Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.009%

Price spread now: Aster against Phoenix−0.048%95s7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$190.188% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 7 days−0.041%−$4 · spread now −0.048%, 7d avg −0.090%

Together, before fees−0.110%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Aster is 0.043% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.090%. Mind the row above: over the last 7 days funding on this pair cost −0.069%, so the current rate has only just turned in your favour. The two prices were read 95 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	2,770.5	−0.0023	get 0.0003% / 1h	57m 48s	$884K	$3.6M	25x
Short	Aster ETHUSDT	2,769.2	0.0032	get 0.0032% / 8h	1h 57m	$256.1M	$994.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.048%Rate

Funding earned: $11.51
Price spread: −0.048% → −0.090%: $4.25
Slippage, 4 orders: −$3.78
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$3.02
Costs to cover: 0.188%
Break-even: 8.8 days

Slippage from Phoenix: live order book, 1 min ago; Aster: live order book, 1 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, 1 min ago	1.08 bp	5.3 bp −$5	9.9 bp −$99	21.8 bp −$2,181	doesn't fit
Sell Aster live order book, 1 min ago	0.02 bp	4.1 bp −$4	4.2 bp −$42	5.6 bp −$560	11.9 bp −$5,938

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	−0.0112%	43m	2,769.1	−0.050%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,768.5	−0.073%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768	−0.090%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,768.7	−0.065%	$169K	$1.2M	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,769.5	−0.036%	$119K	$22.5M	52x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,770.5	long leg	$884K	$3.6M	25x
Nado ETH-PERP	−0.0001%	1h	2,768.2	−0.081%	$14.3M	$118.9M	50x	as long as short
Aftermath Perps ETHUSD	0.0000%	1h	2,771	+0.019%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.003%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.3	−0.044%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0017%	8h	2,767.6	−0.104%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,769.1	−0.052%	$1.71B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.2	−0.048%	$13.2M	—	200x	as long as short
Aster ETHUSDTshort	+0.0032%	8h	2,769.2	−0.048%	$256.1M	$994.5M	200x
ApeX Omni ETHUSDT	+0.0034%	1h	2,770.6	+0.004%	$8.7M	$32.6M	100x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,768.5	−0.073%	$182K	$1.8M	20x	as long as short
Phemex ETHUSDT	+0.0039%	8h	2,768.3	−0.080%	$266.7M	$66.0M	150x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,767.5	−0.108%	$55.1M	$228.6M	40x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.3	−0.187%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,768	−0.090%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,768	−0.090%	$6.42B	$17.21B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0053%	1h	2,769.1	−0.051%	$258.4M	$225.1M	50x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,769.1	−0.051%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,768.2	−0.083%	$3.28B	$9.52B	200x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,767.6	−0.106%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,768.5	−0.074%	$114.6M	$494.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.8	−0.026%	$25.4M	$120.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.8	+0.046%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0099%	8h	2,770.9	+0.014%	$140.8M	$321.1M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.3	−0.080%	$15.9M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769	−0.054%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.3	+0.029%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.2	−0.049%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.3	−0.042%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.6	−0.069%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	−0.001%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	+0.016%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.7	−0.101%	$421.8M	$742.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.1	−0.087%	$15.2M	$43.1M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.6	+0.003%	$179.5M	$783.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.035%	$161.2M	$96.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771	+0.018%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.4	−0.039%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.1	−0.014%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769	−0.056%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.8	−0.027%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.6	−0.034%	$971K	$14.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.6	−0.104%	$31.5M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,769.1	−0.049%	$59.8M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,769.7	−0.029%	$8.5M	$673.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,770.3	−0.006%	$32.5M	$12.1M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,768.8	−0.060%	$86.0M	$331.7M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,771	+0.016%	$285.9M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,768.6	−0.068%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.9	+0.050%	$279K	$1.5M	20x	as long as short