Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.012%

Price spread now: edgeX against Phemex+0.004%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

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

costs, in and out, $10k−$260.258% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now +0.004%, 7d avg −0.023%

Together, before fees+0.161%+ Points / potential airdropedgeX: Active · farm board+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and edgeX is 0.028% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,772.5	0.0024	pay 0.0024% / 8h	1h 11m	$269.8M	$68.6M	150x
Short	edgeX ETHUSDC	2,772.6	0.0100	get 0.0050% / 4h	1h 11m	$181.5M	$779.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.004%Rate

Funding earned: $15.95
Price spread: +0.004% → −0.023%: $2.77
Slippage, 4 orders: −$4.8
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$7.08
Costs to cover: 0.258%
Break-even: 10.1 days

Slippage from Phemex: live order book, 3 min ago; edgeX: 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	1.14 bp	7.8 bp −$8	9.0 bp −$90	12.4 bp −$1,239	15.1 bp −$7,538
Sell edgeX live order book, 3 min ago	0.04 bp	4.7 bp −$5	4.7 bp −$47	4.9 bp −$488	6.3 bp −$3,132

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	2,772.9	+0.015%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,770.7	−0.064%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	−0.001%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.255%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,771.7	−0.030%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,775.7	+0.114%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.4	−0.004%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,773.5	+0.035%	$885K	$3.7M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0002%	1h	2,774	+0.053%	$258.5M	$222.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	+0.031%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0015%	8h	2,771.3	−0.044%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,770.9	−0.058%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDTlong	+0.0024%	8h	2,772.5	long leg	$269.8M	$68.6M	150x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	+0.026%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,772.4	−0.003%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,771.1	−0.052%	$255.6M	$992.4M	200x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,770.9	−0.058%	$14.2M	$118.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0062%	1h	2,772.2	−0.013%	$8.7M	$32.6M	100x	as long as short
Binance ETHUSDT	+0.0063%	8h	2,771.1	−0.052%	$6.43B	$17.21B	150x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,770.7	−0.065%	$1.61B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.9	−0.060%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,772.4	−0.004%	$55.2M	$228.9M	40x	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,770.9	−0.057%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,771.1	−0.050%	$3.29B	$9.66B	200x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,772.5	−0.001%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,771.2	−0.047%	$2.51B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	−0.010%	$114.9M	$502.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.5	+0.037%	$25.3M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.4	+0.033%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,771.6	−0.032%	$422.0M	$738.9M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771.3	−0.044%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.3	−0.044%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.3	+0.064%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.9	−0.022%	$31.2M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.3	−0.080%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.3	−0.008%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.231%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	+0.001%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.7	+0.080%	$141.6M	$331.6M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,772.6	+0.004%	$181.5M	$779.6M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.5	−0.001%	$161.3M	$91.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.5	+0.035%	$21.4M	$58.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.8	−0.025%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.2	−0.012%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.5	+0.034%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.9	+0.084%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.9	−0.021%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.2	−0.084%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.6	+0.038%	$59.7M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,773.4	+0.032%	$8.4M	$680.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.2	+0.095%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.4	+0.031%	$86.0M	$332.4M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,772.5	0.000%	$283.9M	$194.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,770.8	−0.062%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,773.9	+0.049%	$270K	$1.5M	20x	as long as short