Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.007%

Price spread now: Bybit against Phoenix+0.041%85s7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as 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−$200.203% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 7 days−0.138%−$14 · spread now +0.041%, 7d avg −0.097%

Together, before fees−0.231%−$23 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 Bybit is 0.138% dearer against Phoenix than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.097%. Mind the row above: over the last 7 days funding on this pair cost −0.093%, so the current rate has only just turned in your favour. The two prices were read 85 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	2,775.6	0	get 0.0000% / 1h	2m 11s	$885K	$3.7M	25x
Short	Bybit ETHUSDT	2,776.8	0.0092	get 0.0092% / 8h	1h 02m	$2.52B	$4.62B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.041%Rate

Funding earned: $19.28
Price spread: +0.041% → −0.097%: $13.83
Slippage, 4 orders: −$2.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $12.77
Costs to cover: 0.203%
Break-even: 2.4 days

Slippage from Phoenix: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	0.18 bp	4.2 bp −$4	7.7 bp −$77	20.2 bp −$2,023	doesn't fit
Sell Bybit live order book, 2 min ago	0.02 bp	6.4 bp −$6	6.7 bp −$67	7.8 bp −$783	10.3 bp −$5,129

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	2,776.6	+0.037%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.8	+0.009%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777	+0.050%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.141%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.5	+0.032%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.053%	$12.7M	$45.8M	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,775.6	long leg	$885K	$3.7M	25x
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.7	+0.002%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777	+0.051%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0016%	1h	2,777.7	+0.074%	$258.7M	$222.7M	50x	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	+0.0018%	8h	2,776.6	+0.035%	$1.70B	$11.87B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,776.2	+0.022%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.3	+0.027%	$270.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.9	+0.046%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,776.3	+0.024%	$254.7M	$995.3M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.173%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0056%	1h	2,776	+0.013%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.9	−0.063%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,776.1	+0.019%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.3	+0.026%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,776.1	+0.018%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.1	+0.016%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.2	+0.020%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,775.8	+0.009%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDTshort	+0.0092%	8h	2,776.8	+0.041%	$2.52B	$4.62B	150x
BingX ETH-USDT	+0.0092%	8h	2,776.2	+0.023%	—	$1.21B	—	as long as short
KuCoin ETHUSDTM	+0.0094%	8h	2,776.2	+0.020%	$422.3M	$739.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,776.7	+0.039%	$115.2M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.2	+0.093%	$25.5M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,776.8	+0.042%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.9	+0.012%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.5	+0.032%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.1	+0.126%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.8	+0.045%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.8	+0.007%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.4	+0.063%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.172%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.4	+0.028%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.068%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	−0.050%	$181.6M	$781.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	+0.003%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.047%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	+0.058%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	+0.053%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.107%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.011%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.6	−0.001%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,776.8	+0.045%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.5	+0.067%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,777.1	+0.054%	$8.4M	$681.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.1	+0.125%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.3	+0.063%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,776.5	+0.034%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,775.8	+0.009%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,778.3	+0.097%	$270K	$1.5M	20x	as long as short