Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h −0.007%

Price spread now: Bitget against Phoenix−0.078%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

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

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 7 days−0.004%$0 · spread now −0.078%, 7d avg −0.096%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.096%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.073%, 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	2,778.2	−0.0023	get 0.0003% / 1h	19m 24s	$859K	$3.7M	25x
Short	Bitget ETHUSDT	2,776	0.0074	get 0.0074% / 8h	2h 19m	$2.10B	$3.13B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.078%Rate

Funding earned: $20.37
Price spread: −0.078% → −0.096%: $1.85
Slippage, 4 orders: −$1.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $2.04
Costs to cover: 0.202%
Break-even: 6.3 days

Slippage from Phoenix: live order book, 4 min ago; Bitget: 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, 4 min ago	0.18 bp	4.3 bp −$4	8.5 bp −$85	21.2 bp −$2,117	doesn't fit
Sell Bitget live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$737	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	−0.0112%	43m	2,776.2	−0.072%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	−0.090%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.7	−0.054%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.3	−0.068%	$172K	$1.2M	50x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,778.2	long leg	$859K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,776.2	−0.073%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.5	−0.063%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.6	−0.093%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776	−0.080%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,776.5	−0.061%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,775.5	−0.099%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776	−0.079%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,775.5	−0.098%	$256.7M	$995.9M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	−0.019%	$8.8M	$32.6M	100x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,775.9	−0.082%	$1.60B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.3	−0.104%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,775.8	−0.087%	$6.44B	$17.23B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,777.5	−0.025%	$258.5M	$224.9M	50x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,775.7	−0.090%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDTshort	+0.0074%	8h	2,776	−0.078%	$2.10B	$3.13B	150x
Bullet ETH-USD	+0.0082%	1h	2,775.9	−0.083%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0096%	8h	2,776.8	−0.052%	$141.1M	$320.7M	—	as long as short
Lighter ETH	+0.0096%	1h	2,776.5	−0.060%	$115.1M	$514.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	−0.003%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.1	−0.077%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.1	−0.077%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.4	−0.065%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.3	−0.069%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.6	+0.014%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.6	−0.058%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,775.7	−0.092%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.7	−0.090%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.9	−0.009%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	−0.004%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.5	−0.063%	$422.9M	$742.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,775.2	−0.108%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.4	−0.064%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.5	−0.025%	$178.5M	$793.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	−0.042%	$161.6M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	−0.043%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.050%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.4	−0.029%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.8	−0.051%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.4	+0.007%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.6	−0.095%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,775.7	−0.090%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776	−0.080%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.5	−0.097%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.7	−0.018%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,777.4	−0.029%	$8.6M	$674.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,778.8	+0.023%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.077%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.9	−0.083%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.1	−0.041%	$86.6M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,778.5	+0.012%	$283K	$1.5M	20x	as long as short