Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.021%

Price spread now: Phemex against Perpl−0.118%7-day average −0.016% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.139%−$14 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.118%, 7d avg −0.016%

Together, before fees−0.059%+ Points / potential airdropPerpl: Active · farm board−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.102% cheaper against Perpl than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of −0.016%). If the spread goes back, that is −$10 on $10k: about 39 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.139%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.139% in total (about -7.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,767.1	−0.0112	get 0.0010% / 43m	40m 43s	$326K	$6.2M	8.3x
Short	Phemex ETHUSDT	2,763.8	0.0100	get 0.0100% / 8h	7h 18m	$269.0M	$67.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Perpl. 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

Position, each leg$Hold fordaysFee PerplbpFee PhemexbpOrdersPrice spread, now −0.118%Rate

Funding earned: $44.44
Price spread: −0.118% → −0.016%: −$10.2
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $8.44
Costs to cover: 0.258%
Break-even: 5.7 days

Slippage unknown: Perpl: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.3 bp −$73	11.6 bp −$1,163	15.0 bp −$7,510

Perpl: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.355%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.7	−0.013%	$5.6M	$11.2M	25x	as long as short
Perpl ETHlong	−0.0112%	43m	2,767.1	long leg	$326K	$6.2M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,767.2	+0.005%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,767.1	+0.001%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.178%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,764.7	−0.084%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.2	+0.005%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,766.7	−0.013%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,764.3	−0.099%	$1.70B	$11.12B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0028%	1h	2,763.7	−0.122%	$55.0M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,767.4	+0.011%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,762.6	−0.163%	$255.8M	$885.9M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,763.7	−0.122%	$3.38B	$9.05B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,764.6	−0.091%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,762.9	−0.150%	$6.46B	$16.27B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,763.4	−0.134%	$1.61B	$2.65B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0061%	1h	2,765.2	−0.068%	$259.1M	$204.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.1	+0.145%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,763.2	−0.141%	$2.09B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,765	−0.077%	$60.2M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,767.8	+0.027%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,764.3	−0.099%	$419.8M	$619.4M	100x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,762.4	−0.171%	$1.07B	$1.25B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,764.3	−0.100%	$114.7M	$458.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,765.7	−0.051%	$25.5M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.040%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.1	−0.034%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.9	−0.006%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.1	−0.037%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.4	−0.024%	$3.16B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.2	−0.103%	$31.1M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,764.4	−0.098%	$2.51B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,763.5	−0.129%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,764.3	−0.101%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.209%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,763.2	−0.139%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.7	−0.123%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.053%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	+0.037%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.061%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.8	+0.026%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	+0.019%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766.4	−0.024%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,767.1	+0.001%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.3	−0.028%	$969K	$13.1M	100x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,763.8	−0.118%	$269.0M	$67.4M	150x
Extended ETH-USD	+0.0104%	1h	2,762.7	−0.159%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	+0.071%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,767.4	+0.012%	$8.1M	$678.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,765.4	−0.059%	$97.7M	$320.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,769.3	+0.079%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0154%	8h	2,768.6	+0.057%	$32.6M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,763.6	−0.127%	$287.3M	$178.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,767.6	+0.020%	$7.3M	$1.1M	25x	as long as short