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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%
Price spread now: Bulk against Phemex+0.091%7-day average +0.023% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$200.198% of the position
Long on PhemexShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.036%+$4 on $10k
Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.091%, 7d avg +0.023%
Together, before fees−0.063%−$6 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.068% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.023%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,724.30.0100pay 0.0100% / 8h14m 25s$262.4M$64.3M150x
ShortBulk ETH-USD2,726.70.0100get 0.0013% / 1h14m 25s$161.2M$356.8M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk against Phemex. 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
$0
Price spread: +0.091% → +0.023%
$6.84
Slippage, 4 orders
−$0.76
Fee Phemex: 6 bp × 2 orders
−$12
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
−$12.92
Costs to cover
0.198%
Break-even
26554881672428416.0 days
Slippage from Phemex: live order book, 5 min ago; Bulk: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 5 min ago0.02 bp6.1 bp −$67.1 bp −$7111.9 bp −$1,18716.4 bp −$8,225
Sell Bulk live order book, 5 min ago0.02 bp3.5 bp −$43.5 bp −$353.5 bp −$3523.9 bp −$1,954

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−0.0447%43m2,724.3+0.002%$274K$5.7M8.3xas long as short
BloFin ETH-USDT−0.0182%8h2,724−0.009%$280.9M$177.4M150xas long as short
Hotstuff ETH-PERP−0.0080%1h2,724.3+0.002%$5K$1K50xas long as short
Phoenix ETH−0.0015%1h2,727+0.101%$809K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,724.5+0.010%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,724.9+0.024%$10.5M$41.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,724.6+0.013%$6.7M$677.5M4.9xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,724.7+0.018%$263.5M$214.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,724.6+0.014%$32.9M—200xas long as short
BingX ETH-USDT+0.0016%8h2,724.3+0.003%—$1.08B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0021%8h2,724.5+0.008%$2.31B$4.33B150xas long as short
01 Exchange ETHUSD+0.0032%1h2,725+0.028%$190K$883K50xas long as short
HTX ETH-USDT+0.0032%8h2,724−0.010%$1.05B$1.22B200xas long as short
Injective ETH/USDC PERP+0.0050%1h2,729.7+0.200%$117K$21.9M52xas long as short
Kraken Futures PF_ETHUSD+0.0060%1h2,724.5+0.010%$81.8M$310.6M100xas long as short
Hibachi ETH/USDT-P+0.0064%1h2,725.3+0.037%$242K$1.4M20xas long as short
ApeX Omni ETHUSDT+0.0068%1h2,726.3+0.075%$8.5M$31.4M100xas long as short
OKX ETH-USDT-SWAP+0.0073%8h2,724.6+0.011%$1.65B$10.77B100xas long as short
KuCoin ETHUSDTM+0.0075%8h2,724.2−0.003%$382.7M$577.0M100xas long as short
Aster ETHUSDT+0.0080%8h2,724.5+0.008%$252.4M$848.7M200xas long as short
Aevo ETH-PERP+0.0088%1h2,721.9−0.086%$4.9M$175K20xas long as short
MEXC ETH_USDT+0.0090%8h2,724.4+0.005%$1.58B$2.59B500xas long as short
Binance ETHUSDT+0.0091%8h2,724.5+0.007%$6.30B$16.10B150xas long as short
Lighter ETH+0.0096%1h2,725.1+0.033%$112.3M$433.2M50xas long as short
Lighter RH ETH+0.0096%1h2,726.3+0.075%$23.4M$102.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,724.5+0.009%$499K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,729.9+0.208%$15.4M$7.5M50xas long as short
Nado ETH-PERP+0.0100%1h2,724.20.000%$14.1M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,726.7+0.090%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,725.9+0.060%$32.1M$333.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,724.4+0.006%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,724.9+0.025%$1.6M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,724.4+0.006%$3.30B$8.94B200xas long as short
Bitget ETHUSDT+0.0100%8h2,724.7+0.017%$2.10B$2.76B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,723.9−0.011%$15.0M$40.5M50xas long as short
Variational Omni ETH+0.0100%8h2,724.1−0.004%$133.8M$316.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.4+0.044%$185.4M$683.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.9+0.098%$158.5M$82.0M50xas long as short
StandX ETH-USD+0.0100%1h2,725+0.028%$20.9M$69.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,726.3+0.076%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,726+0.064%$11.2M$9.4M50xas long as short
Bullet ETH-USD+0.0100%1h2,724.2−0.003%$194K$1.7M20xas long as short
Derive ETH-PERP+0.0100%1h2,727.6+0.124%$40.8M$29.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,724.1−0.007%$955K$10.8M100xas long as short
SoDEX ETH-USD+0.0100%1h2,724−0.009%$54.2M$182.7M40xas long as short
Phemex ETHUSDTlong+0.0100%8h2,724.3long leg$262.4M$64.3M150x
Bulk ETH-USDshort+0.0100%1h2,726.7+0.091%$161.2M$356.8M25x
Aftermath Perps ETHUSD+0.0102%1h2,725.4+0.042%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,723.6−0.024%$30.4M$71.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,724.6+0.013%—$30.2M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,725.6+0.048%$46.6M$4.27B50xas long as short
RISEx ETH/USDC+0.0114%1h2,725.1+0.032%$5.6M$11.7M25xas long as short
Reya ETHRUSDPERP+0.0179%1h2,722.9−0.048%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,726.5+0.082%$32.2M$11.2M100xas long as short
Bluefin ETH-PERP+0.0326%1h2,724.6+0.012%$20K$23K25xas long as short