Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.005%

Price spread now: BingX against Phoenix−0.056%7-day average — · 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−$24as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.056% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 5.3 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.078%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,747.9	0.0017	pay 0.0002% / 1h	19m 29s	$849K	$2.9M	25x
Short	BingX ETH-USDT	2,746.4	0.0053	get 0.0053% / 8h	5h 19m	—	$1.15B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.056%Rate

Funding earned: $7.46
Price spread: −0.056% → 0.000%: −$5.64
Slippage, 4 orders: −$1.59
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$16.77
Costs to cover: 0.186%
Break-even: 22.7 days

Slippage from Phoenix: live order book, 4 min ago; BingX: live order book, 10 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, 4 min ago	0.18 bp	4.3 bp −$4	8.4 bp −$84	21.9 bp −$2,189	doesn't fit
Sell BingX live order book, 10 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	6.0 bp −$2,993

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
Hotstuff ETH-PERP	−0.0080%	1h	2,746.2	−0.062%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	−0.189%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747	−0.033%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746	−0.071%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,745.7	−0.082%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,747.1	−0.029%	$25.1M	—	200x	as long as short
Phoenix ETHlong	+0.0017%	1h	2,747.9	long leg	$849K	$2.9M	25x
01 Exchange ETHUSD	+0.0032%	1h	2,746.5	−0.051%	$182K	$862K	50x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,747.3	−0.023%	$8.9M	$30.7M	100x	as long as short
BingX ETH-USDTshort	+0.0053%	8h	2,746.4	−0.056%	—	$1.15B	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0067%	8h	2,746.4	−0.055%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,745.8	−0.077%	$381.9M	$575.5M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,746.6	−0.047%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.1	−0.066%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,746.1	−0.065%	$253.4M	$841.1M	200x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,744.2	−0.135%	$54.7M	$187.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,745.8	−0.075%	$113.0M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747	−0.035%	$24.6M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.9	−0.108%	—	$30.5M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,745.9	−0.074%	$1.56B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,742.3	−0.204%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,745.9	−0.073%	$58.2M	$4.25B	50x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,746.6	−0.049%	$6.38B	$15.66B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.2	+0.085%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	−0.087%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.8	−0.077%	$13.9M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.9	0.000%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.3	−0.058%	$31.7M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.2	−0.060%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.1	−0.102%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.3	−0.060%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.204%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.7	−0.043%	$3.39B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.1	−0.066%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744	−0.142%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.077%	$133.3M	$326.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.2	−0.061%	$182.5M	$673.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	−0.110%	$159.6M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.9	0.000%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.5	−0.052%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.4	−0.018%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.2	−0.063%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.3	−0.096%	$963K	$11.5M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744.6	−0.120%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.3	−0.131%	$266.8M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745	−0.104%	$30.6M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,745.2	−0.100%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0154%	1h	2,745.9	−0.072%	$259.8M	$196.4M	50x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,746.1	−0.066%	$7.8M	$669.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,748.3	+0.016%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,745.2	−0.098%	$86.7M	$310.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,745.6	−0.082%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,746.1	−0.066%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0326%	8h	2,745.7	−0.079%	$285.1M	$181.1M	150x	as long as short
Bluefin ETH-PERP	+0.0583%	1h	2,746.8	−0.040%	$21K	$20K	25x	as long as short