Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0042%/8h= +4.7% APRpaid last 24h +0.012%

Price spread now: Nado against Phemex−0.012%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.012%, 7d avg +0.001%

Together, before fees+0.079%+ Points / potential airdropNado: Active · farm board+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,783.8	0.0023	pay 0.0023% / 8h	55m 02s	$271.2M	$68.8M	150x
Short	Nado ETH-PERP	2,783.4	0.0065	get 0.0008% / 1h	55m 02s	$14.4M	$118.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.012%Rate

Funding earned: $8.92
Price spread: −0.012% → +0.001%: −$1.35
Slippage, 4 orders: −$1.62
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$13.05
Costs to cover: 0.206%
Break-even: 17.2 days

Slippage from Phemex: live order book, 4 min ago; Nado: live order book, 4 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, 4 min ago	0.43 bp	6.7 bp −$7	11.2 bp −$112	15.1 bp −$1,513	18.0 bp −$8,989
Sell Nado live order book, 4 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.6 bp −$555	13.8 bp −$6,915

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	+0.009%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,783.1	−0.025%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0131%	1h	2,779.8	−0.142%	$8.8M	$32.7M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.046%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,783.3	−0.017%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,783.8	+0.001%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,779.5	−0.152%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.4	+0.022%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,778.7	−0.182%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.5	+0.025%	$22.5M	—	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	2,783.4	−0.015%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,783	−0.027%	$1.70B	$11.91B	100x	as long as short
Phemex ETHUSDTlong	+0.0023%	8h	2,783.8	long leg	$271.2M	$68.8M	150x
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.4	+0.023%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,783.5	−0.010%	$255.2M	$998.4M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0052%	1h	2,784.8	+0.036%	$258.8M	$222.5M	50x	as long as short
Bullet ETH-USD	+0.0057%	1h	2,783.7	−0.001%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,783.2	−0.021%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,783.5	−0.009%	$6.46B	$17.25B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,782.1	−0.059%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,783.3	−0.019%	$2.10B	$3.10B	150x	as long as short
Nado ETH-PERPshort	+0.0065%	1h	2,783.4	−0.012%	$14.4M	$118.2M	50x
Gate ETH_USDT	+0.0071%	8h	2,783.3	−0.018%	$3.31B	$9.56B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,784.4	+0.021%	$60.3M	$4.62B	50x	as long as short
HTX ETH-USDT	+0.0089%	8h	2,783.1	−0.024%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,784	+0.007%	$2.52B	$4.62B	150x	as long as short
KuCoin ETHUSDTM	+0.0091%	8h	2,783.7	−0.003%	$424.3M	$739.3M	100x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,783.6	−0.007%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,783.8	−0.001%	$116.4M	$494.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,785	+0.044%	$25.4M	$120.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.3	−0.019%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.9	−0.032%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,785.5	+0.062%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.1	−0.023%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,781.6	−0.078%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,784.5	+0.026%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.210%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783.1	−0.023%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.085%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779	−0.170%	$181.9M	$779.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	−0.108%	$161.7M	$90.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,782.6	−0.042%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,784.7	+0.033%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784	+0.006%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,785.7	+0.069%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.1	−0.026%	$976K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.1	−0.024%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,782.7	−0.039%	$32.7M	$77.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.1	+0.013%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.3	+0.018%	$86.8M	$332.7M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,783.6	−0.006%	$8.4M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.5	+0.096%	$32.7M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,783.7	−0.003%	$285.4M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0197%	1h	2,783.3	−0.018%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0296%	1h	2,781.9	−0.069%	$271K	$1.5M	20x	as long as short