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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC−0.0034%/8h= −3.8% APRnext payment −$0.04 per $10,000 · paid last 24h −0.015%
Price spread now: Injective against Phoenix0.000%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs−$59as in the Funding arb table
Net, price: spread back to 7d avg − costs−$69as in the Price arb table
costs, in and out, $10k−$690.694% of the position
Long on PhoenixShort on Injective
What this pair did over the last
the charts below follow
Funding, last 7 days+0.107%+$11 on $10k
Price spread, last 4 days (all we have)−0.155%−$16 · spread now 0.000%, 7d avg 0.000%
Together, before fees−0.049%−$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,733.1−0.0006get 0.0001% / 1h7m 48s$813K$3.0M25x
ShortInjective ETH/USDC PERP2,733.1−0.0040pay 0.0005% / 1h7m 48s$117K$22.5M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective 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

Funding earned
−$7.21
Price spread: 0.000% → 0.000%
$0.03
Slippage, 4 orders
−$62.35
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
−$76.56
Costs to cover
0.694%
Break-even
never at this rate
Slippage from Phoenix: live order book, 6 min ago; Injective: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 6 min ago0.18 bp4.3 bp −$47.9 bp −$7921.3 bp −$2,126doesn't fit
Sell Injective live order book, 1 min ago14.07 bp46.8 bp −$4747.9 bp −$47948.0 bp −$4,804doesn't fit

ETH on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff ETH-PERP−0.0080%1h2,732−0.040%$5K$1K50xas long as short
Injective ETH/USDC PERPshort−0.0040%1h2,733.10.000%$117K$22.5M52x
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,732.8−0.011%$11.9M—200xas long as short
Phoenix ETHlong−0.0006%1h2,733.1long leg$813K$3.0M25x
dYdX ETH-USD0.0000%1h2,732.4−0.027%$10.5M$42.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,732.7−0.015%$6.6M$683.0M4.9xas long as short
Perpl ETH0.0000%43m2,732−0.039%$288K$5.8M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,733.5+0.013%$262.6M$213.3M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,732.8−0.011%$33.0M—200xas long as short
ApeX Omni ETHUSDT+0.0012%1h2,731.7−0.052%$8.6M$31.5M100xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0016%1h2,732.2−0.033%$191K$889K50xas long as short
BingX ETH-USDT+0.0022%8h2,731.9−0.043%—$1.10B—as long as short
HTX ETH-USDT+0.0027%8h2,732.3−0.028%$1.05B$1.22B200xas long as short
Bybit ETHUSDT+0.0028%8h2,731.9−0.044%$2.34B$4.38B150xas long as short
KuCoin ETHUSDTM+0.0068%8h2,732.6−0.020%$379.5M$576.7M100xas long as short
SoDEX ETH-USD+0.0072%1h2,732.4−0.026%$54.4M$187.1M40xas long as short
OKX ETH-USDT-SWAP+0.0081%8h2,731.9−0.046%$1.65B$10.86B100xas long as short
Aster ETHUSDT+0.0083%8h2,732−0.042%$253.0M$846.9M200xas long as short
Bullet ETH-USD+0.0089%1h2,732.6−0.019%$189K$1.7M20xas long as short
Phemex ETHUSDT+0.0090%8h2,732.3−0.030%$263.1M$64.5M150xas long as short
Binance ETHUSDT+0.0095%8h2,731.9−0.044%$6.33B$16.10B150xas long as short
MEXC ETH_USDT+0.0095%8h2,732.4−0.026%$1.54B$2.61B500xas long as short
Lighter ETH+0.0096%1h2,732.7−0.014%$112.8M$438.9M50xas long as short
Lighter RH ETH+0.0096%1h2,733.6+0.018%$23.5M$103.4M50xas long as short
Aevo ETH-PERP+0.0096%1h2,729.7−0.123%$4.9M$171K20xas long as short
Aftermath Perps ETHUSD+0.0099%1h2,733.2+0.002%$30K$20K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.4−0.062%$502K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,736.6+0.129%$15.4M$7.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,731.4−0.061%$14.1M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,734.4+0.048%$3.11B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,732.5−0.021%$32.0M$332.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,731.6−0.055%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.4−0.026%$1.5M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,731.8−0.047%$164.2M$349.6M25xas long as short
Gate ETH_USDT+0.0100%8h2,732.2−0.032%$3.31B$9.05B200xas long as short
Bitget ETHUSDT+0.0100%8h2,732.1−0.038%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,732.4−0.026%$15.1M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,731.2−0.069%$134.1M$321.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,732.2−0.034%$185.8M$682.5M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,732−0.039%$158.8M$85.9M50xas long as short
StandX ETH-USD+0.0100%1h2,733−0.004%$21.0M$70.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.7+0.021%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.6+0.018%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,732.8−0.012%$22K$21K25xas long as short
SunX ETH-USDT+0.0100%8h2,732.2−0.034%$959K$10.9M100xas long as short
Extended ETH-USD+0.0104%1h2,731.7−0.053%$30.4M$72.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,732.2−0.032%—$30.4M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,733.7+0.021%$46.6M$4.31B50xas long as short
RISEx ETH/USDC+0.0115%1h2,732.3−0.029%$5.6M$11.6M25xas long as short
Hibachi ETH/USDT-P+0.0144%1h2,733−0.004%$243K$1.4M20xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,734.8+0.061%$32.2M$11.3M100xas long as short
Reya ETHRUSDPERP+0.0187%1h2,731.5−0.058%$7.3M$975K25xas long as short
Kraken Futures PF_ETHUSD+0.0210%1h2,733−0.004%$82.2M$309.8M100xas long as short
BloFin ETH-USDT+0.0381%8h2,732.4−0.024%$281.0M$175.4M150xas long as short