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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 08:00 UTC+0.0068%/8h= +7.5% APRnext payment +$0.68 per $10,000 · paid last 24h +0.043%
Price spread now: Orderly against Phemex+0.092%7-day average +0.083% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on Orderly
What this pair did over the last
the charts below follow
Funding, last 7 days+0.286%+$29 on $10k
Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.092%, 7d avg +0.083%
Together, before fees+0.287%+$29 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.083%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,750.40.0100pay 0.0100% / 8h6h 30m$267.3M$66.6M150x
ShortOrderly PERP_ETH_USDC2,752.90.0168get 0.0168% / 8h6h 30m$32.4M$11.1M100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Orderly 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
$14.37
Price spread: +0.092% → +0.083%
$0.84
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee Orderly: 3 bp × 2 orders
−$6
Net
−$2.8
Costs to cover
0.180%
Break-even
8.4 days
Slippage unknown: Phemex: live order book, 4 min ago; Orderly: 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
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 4 min ago0.02 bp6.0 bp −$67.1 bp −$7110.3 bp −$1,028doesn't fit
Sell Orderly no order-book sample—————
Orderly: 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 54 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%43m2,749.7−0.028%$310K$6.0M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,749.3−0.040%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,750.2−0.009%$5.5M$11.2M25xas long as short
ApeX Omni ETHUSDT−0.0042%1h2,744.9−0.199%$8.7M$31.8M100xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,750−0.016%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,746.4−0.146%$847K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,748−0.087%$10.8M$41.8M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,750.2−0.009%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0016%1h2,750.40.000%$181K$1.1M50xas long as short
BingX ETH-USDT+0.0033%8h2,751.4+0.035%—$1.19B—as long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0044%8h2,751.4+0.034%$1.69B$11.03B100xas long as short
HTX ETH-USDT+0.0046%8h2,749.9−0.019%$1.07B$1.21B200xas long as short
Aster ETHUSDT+0.0063%8h2,750.1−0.012%$253.0M$859.0M200xas long as short
MEXC ETH_USDT+0.0072%8h2,751.1+0.026%$1.56B$2.56B500xas long as short
Aevo ETH-PERP+0.0072%1h2,748.3−0.075%$4.9M$168K20xas long as short
KuCoin ETHUSDTM+0.0073%8h2,751+0.021%$381.5M$605.9M100xas long as short
Binance ETHUSDT+0.0074%8h2,750.7+0.012%$6.36B$16.23B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,751.9+0.055%$59.1M$4.38B50xas long as short
Bitget ETHUSDT+0.0091%8h2,751.2+0.028%$2.08B$2.85B150xas long as short
Gate ETH_USDT+0.0095%8h2,751.6+0.044%$3.40B$8.86B200xas long as short
Lighter ETH+0.0096%1h2,750.9+0.017%$112.9M$442.3M50xas long as short
Lighter RH ETH+0.0096%1h2,752.3+0.069%$24.9M$107.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,748.7−0.061%—$35.4M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,753.3+0.106%$15.9M$8.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,749.2−0.044%$468K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,748.5−0.070%$14.0M$113.1M50xas long as short
Hyperliquid ETH+0.0100%1h2,753.2+0.101%$3.13B$2.12B25xas long as short
Pacifica ETH+0.0100%1h2,749.7−0.026%$31.5M$333.7M50xas long as short
Bybit ETHUSDT+0.0100%8h2,751+0.020%$2.46B$4.33B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,748−0.088%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,750.5+0.003%$2.8M$16.5M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,750.6+0.008%$15.1M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,747.4−0.108%$133.1M$346.1M—as long as short
edgeX ETHUSDC+0.0100%4h2,744.4−0.220%$181.5M$729.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,745.8−0.168%$159.7M$84.5M50xas long as short
StandX ETH-USD+0.0100%1h2,749−0.051%$21.3M$67.8M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,749.6−0.029%$10.3M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,749.7−0.026%$183K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,750.6+0.008%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,751.9+0.053%$41.8M$29.3M15xas long as short
SunX ETH-USDT+0.0100%8h2,749−0.052%$963K$12.4M100xas long as short
SoDEX ETH-USD+0.0100%1h2,750.5+0.003%$54.8M$187.6M40xas long as short
Phemex ETHUSDTlong+0.0100%8h2,750.4long leg$267.3M$66.6M150x
Bulk ETH-USD+0.0100%1h2,743.9−0.236%$165.5M$306.7M25xas long as short
Vest ETH-PERP+0.0100%1h2,750.4+0.001%—$869K50xas long as short
Aftermath Perps ETHUSD+0.0102%1h2,747.3−0.113%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,749.6−0.031%$30.5M$74.1M50xas long as short
Kalshi KXETHPERP+0.0138%8h2,749.9−0.019%$7.9M$674.2M4.9xas long as short
Orderly PERP_ETH_USDCshort+0.0168%8h2,752.9+0.092%$32.4M$11.1M100x
Hibachi ETH/USDT-P+0.0192%1h2,750.7+0.010%$250K$1.5M20xas long as short
Deribit ETH-PERPETUAL+0.0201%1h2,752+0.059%$258.5M$200.4M50xas long as short
Injective ETH/USDC PERP+0.0209%1h2,748.3−0.077%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0219%1h2,749.4−0.036%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,751.7+0.046%$90.0M$316.5M100xas long as short