Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.012%

Price spread now: Extended against Phemex−0.002%7-day average −0.031% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 3 days (all we have)+0.171%+$17 · spread now −0.002%, 7d avg −0.031%

Together, before fees+0.274%+ Points / potential airdropExtended: Active · farm board+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Extended is 0.029% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,784.3	0.0002	pay 0.0002% / 8h	3h 16m	$268.5M	$66.5M	150x
Short	Extended ETH-USD	2,784.3	0.0104	get 0.0013% / 1h	16m 28s	$31.8M	$76.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.002%Rate

Funding earned: $21.41
Price spread: −0.002% → −0.031%: $2.86
Slippage, 4 orders: −$0.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $6.81
Costs to cover: 0.175%
Break-even: 4.8 days

Slippage from Phemex: live order book, 3 min ago; Extended: 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	0.02 bp	6.0 bp −$6	7.8 bp −$78	12.0 bp −$1,196	16.0 bp −$8,016
Sell Extended live order book, 3 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	4.6 bp −$458	12.5 bp −$6,240

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	2,784.7	+0.014%	$292K	$6.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,784.7	+0.013%	$5K	$2K	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,785.7	+0.049%	$796K	$3.5M	25x	as long as short
RISEx ETH/USDC	−0.0005%	1h	2,785.5	+0.041%	$5.8M	$12.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,785.7	+0.050%	$13.5M	$44.8M	50x	as long as short
Phemex ETHUSDTlong	+0.0002%	8h	2,784.3	long leg	$268.5M	$66.5M	150x
Injective ETH/USDC PERP	+0.0003%	1h	2,787.8	+0.125%	$120K	$22.5M	52x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.7	+0.011%	$22.5M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,785	+0.024%	$175K	$1.2M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,783.4	−0.034%	$1.70B	$11.96B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0010%	1h	2,784.5	+0.007%	$13.0M	—	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,783.7	−0.022%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0048%	8h	2,784.6	+0.009%	$6.48B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,781.7	−0.096%	$5.0M	$652K	20x	as long as short
Aftermath Perps ETHUSD	+0.0059%	1h	2,789.3	+0.179%	$29K	$22K	20x	as long as short
Gate ETH_USDT	+0.0060%	8h	2,784.7	+0.014%	$3.31B	$9.63B	200x	as long as short
Aster ETHUSDT	+0.0063%	8h	2,783.9	−0.015%	$257.9M	$1.00B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,783.6	−0.027%	$2.10B	$3.17B	150x	as long as short
Bulk ETH-USD	+0.0080%	1h	2,788.7	+0.158%	$165.6M	$263.4M	25x	as long as short
Lighter ETH	+0.0096%	1h	2,785.1	+0.026%	$116.1M	$521.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.6	+0.080%	$25.7M	$125.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,786.5	+0.079%	—	$48.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,785.4	+0.038%	$495K	$2.7M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,789.3	+0.179%	$16.0M	$11.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,784.4	+0.003%	$16.9M	$114.9M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,785.2	+0.031%	$31.5M	$276.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,784.1	−0.009%	$2.52B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.9	−0.051%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,787	+0.094%	$2.9M	$17.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,783.6	−0.026%	$429.0M	$747.8M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,784.5	+0.008%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,784.5	+0.005%	$15.5M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,789.3	+0.178%	$141.4M	$317.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,787.2	+0.103%	$178.3M	$783.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,786.2	+0.067%	$162.0M	$98.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,786	+0.061%	$10.6M	$30.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,786.5	+0.078%	$21.5M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,784.8	+0.017%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,785.6	+0.046%	$10.9M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,788.4	+0.145%	$191K	$1.8M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,785.2	+0.031%	$21K	$25K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.8	−0.021%	$976K	$14.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.9	−0.015%	$55.4M	$228.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,783.5	−0.029%	$1.09B	$1.31B	200x	as long as short
Extended ETH-USDshort	+0.0104%	1h	2,784.3	−0.002%	$31.8M	$76.8M	50x
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,785.4	+0.039%	$60.3M	$4.68B	50x	as long as short
Orderly PERP_ETH_USDC	+0.0121%	8h	2,787.7	+0.120%	$32.7M	$11.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0131%	1h	2,786	+0.059%	$259.0M	$223.4M	50x	as long as short
Kalshi KXETHPERP	+0.0133%	8h	2,785.3	+0.035%	$8.6M	$667.5M	4.9x	as long as short
Derive ETH-PERP	+0.0134%	1h	2,786.4	+0.074%	$43.2M	$29.8M	15x	as long as short
Kraken Futures PF_ETHUSD	+0.0135%	1h	2,785.5	+0.041%	$88.8M	$337.4M	100x	as long as short
BloFin ETH-USDT	+0.0168%	8h	2,783.7	−0.023%	$287.8M	$197.6M	150x	as long as short
Hyperliquid ETH	+0.0168%	1h	2,786.4	+0.074%	$3.24B	$2.37B	25x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,782.8	−0.056%	$7.5M	$992K	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,788.1	+0.137%	$275K	$1.6M	20x	as long as short