+0.0041%	8h	2,747	−0.080%	—	$1.17B	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,747.4	−0.068%	$1.70B	$10.83B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0066%	1h	2,741.8	−0.272%	$8.7M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,746.5	−0.101%	$370.3M	$605.8M	100x	as long as short
Aster ETHUSDT	+0.0067%	8h	2,747.4	−0.069%	$253.7M	$853.6M	200x	as long as short
HTX ETH-USDT	+0.0070%	8h	2,746.7	−0.093%	$1.06B	$1.19B	200x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,747.1	−0.078%	$6.38B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,746.9	−0.085%	$1.57B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.1	−0.188%	$4.9M	$167K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.1	−0.041%	$58.8M	$4.31B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,747.2	−0.073%	$3.40B	$8.94B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,747.2	−0.075%	$113.0M	$444.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.7	−0.020%	$24.8M	$107.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.5	−0.098%	—	$31.7M	500x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,749.2	long leg	$16.2M	$8.1M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	−0.136%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.5	−0.101%	$13.9M	$109.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749	−0.009%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.8	−0.089%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.8	−0.088%	$2.46B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.2	−0.110%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.5	−0.101%	$2.8M	$16.4M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.7	−0.091%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.5	−0.100%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	−0.157%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.2	−0.257%	$181.3M	$699.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.216%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.8	−0.125%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	−0.111%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.2	−0.110%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.9	−0.121%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	−0.110%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.4	−0.029%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.7	−0.128%	$963K	$12.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747	−0.081%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.2	−0.073%	$267.5M	$65.8M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	−0.057%	$164.0M	$301.0M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,746.6	−0.096%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.9	−0.122%	$30.5M	$73.1M	50x	as long as short
Kalshi KXETHPERP	+0.0147%	8h	2,746.9	−0.085%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0178%	8h	2,748.6	−0.023%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0209%	1h	2,748.4	−0.029%	$258.8M	$198.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.165%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,745.6	−0.132%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,746.6	−0.094%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.8	−0.052%	$88.2M	$315.4M	100x	as long as short