Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h +0.004%

Price spread now: Phoenix against Phemex−0.013%7-day average +0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 3 days (all we have)+0.435%+$43 · spread now −0.013%, 7d avg +0.081%

Together, before fees+0.537%+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.094% cheaper against Phemex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.081%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.102%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,777.1	0.0017	pay 0.0017% / 8h	2h 54m	$267.2M	$66.0M	150x
Short	Phoenix ETH	2,776.7	−0.0032	pay 0.0004% / 1h	54m 48s	$799K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$10.33
Price spread: −0.013% → +0.081%: −$9.4
Slippage, 4 orders: −$1.18
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.91
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Phoenix: 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	0.02 bp	6.0 bp −$6	8.9 bp −$89	13.1 bp −$1,311	17.4 bp −$8,693
Sell Phoenix live order book, 4 min ago	0.18 bp	3.8 bp −$4	7.2 bp −$72	15.8 bp −$1,578	doesn't fit

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	2,775.7	−0.048%	$290K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.137%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	−0.085%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	−0.035%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,776.2	−0.031%	$172K	$1.2M	50x	as long as short
Phoenix ETHshort	−0.0032%	1h	2,776.7	−0.013%	$799K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,775.6	−0.051%	$5.9M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.4	−0.096%	$13.0M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778	+0.032%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,773.8	−0.116%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDTlong	+0.0017%	8h	2,777.1	long leg	$267.2M	$66.0M	150x
OKX ETH-USDT-SWAP	+0.0022%	8h	2,774	−0.112%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.9	+0.029%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0029%	1h	2,779.4	+0.085%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,775.4	−0.060%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,774.4	−0.096%	$6.46B	$17.28B	150x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,774.5	−0.094%	$1.61B	$2.61B	500x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,776	−0.037%	$256.6M	$998.8M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,774.2	−0.102%	$3.29B	$9.52B	200x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,777.1	+0.001%	$55.3M	$228.5M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773.7	−0.122%	$2.10B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,776.9	−0.006%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	−0.047%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777.6	+0.018%	$115.4M	$506.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779	+0.070%	$25.5M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	−0.093%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	−0.038%	$15.9M	$11.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.7	−0.013%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.7	−0.048%	$16.2M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.9	−0.006%	$3.20B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.3	−0.063%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.9	−0.114%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.7	−0.121%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.2	+0.005%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.124%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.8	−0.008%	$427.0M	$748.8M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.1	+0.037%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.2	−0.067%	$177.5M	$786.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.6	−0.052%	$161.5M	$98.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	−0.006%	$21.4M	$57.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.011%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	+0.048%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.024%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.7	+0.097%	$43.0M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.8	−0.008%	$973K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,777	−0.002%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.7	−0.122%	$31.6M	$76.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779	+0.068%	$60.4M	$4.67B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,776.6	−0.017%	$8.5M	$671.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,780.1	+0.111%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,777.1	0.000%	$287.5M	$197.2M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0171%	1h	2,779.2	+0.078%	$258.9M	$223.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,776.3	−0.028%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.7	+0.060%	$88.8M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0352%	1h	2,775	−0.075%	$273K	$1.5M	20x	as long as short