Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.032%

Price spread now: Derive against Phemex+0.067%7-day average +0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.067%, 7d avg +0.060%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,728.5	0.0100	pay 0.0100% / 8h	1h 43m	$263.0M	$65.0M	150x
Short	Derive ETH-PERP	2,730.3	0.0100	get 0.0013% / 1h	43m 13s	$40.9M	$30.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.067%Rate

Funding earned: $0
Price spread: +0.067% → +0.060%: $0.69
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$17.31
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Derive: no order-book sample. Net counts fees only.

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, 6 min ago	0.02 bp	6.0 bp −$6	7.6 bp −$76	11.4 bp −$1,136	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
ApeX Omni ETHUSDT	−0.0115%	1h	2,726.2	−0.081%	$8.6M	$31.5M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,727.5	−0.034%	$290K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.3	−0.006%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.8	−0.024%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.4	+0.034%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,725.4	−0.112%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.8	−0.024%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,728.7	+0.009%	$6.7M	$690.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.4	−0.004%	$262.6M	$215.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.5	+0.038%	$32.9M	—	200x	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	+0.0007%	8h	2,727.6	−0.030%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,728.9	+0.016%	$191K	$892K	50x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,728.1	−0.014%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,727.4	−0.037%	$2.34B	$4.43B	150x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,728.7	+0.007%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,728.4	−0.001%	$378.5M	$577.5M	100x	as long as short
SoDEX ETH-USD	+0.0080%	1h	2,727.7	−0.028%	$54.3M	$187.4M	40x	as long as short
SunX ETH-USDT	+0.0085%	8h	2,727.2	−0.047%	$956K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,727.5	−0.033%	$252.0M	$850.6M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,727.5	−0.036%	$1.65B	$10.96B	100x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,728.6	+0.003%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,727.8	−0.025%	$6.33B	$16.19B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,728.4	−0.002%	$112.0M	$433.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.4	+0.034%	$23.4M	$102.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.4	−0.037%	$4.9M	$165K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.4	−0.002%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.2	+0.100%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.8	+0.012%	$14.0M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.7	+0.082%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.8	+0.011%	$32.0M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.2	−0.010%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.2	+0.028%	$1.5M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.094%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.9	+0.018%	$3.28B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.9	−0.019%	$2.09B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.5	−0.037%	$15.0M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.1	−0.198%	$133.0M	$326.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.6	−0.143%	$184.7M	$683.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.3	−0.080%	$158.4M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.6	+0.042%	$21.0M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	+0.034%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.4	+0.034%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.8	+0.012%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729	+0.020%	$22K	$21K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,730.3	+0.067%	$40.9M	$30.2M	15x
Phemex ETHUSDTlong	+0.0100%	8h	2,728.5	long leg	$263.0M	$65.0M	150x
Extended ETH-USD	+0.0104%	1h	2,727.5	−0.034%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,728.1	−0.015%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729.3	+0.032%	$50.3M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,729.3	+0.030%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,730.9	+0.091%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,727.5	−0.035%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,728.6	+0.004%	$83.6M	$311.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,729.3	+0.032%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0377%	8h	2,728	−0.016%	$282.2M	$175.5M	150x	as long as short