Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h +0.004%

Price spread now: ApeX Omni against Phemex−0.090%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now −0.090%, 7d avg −0.001%

Together, before fees+0.025%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and ApeX Omni is 0.089% cheaper against Phemex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,724.5	0.0100	pay 0.0100% / 8h	1m 12s	$262.5M	$64.0M	150x
Short	ApeX Omni ETHUSDT	2,722.1	0.0078	get 0.0010% / 1h	1m 12s	$8.4M	$31.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.090%Rate

Funding earned: −$4.55
Price spread: −0.090% → −0.001%: −$8.92
Slippage, 4 orders: −$0.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$36.1
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; ApeX Omni: 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	6.5 bp −$6	6.9 bp −$69	9.2 bp −$922	13.7 bp −$6,829
Sell ApeX Omni live order book, 3 min ago	0.07 bp	5.1 bp −$5	6.9 bp −$69	19.7 bp −$1,967	75.0 bp −$37.5K

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	2,723.4	−0.041%	$273K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.3	−0.044%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,723.8	−0.026%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.7	−0.029%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.5	−0.039%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.6	+0.003%	$6.7M	$673.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.1	−0.017%	$264.1M	$216.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,723.9	−0.021%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,722.8	−0.061%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0023%	8h	2,724	−0.018%	$2.31B	$4.31B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0037%	8h	2,723.3	−0.045%	$1.05B	$1.21B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,723.9	−0.022%	$189K	$883K	50x	as long as short
BloFin ETH-USDT	+0.0044%	8h	2,724.3	−0.008%	$280.6M	$177.6M	150x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.3	+0.139%	$117K	$22.5M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,724.1	−0.016%	$82.0M	$310.3M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,723.6	−0.035%	$1.65B	$10.73B	100x	as long as short
ApeX Omni ETHUSDTshort	+0.0078%	1h	2,722.1	−0.090%	$8.4M	$31.3M	100x
Hibachi ETH/USDT-P	+0.0080%	1h	2,724.3	−0.007%	$239K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,723.4	−0.041%	$383.0M	$575.5M	100x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,724.1	−0.013%	$251.9M	$850.7M	200x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,723.3	−0.046%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,724.1	−0.017%	$6.30B	$16.08B	150x	as long as short
Aftermath Perps ETHUSD	+0.0094%	1h	2,723.9	−0.022%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,723.9	−0.022%	$112.1M	$433.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725.2	+0.026%	$23.3M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,721	−0.130%	$4.9M	$189K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.2	−0.048%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.4	+0.105%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,722.9	−0.059%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.7	+0.045%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,723.6	−0.032%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722.8	−0.063%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,723.4	−0.041%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,723.5	−0.036%	$3.31B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,723.3	−0.044%	$2.11B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.3	−0.044%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.5	−0.073%	$133.2M	$316.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,722.3	−0.079%	$185.2M	$683.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,722.9	−0.059%	$158.2M	$81.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.015%	$20.9M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,724.9	+0.014%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725	+0.018%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,723.3	−0.043%	$180K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.2	−0.012%	$40.6M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,722.7	−0.068%	$955K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,723.2	−0.048%	$54.2M	$182.6M	40x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,724.5	long leg	$262.5M	$64.0M	150x
Bulk ETH-USD	+0.0100%	1h	2,722.9	−0.060%	$160.5M	$349.9M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.6	−0.069%	$30.4M	$71.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,723.7	−0.030%	—	$30.1M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.6	+0.040%	$46.8M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724	−0.019%	$5.6M	$11.6M	25x	as long as short
Bluefin ETH-PERP	+0.0139%	1h	2,723.6	−0.033%	$20K	$23K	25x	as long as short
Reya ETHRUSDPERP	+0.0177%	1h	2,722.7	−0.065%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,725.8	+0.047%	$32.1M	$11.3M	100x	as long as short