Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0059%/8h= +6.4% APRpaid last 24h +0.013%

Price spread now: HTX against Phoenix−0.236%72s7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as 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−$200.204% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now −0.236%, 7d avg −0.090%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.146% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.236% now, against its 7-day average of −0.090%). If the spread goes back, that is −$15 on $10k: about 8.3 days of funding at the current rate (+$2 a day). The two prices were read 72 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	2,738.5	0	get 0.0000% / 1h	27m 57s	$831K	$2.9M	25x
Short	HTX ETH-USDT	2,732	0.0059	get 0.0059% / 8h	4h 27m	$1.06B	$1.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.236%Rate

Funding earned: $12.35
Price spread: −0.236% → −0.090%: −$14.56
Slippage, 4 orders: −$1.41
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$22.61
Costs to cover: 0.204%
Break-even: 19.8 days

Slippage from Phoenix: live order book, 6 min ago; HTX: live order book, 1 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, 6 min ago	0.18 bp	4.0 bp −$4	7.3 bp −$73	20.5 bp −$2,053	doesn't fit
Sell HTX live order book, 1 min ago	0.02 bp	6.0 bp −$6	6.1 bp −$61	8.6 bp −$855	11.6 bp −$5,802

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	2,735.2	−0.120%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,730.9	−0.278%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.3	−0.007%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734	−0.166%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.6	−0.106%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,734.9	−0.131%	$187K	$822K	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,738.5	long leg	$831K	$2.9M	25x
Bullet ETH-USD	+0.0006%	1h	2,733.9	−0.167%	$179K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733.9	−0.167%	$28.1M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,732.9	−0.203%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0050%	1h	2,734.2	−0.158%	$260.1M	$196.1M	50x	as long as short
BingX ETH-USDC	+0.0056%	8h	2,732.8	−0.209%	—	$18.4M	—	as long as short
HTX ETH-USDTshort	+0.0059%	8h	2,732	−0.236%	$1.06B	$1.20B	200x
KuCoin ETHUSDTM	+0.0066%	8h	2,732.6	−0.215%	$379.8M	$574.7M	100x	as long as short
Bybit ETHUSDT	+0.0068%	8h	2,733.7	−0.176%	$2.39B	$4.35B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,734.1	−0.161%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDT	+0.0069%	8h	2,732.9	−0.206%	$265.7M	$65.4M	150x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,732.7	−0.212%	$54.4M	$187.6M	40x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.2	−0.305%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,733.9	−0.169%	$250.8M	$843.5M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,734.1	−0.162%	$1.53B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,734.1	−0.162%	$6.35B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.4	−0.186%	$113.0M	$438.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.3	−0.155%	$23.4M	$106.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.8	−0.134%	—	$30.9M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,739.5	+0.035%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.1	−0.123%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.6	−0.142%	$501K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735	−0.130%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.2	−0.121%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.1	−0.088%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.3	−0.153%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.2	−0.121%	$1.6M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.7	−0.359%	$166.6M	$310.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.6	−0.179%	$3.34B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.2	−0.156%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733	−0.202%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.1	−0.088%	$133.6M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.5	−0.073%	$184.1M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.2	−0.048%	$159.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	−0.018%	$21.1M	$68.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.1	−0.089%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.8	−0.099%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.5	−0.184%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.5	−0.146%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.3	−0.190%	$959K	$11.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.4	−0.187%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734	−0.164%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0123%	1h	2,735.1	−0.123%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,734.9	−0.131%	$6.6M	$678.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,735.2	−0.121%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,734.3	−0.152%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.7	−0.176%	$83.4M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.3	+0.027%	$254K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0371%	8h	2,737.3	−0.043%	$282.5M	$175.6M	150x	as long as short