Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.012%

Price spread now: edgeX against Phoenix−0.168%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days+0.059%+$6 · spread now −0.168%, 7d avg −0.127%

Together, before fees+0.091%+ Points / potential airdropedgeX: Active · farm board+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of −0.127%). If the spread goes back, that is −$4 on $10k: about 32 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.033% in total) that is about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,756.1	−0.0003	get 0.0000% / 1h	55m 18s	$862K	$3.1M	25x
Short	edgeX ETHUSDC	2,751.5	0.0100	get 0.0050% / 4h	2h 55m	$183.7M	$729.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.168%Rate

Funding earned: $21.61
Price spread: −0.168% → −0.127%: −$4.1
Slippage, 4 orders: −$4.65
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$3.15
Costs to cover: 0.207%
Break-even: 8.0 days

Slippage from Phoenix: live order book, 3 min ago; edgeX: 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, 3 min ago	0.18 bp	4.3 bp −$4	8.4 bp −$84	21.8 bp −$2,181	doesn't fit
Sell edgeX live order book, 4 min ago	0.02 bp	8.0 bp −$8	8.4 bp −$84	8.9 bp −$891	11.9 bp −$5,946

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
ApeX Omni ETHUSDT	−0.0865%	1h	2,751.3	−0.173%	$8.8M	$31.4M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,740.9	−0.551%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,742.7	−0.486%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,740.2	−0.577%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.7	−0.595%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0003%	1h	2,756.1	long leg	$862K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,740.6	−0.564%	$10.9M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,740.6	−0.562%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,740.1	−0.579%	$22.1M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,739.4	−0.606%	—	$17.3M	—	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	+0.0034%	8h	2,741.1	−0.543%	$1.67B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0037%	8h	2,740.7	−0.558%	$1.06B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,740.7	−0.560%	$256.7M	$855.9M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,741.5	−0.531%	$1.57B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,741.1	−0.543%	$6.35B	$16.29B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,741.4	−0.534%	$4.9M	$166K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,739.6	−0.599%	$3.31B	$8.65B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,741.5	−0.530%	$2.07B	$2.86B	150x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,739.4	−0.606%	$182K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,741.2	−0.542%	$382.9M	$606.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0085%	1h	2,753.6	−0.089%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,741.6	−0.525%	$59.5M	$4.38B	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.527%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,741.1	−0.545%	$113.0M	$437.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.8	−0.481%	$25.0M	$105.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,742.4	−0.496%	—	$35.7M	500x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,740.4	−0.570%	$54.6M	$187.7M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746.7	−0.343%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.9	−0.552%	$470K	$2.8M	50x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,742	−0.512%	—	$871K	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,741.2	−0.541%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.8	−0.519%	$3.11B	$2.15B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.7	−0.524%	$31.1M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741.1	−0.543%	$2.46B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.5	−0.602%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.7	−0.557%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	−0.126%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.1	−0.544%	$14.9M	$42.4M	50x	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,751.5	−0.168%	$183.7M	$729.4M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.3	−0.245%	$159.9M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.9	−0.152%	$21.3M	$65.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	−0.610%	$10.3M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,740.4	−0.569%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.6	−0.488%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740	−0.583%	$961K	$12.7M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.8	−0.520%	$266.6M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740	−0.585%	$30.5M	$74.7M	50x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,741.7	−0.522%	$7.6M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,742.9	−0.481%	$32.3M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,743.9	−0.443%	$250K	$1.5M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0173%	1h	2,742.1	−0.509%	$258.8M	$202.2M	50x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,740	−0.584%	$284.7M	$177.8M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,743.1	−0.472%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,739.2	−0.613%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,741.7	−0.521%	$92.8M	$322.0M	100x	as long as short