Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.008%

Price spread now: RISEx against Phemex−0.043%7-day average +0.020% · 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−$27as in the Price arb table

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

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.043%, 7d avg +0.020%

Together, before fees+0.202%+$20 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: RISEx is 0.063% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,730.5	0.0100	pay 0.0100% / 8h	4h 46m	$265.4M	$65.4M	150x
Short	RISEx ETH/USDC	2,729.3	0.0099	get 0.0012% / 1h	46m 12s	$5.6M	$11.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$0.21
Price spread: −0.043% → +0.020%: −$6.34
Slippage, 4 orders: −$2.19
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$26.74
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; RISEx: live order book, 3 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, 3 min ago	0.02 bp	6.0 bp −$6	7.1 bp −$71	9.2 bp −$925	13.4 bp −$6,715
Sell RISEx live order book, 3 min ago	0.02 bp	5.1 bp −$5	6.8 bp −$68	doesn't fit	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	2,728.5	−0.074%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,726.4	−0.149%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.5	−0.073%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	−0.061%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.4	−0.002%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,729.1	−0.051%	$188K	$843K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.062%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.9	−0.057%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0021%	1h	2,728.3	−0.079%	$181K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,730.5	+0.001%	$54.4M	$187.6M	40x	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	+0.0057%	8h	2,730.3	−0.007%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,730.3	−0.008%	$380.2M	$575.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,730.4	−0.002%	$1.66B	$10.68B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,728.9	−0.057%	$252.0M	$843.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0087%	1h	2,731.9	+0.053%	$260.1M	$196.8M	50x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.1	−0.014%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,730.8	+0.011%	$6.34B	$15.84B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,730.3	−0.005%	$1.53B	$2.54B	500x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,729.3	−0.044%	$1.05B	$1.19B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,729.9	−0.020%	$2.39B	$4.33B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.9	+0.014%	$112.1M	$434.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.9	+0.051%	$23.2M	$105.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.7	+0.007%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,733.5	+0.110%	$15.7M	$8.0M	50x	as long as short
RISEx ETH/USDCshort	+0.0099%	1h	2,729.3	−0.043%	$5.6M	$11.5M	25x
Katana Perps ETH-USD	+0.0100%	8h	2,727.9	−0.094%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730	−0.017%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.7	+0.080%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.017%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.043%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.8	−0.026%	$2.8M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.376%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.5	−0.001%	$3.35B	$8.78B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.2	−0.010%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.3	−0.007%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.077%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.7	+0.082%	$181.8M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	−0.053%	$158.7M	$84.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.1	+0.058%	$8.7M	$30.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.3	−0.116%	$21.0M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	−0.041%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.9	−0.021%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.6	+0.042%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.7	−0.029%	$958K	$11.4M	100x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,730.5	long leg	$265.4M	$65.4M	150x
Extended ETH-USD	+0.0104%	1h	2,729.3	−0.044%	$30.4M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,733.4	+0.106%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,732	+0.057%	$51.8M	$4.26B	50x	as long as short
Kalshi KXETHPERP	+0.0154%	8h	2,728.1	−0.087%	$6.3M	$676.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.2	+0.062%	$32.1M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,731.5	+0.037%	$84.6M	$313.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,727.3	−0.117%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,729	−0.054%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,726.4	−0.151%	$284.6M	$174.6M	150x	as long as short
Bluefin ETH-PERP	+0.0690%	1h	2,729.6	−0.031%	$21K	$20K	25x	as long as short