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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC−0.0008%/8h= −0.8% APRnext payment −$0.08 per $10,000 · paid last 24h +0.009%
Price spread now: MEXC against Phemex+0.026%7-day average −0.001% · you sell dearer than you buy
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$12as in the Price arb table
costs, in and out, $10k−$150.146% of the position
Long on PhemexShort on MEXC
What this pair did over the last
the charts below follow
Funding, last 7 days+0.009%+$1 on $10k
Price spread, last 4 days (all we have)0.000%$0 · spread now +0.026%, 7d avg −0.001%
Together, before fees+0.009%+$1 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.027% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.001%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,721.20.0096pay 0.0096% / 8h2h 23m$262.2M$64.9M150x
ShortMEXC ETH_USDT2,721.90.0088get 0.0088% / 8h2h 23m$1.54B$2.59B500x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

MEXC against Phemex. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$1.58
Price spread: +0.026% → −0.001%
$2.67
Slippage, 4 orders
−$0.57
Fee Phemex: 6 bp × 2 orders
−$12
Fee MEXC: 1 bp × 2 orders
−$2
Net
−$13.48
Costs to cover
0.146%
Break-even
never at this rate
Slippage from Phemex: live order book, 6 min ago; MEXC: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 6 min ago0.02 bp6.0 bp −$66.8 bp −$6811.6 bp −$1,15814.3 bp −$7,142
Sell MEXC live order book, 1 min ago0.02 bp1.0 bp −$11.0 bp −$101.0 bp −$1022.9 bp −$1,429

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,719.5−0.064%$280K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,721.6+0.014%$5K$1K50xas long as short
HTX ETH-USDT−0.0011%8h2,720.6−0.024%$1.05B$1.21B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,719.9−0.049%$11.9M—200xas long as short
Phoenix ETH−0.0009%1h2,720−0.044%$814K$3.0M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,720.4−0.029%$32.0M—200xas long as short
dYdX ETH-USD+0.0008%1h2,721.2−0.001%$10.3M$42.5M50xas long as short
Injective ETH/USDC PERP+0.0009%1h2,717.1−0.151%$117K$22.5M52xas long as short
BingX ETH-USDT+0.0033%8h2,722.4+0.043%—$1.13B—as long as short
01 Exchange ETHUSD+0.0040%1h2,720.2−0.037%$189K$824K50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0043%8h2,721.6+0.014%$2.34B$4.40B150xas long as short
SunX ETH-USDT+0.0068%8h2,718.9−0.086%$953K$11.1M100xas long as short
Bullet ETH-USD+0.0073%1h2,719.5−0.062%$180K$1.7M20xas long as short
ApeX Omni ETHUSDT+0.0076%1h2,715.8−0.199%$8.6M$31.4M100xas long as short
KuCoin ETHUSDTM+0.0077%8h2,721.3+0.005%$373.3M$576.8M100xas long as short
Aftermath Perps ETHUSD+0.0081%1h2,719.9−0.050%$30K$20K20xas long as short
Aster ETHUSDT+0.0083%8h2,721.7+0.017%$251.7M$845.1M200xas long as short
MEXC ETH_USDTshort+0.0088%8h2,721.9+0.026%$1.54B$2.59B500x
Aevo ETH-PERP+0.0088%1h2,718−0.116%$4.9M$155K20xas long as short
Binance ETHUSDT+0.0090%8h2,722.8+0.059%$6.31B$16.07B150xas long as short
OKX ETH-USDT-SWAP+0.0095%8h2,721.8+0.022%$1.66B$10.80B100xas long as short
Phemex ETHUSDTlong+0.0096%8h2,721.2long leg$262.2M$64.9M150x
Lighter ETH+0.0096%1h2,721.6+0.014%$111.8M$434.3M50xas long as short
Lighter RH ETH+0.0096%1h2,722.7+0.056%$23.5M$103.7M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,719.2−0.074%$498K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,722.6+0.053%$15.1M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,719.3−0.070%$13.8M$105.1M50xas long as short
Hyperliquid ETH+0.0100%1h2,723.9+0.099%$3.08B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,721−0.007%$31.9M$333.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,719.3−0.070%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,720.1−0.041%$1.5M$16.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,719−0.083%$161.7M$327.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,721.7+0.019%$3.30B$8.99B200xas long as short
Bitget ETHUSDT+0.0100%8h2,722.1+0.032%$2.08B$2.78B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,721.4+0.006%$14.9M$43.2M50xas long as short
Variational Omni ETH+0.0100%8h2,716.2−0.186%$132.3M$328.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,715.8−0.199%$184.0M$676.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,721−0.007%$158.3M$86.7M50xas long as short
StandX ETH-USD+0.0100%1h2,722+0.029%$20.9M$70.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,721.5+0.011%—$875K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,721.1−0.004%$11.1M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,720.7−0.018%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,722+0.030%$40.8M$30.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,720.6−0.022%$54.2M$187.7M40xas long as short
Extended ETH-USD+0.0104%1h2,719.9−0.050%$30.4M$74.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,720−0.043%—$31.3M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,722.1+0.032%$49.5M$4.29B50xas long as short
RISEx ETH/USDC+0.0108%1h2,719.9−0.049%$5.5M$11.7M25xas long as short
Kalshi KXETHPERP+0.0151%8h2,721−0.008%$6.9M$693.1M4.9xas long as short
Deribit ETH-PERPETUAL+0.0158%1h2,721.9+0.024%$259.3M$207.7M50xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,721.5+0.009%$82.8M$312.1M100xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,722.9+0.061%$32.0M$11.5M100xas long as short
Reya ETHRUSDPERP+0.0200%1h2,718.9−0.086%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0264%1h2,722.1+0.032%$249K$1.4M20xas long as short
BloFin ETH-USDT+0.0359%8h2,720.5−0.028%$281.1M$173.9M150xas long as short