Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h +0.015%

Price spread now: Vest against Phemex+0.011%7-day average +0.023% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$3 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now +0.011%, 7d avg +0.023%

Together, before fees+0.041%+ Points / potential airdropVest: Active · farm board+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,721.2	0.0096	pay 0.0096% / 8h	2h 23m	$262.2M	$64.9M	150x
Short	Vest ETH-PERP	2,721.5	0.0100	get 0.0013% / 1h	23m 19s	—	$875K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0.94
Price spread: +0.011% → +0.023%: −$1.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$14.3
Costs to cover: 0.140%
Break-even: 113.9 days

Slippage unknown: Phemex: live order book, 6 min ago; Vest: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	6.8 bp −$68	11.6 bp −$1,158	14.3 bp −$7,142
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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 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	2,719.5	−0.064%	$280K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,721.6	+0.014%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0012%	8h	2,722.5	+0.049%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.9	−0.049%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.044%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,720.4	−0.029%	$32.0M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,721.2	−0.001%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.151%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,719.4	−0.066%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,720.2	−0.037%	$189K	$824K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,720	−0.046%	$2.34B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0068%	8h	2,718.9	−0.086%	$953K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,719.5	−0.062%	$180K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,715.8	−0.199%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,719.3	−0.070%	$373.0M	$576.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0081%	1h	2,719.9	−0.050%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,720	−0.045%	$251.6M	$845.1M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,719.8	−0.053%	$1.54B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,718	−0.116%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,720.2	−0.037%	$6.30B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0095%	8h	2,720.2	−0.036%	$1.66B	$10.80B	100x	as long as short
Phemex ETHUSDTlong	+0.0096%	8h	2,721.2	long leg	$262.2M	$64.9M	150x
Lighter ETH	+0.0096%	1h	2,721.6	+0.014%	$111.8M	$434.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,722.7	+0.056%	$23.5M	$103.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,719.2	−0.074%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.6	+0.053%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,719.3	−0.070%	$13.8M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,721.6	+0.014%	$3.08B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,721	−0.007%	$31.9M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,719.3	−0.070%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,720.1	−0.041%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.083%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,719.8	−0.052%	$3.30B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,720.6	−0.022%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,721.7	+0.017%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.2	−0.186%	$132.3M	$328.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,715.8	−0.199%	$184.0M	$676.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,721	−0.007%	$158.3M	$86.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,722	+0.029%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERPshort	+0.0100%	1h	2,721.5	+0.011%	—	$875K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,721.1	−0.004%	$11.1M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,720.7	−0.018%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,722	+0.030%	$40.8M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,720.6	−0.022%	$54.2M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,719.9	−0.050%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720	−0.043%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,722.1	+0.032%	$49.5M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,719.9	−0.049%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,721	−0.008%	$6.9M	$693.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,721.9	+0.024%	$259.3M	$207.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,721.5	+0.009%	$82.8M	$312.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,722.9	+0.061%	$32.0M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,718.9	−0.086%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,722.1	+0.032%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,720.5	−0.028%	$281.1M	$173.9M	150x	as long as short