Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0128%/8h= −14.1% APRpaid last 24h −0.015%

Price spread now: Injective against Phemex+0.101%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 3 days (all we have)−0.245%−$24 · spread now +0.101%, 7d avg +0.066%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.036% dearer against Phemex than usual: you sell high and buy low (spread +0.101% now, against its 7-day average of +0.066%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 22 hours. Mind the row above: over the last 7 days funding on this pair paid +0.238%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,771.9	0.0022	pay 0.0022% / 8h	2h 53m	$266.7M	$65.9M	150x
Short	Injective ETH/USDC PERP	2,774.7	−0.0107	pay 0.0013% / 1h	53m 01s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.101%Rate

Funding earned: −$26.95
Price spread: +0.101% → +0.066%: $3.55
Slippage, 4 orders: −$60.06
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$95.48
Costs to cover: 0.721%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Injective: live order book, 1 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, 6 min ago	0.02 bp	6.0 bp −$6	8.9 bp −$89	13.1 bp −$1,311	17.4 bp −$8,693
Sell Injective live order book, 1 min ago	14.76 bp	45.3 bp −$45	46.3 bp −$463	46.4 bp −$4,643	doesn't fit

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	2,773.7	+0.066%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	+0.049%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERPshort	−0.0107%	1h	2,774.7	+0.101%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,772.1	+0.008%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,772.7	+0.029%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.174%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773.8	+0.069%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.7	+0.100%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	+0.055%	$22.4M	—	200x	as long as short
Phemex ETHUSDTlong	+0.0022%	8h	2,771.9	long leg	$266.7M	$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	2,771.6	−0.010%	$1.70B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.3	+0.050%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,777.8	+0.213%	$29K	$22K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,770.4	−0.054%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,770.8	−0.041%	$6.45B	$17.27B	150x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,771.6	−0.010%	$256.2M	$999.3M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.093%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,772.1	+0.008%	$3.29B	$9.53B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0060%	1h	2,773.6	+0.061%	$258.9M	$223.5M	50x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,771.7	−0.007%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.3	−0.023%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,772.7	+0.028%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.139%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.4	+0.019%	$115.2M	$507.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.8	+0.069%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	+0.082%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.6	+0.096%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.4	+0.054%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.8	+0.032%	$16.2M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	+0.112%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.5	+0.058%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.8	−0.040%	$2.51B	$4.66B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.4	+0.054%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.8	+0.142%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.311%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.7	−0.006%	$426.7M	$745.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.7	−0.043%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	+0.032%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.5	+0.094%	$177.5M	$786.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.186%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	+0.040%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.6	+0.098%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773	+0.039%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.4	+0.092%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.1	+0.009%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,771.5	−0.013%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.1	+0.079%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	−0.021%	$31.6M	$76.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.2	+0.048%	$60.4M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,773.9	+0.073%	$8.6M	$671.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.6	+0.097%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,773.2	+0.046%	$287.2M	$197.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,772.6	+0.026%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.1	+0.044%	$88.6M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0360%	1h	2,773.8	+0.068%	$273K	$1.5M	20x	as long as short