ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0109%/8h= +11.9% APRnext payment +$0.14 per $10,000 · paid last 24h +0.018%

Price spread now: Arcus against Phoenix+0.006%49s7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$140.145% of the position

Long on Phoenix Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 7 days−0.094%−$9 · spread now +0.006%, 7d avg −0.067%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Arcus is 0.072% dearer against Phoenix than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.067%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,727	−0.0009	get 0.0001% / 1h	44m 08s	$814K	$3.0M	25x
Short	Arcus ETH-USD	2,727.2	0.0100	get 0.0013% / 1h	44m 08s	$1.5M	$16.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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 PhoenixbpFee ArcusbpOrdersPrice spread, now +0.006%Rate

Funding earned: $22.85
Price spread: +0.006% → −0.067%: $7.25
Slippage, 4 orders: −$3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $15.6
Costs to cover: 0.145%
Break-even: 2.2 days

Slippage from Phoenix: live order book, 5 min ago; Arcus: live order book, 5 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 Phoenix live order book, 5 min ago	0.18 bp	4.2 bp −$4	6.9 bp −$69	19.7 bp −$1,973	doesn't fit
Sell Arcus live order book, 5 min ago	0.55 bp	3.1 bp −$3	3.3 bp −$33	5.3 bp −$535	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	2,726.8	−0.008%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.2	+0.007%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0012%	8h	2,725.9	−0.040%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.5	−0.017%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0009%	1h	2,727	long leg	$814K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.6	−0.014%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,727.7	+0.026%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0019%	1h	2,727.5	+0.019%	$10.7M	$42.2M	50x	as long as short
BingX ETH-USDT	+0.0032%	8h	2,726.6	−0.016%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,727.5	+0.018%	$186K	$785K	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	+0.0041%	8h	2,726.3	−0.028%	$2.36B	$4.39B	150x	as long as short
Bullet ETH-USD	+0.0062%	1h	2,726.2	−0.029%	$179K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0064%	8h	2,726.7	−0.012%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,726.6	−0.016%	$377.3M	$576.7M	100x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,728.1	+0.042%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0073%	1h	2,727.6	+0.022%	$258.4M	$203.2M	50x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.3	−0.100%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,726	−0.035%	$252.2M	$843.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0084%	1h	2,727.6	+0.023%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,726	−0.037%	$263.7M	$64.1M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0087%	8h	2,726.6	−0.017%	$1.67B	$10.74B	100x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,726	−0.036%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,726	−0.036%	$6.32B	$15.98B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.7	−0.011%	$111.8M	$429.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.7	+0.025%	$23.4M	$102.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.3	+0.011%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.1	−0.033%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.5	+0.093%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.8	−0.008%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.6	+0.059%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.2	+0.043%	$31.8M	$333.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.6	−0.015%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USDshort	+0.0100%	1h	2,727.2	+0.006%	$1.5M	$16.1M	25x
Bulk ETH-USD	+0.0100%	1h	2,729	+0.072%	$165.1M	$317.5M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.6	−0.015%	$3.33B	$8.85B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.6	−0.016%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.1	−0.032%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,725.3	−0.062%	$134.6M	$325.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.9	+0.034%	$183.2M	$672.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.6	+0.022%	$158.7M	$87.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.8	+0.029%	$21.0M	$73.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.1	+0.040%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.2	+0.044%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727	+0.001%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.8	+0.029%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.4	−0.022%	$54.3M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.7	−0.048%	$30.6M	$73.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,726.9	−0.005%	$49.9M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,727.1	+0.005%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,727.1	+0.004%	$6.3M	$690.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,726.9	−0.005%	$83.0M	$316.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,729	+0.072%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,725.9	−0.039%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,728.5	+0.055%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0348%	8h	2,726.4	−0.022%	$282.3M	$174.3M	150x	as long as short