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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 16:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.32 per $10,000 · paid last 24h −0.004%
Price spread now: OKX against Phemex−0.014%7-day average −0.005% · you buy dearer than you sell
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$220.222% of the position
Long on PhemexShort on OKX
What this pair did over the last
the charts below follow
Funding, last 7 days−0.002%$0 on $10k
Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.014%, 7d avg −0.005%
Together, before fees+0.066%+$7 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,749.60.0100pay 0.0100% / 8h5h 58m$264.3M$57.4M150x
ShortOKX ETH-USDT-SWAP2,749.20.0068get 0.0068% / 8h5h 58m$1.67B$9.27B100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

OKX 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

Funding earned
−$6.62
Price spread: −0.014% → −0.005%
−$0.9
Slippage, 4 orders
−$0.23
Fee Phemex: 6 bp × 2 orders
−$12
Fee OKX: 5 bp × 2 orders
−$10
Net
−$29.76
Costs to cover
0.222%
Break-even
never at this rate
Slippage from Phemex: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago0.02 bp6.0 bp −$66.3 bp −$6310.6 bp −$1,06015.0 bp −$7,478
Sell OKX live order book, 4 min ago0.02 bp5.0 bp −$55.0 bp −$505.7 bp −$5677.5 bp −$3,765

ETH on 54 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi ETH/USDT-P−0.0120%1h2,750.1+0.019%$235K$1.2M20xas long as short
Hotstuff ETH-PERP−0.0080%1h2,749.4−0.005%$5K$1K50xas long as short
Phoenix ETH−0.0023%1h2,748.5−0.038%$808K$2.8M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,749.4−0.007%$12.0M—200xas long as short
Bybit ETHUSDT0.0000%8h2,749.5−0.003%$2.37B$3.83B150xas long as short
Kalshi KXETHPERP0.0000%8h2,750.2+0.024%$7.2M$661.5M4.9xas long as short
Perpl ETH0.0000%43m2,749.9+0.013%$269K$5.0M8.3xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,749.9+0.013%$33.2M—200xas long as short
ApeX Omni ETHUSDT+0.0020%1h2,748.6−0.034%$8.3M$25.3M100xas long as short
dYdX ETH-USD+0.0067%1h2,750.6+0.038%$15.3M$42.8M50xas long as short
Show all 54 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAPshort+0.0068%8h2,749.2−0.014%$1.67B$9.27B100x
01 Exchange ETHUSD+0.0072%1h2,750+0.016%$183K$951K50xas long as short
Gate ETH_USDT+0.0082%8h2,749.3−0.009%$3.27B$7.67B200xas long as short
Aster ETHUSDT+0.0084%8h2,749.7+0.005%$257.6M$723.8M200xas long as short
KuCoin ETHUSDTM+0.0088%8h2,749.4−0.004%$365.3M$443.3M100xas long as short
Aevo ETH-PERP+0.0088%1h2,748.9−0.024%$4.9M$213K20xas long as short
MEXC ETH_USDT+0.0090%8h2,749.4−0.005%$1.60B$2.33B500xas long as short
Binance ETHUSDT+0.0090%8h2,749.5−0.002%$6.41B$14.12B150xas long as short
Lighter ETH+0.0096%1h2,750.1+0.019%$114.2M$382.2M50xas long as short
Lighter RH ETH+0.0096%1h2,751.1+0.055%$23.7M$93.6M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,749.7+0.007%—$23.6M500xas long as short
Coinbase International ETH-PERP-INTX+0.0096%1h2,750.6+0.039%$46.2M$3.91B50xas long as short
Aftermath Perps ETHUSD+0.0098%1h2,748.7−0.029%$30K$8K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,749−0.020%$508K$3.4M50xas long as short
Nado ETH-PERP+0.0100%1h2,750.4+0.031%$14.6M$96.2M50xas long as short
Pacifica ETH+0.0100%1h2,750.8+0.045%$32.4M$325.1M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,749.2−0.013%$2.8M$14.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,750.6+0.039%$1.5M$14.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,748.6−0.035%$165.1M$334.7M25xas long as short
Bitget ETHUSDT+0.0100%8h2,749.3−0.008%$2.11B$2.31B150xas long as short
BingX ETH-USDC+0.0100%8h2,749−0.019%—$18.4M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,749−0.019%$14.9M$36.3M50xas long as short
Variational Omni ETH+0.0100%8h2,747.4−0.077%$132.5M$292.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,747.4−0.079%$185.1M$624.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,747.8−0.064%$159.8M$68.6M50xas long as short
StandX ETH-USD+0.0100%1h2,749.9+0.013%$21.1M$75.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,751+0.054%—$352K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,750.9+0.049%$11.3M$8.6M50xas long as short
Bullet ETH-USD+0.0100%1h2,749.6+0.002%$177K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,750.2+0.023%$20K$14K25xas long as short
SunX ETH-USDT+0.0100%8h2,749.2−0.011%$948K$8.7M100xas long as short
SoDEX ETH-USD+0.0100%1h2,749.7+0.005%$61.9M$121.9M40xas long as short
HTX ETH-USDT+0.0100%8h2,749.8+0.009%$1.05B$1.05B200xas long as short
Phemex ETHUSDTlong+0.0100%8h2,749.6long leg$264.3M$57.4M150x
Extended ETH-USD+0.0104%1h2,748.7−0.032%$30.5M$65.4M50xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,750+0.015%$82.5M$275.4M100xas long as short
Deribit ETH-PERPETUAL+0.0106%1h2,750.8+0.044%$266.7M$186.1M50xas long as short
Reya ETHRUSDPERP+0.0157%1h2,748.1−0.054%$7.3M$837K25xas long as short
Orderly PERP_ETH_USDC+0.0174%8h2,752.2+0.097%$32.5M$10.0M100xas long as short
RISEx ETH/USDC+0.0206%1h2,750.3+0.029%$5.7M$10.6M25xas long as short
Hyperliquid ETH+0.0248%1h2,752.7+0.115%$3.16B$1.75B25xas long as short
BloFin ETH-USDT+0.0361%8h2,749.6+0.002%$283.3M$150.4M150xas long as short
Injective ETH/USDC PERP+0.0461%1h2,751.5+0.071%$118K$21.7M52xas long as short
Paradex ETH-USD-PERP+0.0500%8h2,754.2+0.168%$15.9M$6.2M50xas long as short