Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.009%

Price spread now: Coinbase International against Phemex+0.028%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now +0.028%, 7d avg +0.034%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.034%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,773.2	0.0032	pay 0.0032% / 8h	30m 05s	$270.4M	$69.1M	150x
Short	Coinbase International ETH-PERP-INTX	2,774	0.0088	get 0.0011% / 1h	30m 05s	$59.9M	$4.59B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.028%Rate

Funding earned: $11.75
Price spread: +0.028% → +0.034%: −$0.55
Slippage, 4 orders: −$0.07
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.87
Costs to cover: 0.221%
Break-even: 13.5 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	0.02 bp	6.0 bp −$6	7.2 bp −$72	10.6 bp −$1,062	15.2 bp −$7,576
Sell Coinbase International live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.6 bp −$658	18.8 bp −$9,422

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	−0.0223%	43m	2,773.3	+0.002%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,772.8	−0.017%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.313%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.005%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	+0.034%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.4	+0.006%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.2	−0.001%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	+0.085%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774	+0.027%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0012%	1h	2,776.2	+0.106%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,772.3	−0.035%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,772.3	−0.034%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,773.9	+0.023%	$12.9M	—	200x	as long as short
Phemex ETHUSDTlong	+0.0032%	8h	2,773.2	long leg	$270.4M	$69.1M	150x
Aster ETHUSDT	+0.0033%	8h	2,772.4	−0.030%	$256.3M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,772.9	−0.012%	$55.2M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,773.1	−0.005%	$183K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,772.8	−0.017%	$1.60B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,772.4	−0.031%	$6.45B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.6	−0.095%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,772.8	−0.016%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,772.7	−0.018%	$3.29B	$9.64B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,774.8	+0.057%	$259.0M	$222.3M	50x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,773.1	−0.004%	$421.2M	$739.2M	100x	as long as short
Coinbase International ETH-PERP-INTXshort	+0.0088%	1h	2,774	+0.028%	$59.9M	$4.59B	50x
Bybit ETHUSDT	+0.0091%	8h	2,772.4	−0.030%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,773.6	+0.013%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,772.9	−0.010%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.3	+0.004%	$115.9M	$497.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.8	+0.056%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.3	+0.037%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.1	−0.039%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.2	−0.001%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.1	−0.006%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.2	+0.071%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.1	−0.005%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.9	−0.048%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.8	+0.022%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	−0.012%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	−0.016%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	+0.002%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	+0.012%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.2	+0.034%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.9	+0.096%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.5	+0.010%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.3	+0.003%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.093%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.7	−0.019%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.7	−0.018%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,773.7	+0.017%	$8.3M	$685.3M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.8	+0.022%	$86.4M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,776.1	+0.104%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,773.3	+0.004%	$286.5M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.2	−0.003%	$7.4M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,775.3	+0.074%	$252K	$1.6M	20x	as long as short