ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0077%/8h= +8.4% APRnext payment +$0.10 per $10,000 · paid last 24h +0.008%

Price spread now: Bullet against Phoenix−0.211%62s7-day average −0.081% · you buy dearer than you sell

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−$190.190% of the position

Long on Phoenix Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 7 days+0.125%+$13 · spread now −0.211%, 7d avg −0.081%

Together, before fees+0.101%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.130% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.211% now, against its 7-day average of −0.081%). If the spread goes back, that is −$13 on $10k: about 5.6 days of funding at the current rate (+$2 a day). The two prices were read 62 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	2,724.5	−0.0009	get 0.0001% / 1h	40m 26s	$815K	$3.0M	25x
Short	Bullet ETH-USD	2,718.8	0.0068	get 0.0009% / 1h	40m 26s	$178K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.211%Rate

Funding earned: $16.17
Price spread: −0.211% → −0.081%: −$13.01
Slippage, 4 orders: −$4.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$15.89
Costs to cover: 0.190%
Break-even: 13.9 days

Slippage from Phoenix: live order book, 8 min ago; Bullet: live order book, 4 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, 8 min ago	0.18 bp	4.2 bp −$4	6.9 bp −$69	19.7 bp −$1,973	doesn't fit
Sell Bullet live order book, 4 min ago	0.55 bp	5.2 bp −$5	8.7 bp −$87	doesn't fit	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	2,718.3	−0.226%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.4	−0.224%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0014%	8h	2,718	−0.239%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.1	−0.199%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0009%	1h	2,724.5	long leg	$815K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,719.5	−0.184%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,724	−0.018%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0015%	1h	2,719.1	−0.199%	$10.8M	$42.3M	50x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,718.4	−0.222%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,718.6	−0.217%	$185K	$788K	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	2,718.9	−0.206%	$2.35B	$4.41B	150x	as long as short
Aftermath Perps ETHUSD	+0.0062%	1h	2,725	+0.019%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0062%	8h	2,720.7	−0.139%	$954K	$11.2M	100x	as long as short
Bullet ETH-USDshort	+0.0068%	1h	2,718.8	−0.211%	$178K	$1.7M	20x
KuCoin ETHUSDTM	+0.0073%	8h	2,718.6	−0.215%	$375.0M	$577.9M	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,719	−0.201%	$251.7M	$845.2M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,716.7	−0.287%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,718.6	−0.217%	$1.55B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,718.9	−0.204%	$6.30B	$16.06B	150x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,721	−0.128%	$263.2M	$64.1M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0088%	8h	2,719.2	−0.193%	$1.65B	$10.78B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,718.2	−0.232%	$111.3M	$431.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,718.6	−0.217%	$23.3M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,718.2	−0.231%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,720.1	−0.160%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,717.2	−0.268%	$13.6M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,720.8	−0.136%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,718.4	−0.224%	$31.7M	$333.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,717	−0.275%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,718.4	−0.222%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	−0.025%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,719.4	−0.188%	$3.31B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.5	−0.219%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,717.9	−0.243%	$14.8M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,720.3	−0.154%	$133.3M	$326.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.8	+0.012%	$183.0M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.9	+0.089%	$158.6M	$87.3M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	+0.003%	$8.7M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,722.9	−0.059%	$20.9M	$72.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,720.3	−0.153%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,719.9	−0.169%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.4	−0.188%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,722.3	−0.080%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,721.1	−0.125%	$54.2M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,716.5	−0.293%	$30.5M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,718.5	−0.221%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,722.1	−0.088%	$49.9M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,718.4	−0.223%	$5.5M	$11.7M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,722.4	−0.076%	$258.7M	$204.4M	50x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,721.1	−0.125%	$6.2M	$690.4M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,721.5	−0.110%	$82.8M	$316.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,721.7	−0.101%	$32.0M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,717.8	−0.245%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,722.9	−0.060%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,717.8	−0.246%	$281.5M	$174.1M	150x	as long as short