Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h −0.015%

Price spread now: Gate against Phoenix−0.077%47s7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as 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−$240.237% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 7 days+0.004%$0 · spread now −0.077%, 7d avg −0.096%

Together, before fees−0.116%−$12 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 −0.120%, so the current rate has only just turned in your favour. The two prices were read 47 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	2,738.9	−0.0006	get 0.0001% / 1h	34m 34s	$823K	$2.9M	25x
Short	Gate ETH_USDT	2,736.8	0.0100	get 0.0100% / 8h	3h 34m	$3.34B	$8.88B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.077%Rate

Funding earned: $22.23
Price spread: −0.077% → −0.096%: $1.86
Slippage, 4 orders: −$1.66
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $0.42
Costs to cover: 0.237%
Break-even: 6.9 days

Slippage from Phoenix: live order book, 4 min ago; Gate: 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	3.8 bp −$4	8.5 bp −$85	22.3 bp −$2,228	doesn't fit
Sell Gate live order book, 5 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	9.9 bp −$993	19.5 bp −$9,735

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	2,735.8	−0.112%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.7	−0.044%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.3	−0.057%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0006%	1h	2,738.9	long leg	$823K	$2.9M	25x
HTX ETH-USDT	+0.0003%	8h	2,736.2	−0.097%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,737.1	−0.066%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,737.4	−0.055%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,737.1	−0.066%	$180K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,736.4	−0.093%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,735.9	−0.111%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0044%	1h	2,737.4	−0.055%	$8.7M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,737.1	−0.066%	$187K	$817K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,736.9	−0.074%	$381.7M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,735.9	−0.110%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0083%	8h	2,736.4	−0.092%	$265.3M	$65.1M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0083%	1h	2,737.6	−0.047%	$259.5M	$200.1M	50x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,737.1	−0.065%	$251.4M	$842.3M	200x	as long as short
SunX ETH-USDT	+0.0087%	8h	2,735.8	−0.114%	$959K	$11.2M	100x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,736.7	−0.080%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,736.4	−0.093%	$6.36B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,737.7	−0.045%	$112.9M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.4	−0.018%	$23.4M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,736	−0.106%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734.8	−0.151%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,737.8	−0.040%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,736.3	−0.095%	$54.5M	$187.7M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.4	+0.054%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.3	−0.095%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.1	−0.066%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.4	+0.018%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.8	−0.040%	$32.1M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.2	−0.099%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.3	−0.057%	$1.5M	$15.9M	25x	as long as short
Gate ETH_USDTshort	+0.0100%	8h	2,736.8	−0.077%	$3.34B	$8.88B	200x
Bitget ETHUSDT	+0.0100%	8h	2,736.1	−0.103%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.4	−0.092%	$15.2M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,735.4	−0.129%	$133.6M	$322.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.2	−0.063%	$184.1M	$670.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.9	−0.108%	$159.2M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	−0.033%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.3	−0.057%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.6	−0.047%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.2	−0.062%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.7	−0.006%	$41.3M	$29.9M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.4	+0.017%	$170.6M	$337.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.9	−0.111%	$30.6M	$73.0M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,737.3	−0.060%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0112%	1h	2,737.7	−0.045%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,737.4	−0.054%	$51.1M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,737.2	−0.062%	$6.5M	$682.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,737.1	−0.065%	$83.4M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0200%	8h	2,739.1	+0.006%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,735.1	−0.139%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,737.3	−0.060%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0375%	8h	2,736.7	−0.082%	$283.5M	$175.3M	150x	as long as short