Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.033%

Price spread now: Jupiter Perps against Phemex+0.079%7-day average +0.017% · you sell dearer than you buy

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

Long on Phemex Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.107%−$11 on $10k

Price spread, last 3 days (all we have)+0.215%+$22 · spread now +0.079%, 7d avg +0.017%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Jupiter Perps is 0.062% dearer against Phemex than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.017%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,774.3	0.0015	pay 0.0015% / 8h	2h 55m	$267.0M	$66.0M	150x
Short	Jupiter Perps ETH-PERP	2,776.5	L +0.0096% / S +0.0048%	pay 0.0006% / 1h	55m 59s	—	$46.4M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$13.15
Price spread: +0.079% → +0.017%: $6.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$30.9
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Jupiter Perps: 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, 3 min ago	0.02 bp	6.0 bp −$6	8.9 bp −$89	13.1 bp −$1,311	17.4 bp −$8,693
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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
Perpl ETH	−0.0447%	43m	2,774.1	−0.009%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,773.8	−0.018%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.065%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,772.9	−0.051%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	+0.086%	$794K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773	−0.046%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.9	+0.056%	$13.0M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.8	+0.018%	$22.4M	—	200x	as long as short
Phemex ETHUSDTlong	+0.0015%	8h	2,774.3	long leg	$267.0M	$66.0M	150x
BingX ETH-USDT	+0.0017%	8h	2,773.4	−0.034%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0021%	1h	2,774.6	+0.010%	$55.2M	$228.5M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,773.6	−0.024%	$1.71B	$11.92B	100x	as long as short
Aftermath Perps ETHUSD	+0.0027%	1h	2,780.1	+0.209%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,774.7	+0.015%	$13.1M	—	200x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,773.7	−0.023%	$6.46B	$17.35B	150x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,774.1	−0.007%	$1.61B	$2.61B	500x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,773.6	−0.026%	$256.4M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,773.3	−0.038%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0053%	8h	2,773.5	−0.028%	$3.29B	$9.51B	200x	as long as short
ApeX Omni ETHUSDT	+0.0054%	1h	2,780.8	+0.235%	$10.5M	$30.9M	100x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773.7	−0.022%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,773.8	−0.019%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0093%	8h	2,785.4	+0.401%	$141.2M	$320.4M	—	as long as short
Lighter ETH	+0.0096%	1h	2,774.9	+0.021%	$115.3M	$506.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.3	+0.072%	$25.5M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERPshort	L +0.0096% / S +0.0048%	1h	2,776.5	+0.079%	—	$46.4M	500x
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.5	+0.044%	$15.9M	$11.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	−0.026%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.5	−0.064%	$16.3M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.2	+0.104%	$3.20B	$2.41B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.6	+0.046%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.4	−0.033%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.7	−0.022%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.2	+0.031%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.224%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,773.2	−0.042%	$426.5M	$750.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.9	+0.020%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782	+0.276%	$177.9M	$785.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.7	+0.231%	$161.8M	$98.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.093%	$21.4M	$57.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.9	+0.021%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.9	+0.021%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.4	+0.111%	$43.0M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.9	+0.020%	$973K	$14.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,774.1	−0.006%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.8	+0.016%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.2	−0.041%	$31.6M	$76.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.1	+0.063%	$60.3M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,776.2	+0.068%	$8.5M	$672.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0127%	8h	2,777.3	+0.108%	$32.6M	$11.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0143%	1h	2,777.1	+0.099%	$258.9M	$224.0M	50x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,775.9	+0.057%	$287.4M	$197.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,772.5	−0.065%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,775.9	+0.058%	$88.7M	$331.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0344%	1h	2,778.2	+0.142%	$274K	$1.5M	20x	as long as short