Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.007%

Price spread now: Aevo against Phemex−0.100%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$520.522% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.100%, 7d avg −0.059%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aevo is 0.040% cheaper against Phemex than usual: you would sell low and buy high (spread −0.100% now, against its 7-day average of −0.059%). If the spread goes back, that is −$4 on $10k: about 8.7 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.006% in total) that is about 44 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,770.1	0.0024	pay 0.0024% / 8h	2h 51m	$266.5M	$66.0M	150x
Short	Aevo ETH-PERP	2,767.3	0.0040	get 0.0005% / 1h	51m 09s	$5.0M	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.100%Rate

Funding earned: $3.27
Price spread: −0.100% → −0.059%: −$4.05
Slippage, 4 orders: −$24.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$52.99
Costs to cover: 0.522%
Break-even: 120.5 days

Slippage from Phemex: live order book, 3 min ago; Aevo: live order book, 3 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 Phemex live order book, 3 min ago	0.02 bp	6.0 bp −$6	7.4 bp −$74	11.7 bp −$1,171	16.5 bp −$8,227
Sell Aevo live order book, 3 min ago	5.14 bp	27.0 bp −$27	33.8 bp −$338	doesn't fit	doesn't fit

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	−0.0447%	43m	2,769.7	−0.014%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0176%	1h	2,772.5	+0.087%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	+0.167%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	+0.062%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,770.5	+0.015%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.239%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,770.4	+0.011%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.5	+0.049%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.9	+0.029%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,770.1	+0.001%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771	+0.034%	$1.70B	$11.91B	100x	as long as short
Phemex ETHUSDTlong	+0.0024%	8h	2,770.1	long leg	$266.5M	$66.0M	150x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.7	+0.023%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0034%	1h	2,775.8	+0.205%	$29K	$22K	20x	as long as short
Aevo ETH-PERPshort	+0.0040%	1h	2,767.3	−0.100%	$5.0M	$636K	20x
MEXC ETH_USDT	+0.0043%	8h	2,770.3	+0.008%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0043%	8h	2,771.1	+0.036%	$6.45B	$17.26B	150x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,770.7	+0.022%	$255.8M	$999.2M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,770.5	+0.015%	$3.29B	$9.54B	200x	as long as short
SoDEX ETH-USD	+0.0070%	1h	2,769.1	−0.035%	$55.1M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,770.1	+0.002%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,769.7	−0.013%	$186K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.204%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,770.8	+0.025%	$115.2M	$508.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.4	+0.046%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.4	+0.012%	—	$42.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771	+0.034%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.4	+0.012%	$489K	$2.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.6	−0.019%	$16.1M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773	+0.105%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	+0.004%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771	+0.032%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.4	−0.025%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.3	+0.078%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.027%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.4	+0.012%	$426.2M	$745.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.9	+0.028%	$15.4M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.103%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.251%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.2	+0.077%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.5	+0.051%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	+0.012%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.079%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.6	−0.017%	$972K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.043%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771	+0.034%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769	−0.040%	$31.6M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.4	+0.046%	$60.2M	$4.65B	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.9	+0.030%	$8.6M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,772.8	+0.097%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0151%	1h	2,771.3	+0.044%	$258.9M	$223.4M	50x	as long as short
BloFin ETH-USDT	+0.0163%	8h	2,769	−0.039%	$286.4M	$197.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,769	−0.037%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.9	+0.029%	$88.5M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0368%	1h	2,774.6	+0.164%	$273K	$1.5M	20x	as long as short