Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.011%

Price spread now: Deribit against Phemex+0.070%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.070%, 7d avg +0.044%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Deribit is 0.026% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,769.8	0.0021	pay 0.0021% / 8h	2h 48m	$266.5M	$65.9M	150x
Short	Deribit ETH-PERPETUAL	2,771.7	0.0169	get 0.0021% / 1h	48m 45s	$259.0M	$223.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.070%Rate

Funding earned: $31.14
Price spread: +0.070% → +0.044%: $2.55
Slippage, 4 orders: −$1.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $13.34
Costs to cover: 0.203%
Break-even: 4.0 days

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, just now.

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, 5 min ago	0.02 bp	6.0 bp −$6	7.4 bp −$74	11.7 bp −$1,171	16.5 bp −$8,227
Sell Deribit live order book, just now	0.09 bp	3.7 bp −$4	4.6 bp −$46	10.8 bp −$1,076	21.5 bp −$10.7K

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	2,769.8	+0.002%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.018%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.034%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.9	+0.005%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,769.7	−0.003%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.250%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.8	+0.001%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.099%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.6	+0.030%	$22.4M	—	200x	as long as short
Phemex ETHUSDTlong	+0.0021%	8h	2,769.8	long leg	$266.5M	$65.9M	150x

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	2,771.5	+0.061%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.5	+0.026%	$13.0M	—	200x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,767.6	−0.079%	$5.0M	$636K	20x	as long as short
Aftermath Perps ETHUSD	+0.0040%	1h	2,774.1	+0.156%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.8	+0.072%	$255.9M	$997.1M	200x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,770.8	+0.037%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.8	+0.073%	$6.44B	$17.26B	150x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,771	+0.043%	$3.28B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.4	+0.059%	$2.09B	$3.14B	150x	as long as short
SoDEX ETH-USD	+0.0075%	1h	2,769.8	+0.001%	$55.2M	$228.6M	40x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,769.7	−0.003%	$187K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	+0.002%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	+0.088%	$115.2M	$508.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.5	+0.133%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.3	−0.016%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.1	−0.025%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.1	+0.012%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.4	−0.048%	$16.1M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.2	+0.160%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.095%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.7	+0.069%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.1	−0.060%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	+0.064%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.038%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.6	+0.029%	$426.2M	$745.1M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.7	+0.035%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	+0.043%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.115%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.9	+0.006%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	+0.052%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.5	+0.028%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.2	+0.052%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.1	+0.013%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.090%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.3	−0.055%	$970K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.032%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	+0.018%	$31.5M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.5	+0.061%	$60.0M	$4.65B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,770.4	+0.023%	$8.6M	$670.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,772.6	+0.103%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,769.8	+0.002%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUALshort	+0.0169%	1h	2,771.7	+0.070%	$259.0M	$223.4M	50x
Reya ETHRUSDPERP	+0.0192%	1h	2,769.1	−0.026%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.3	+0.056%	$88.4M	$330.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0376%	1h	2,771.8	+0.071%	$273K	$1.5M	20x	as long as short