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= +11.2% APRpaid last 24h +0.014%

Price spread now: Katana Perps against Phoenix−0.432%110s7-day average −0.132% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 7 days+0.336%+$34 · spread now −0.432%, 7d avg −0.132%

Together, before fees+0.362%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.300% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.432% now, against its 7-day average of −0.132%). If the spread goes back, that is −$30 on $10k: about 9.7 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.026% in total) that is about 42 days. The two prices were read 110 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	2,756.1	−0.0003	get 0.0000% / 1h	53m 36s	$862K	$3.1M	25x
Short	Katana Perps ETH-USD	2,744.2	0.0100	get 0.0100% / 8h	6h 53m	$468K	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Katana PerpsbpOrdersPrice spread, now −0.432%Rate

Funding earned: $21.56
Price spread: −0.432% → −0.132%: −$29.98
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$19.21
Costs to cover: 0.108%
Break-even: 13.2 days

Slippage unknown: Phoenix: live order book, 5 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 5 min ago	0.18 bp	4.3 bp −$4	8.4 bp −$84	21.8 bp −$2,181	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,739.5	−0.602%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.2	−0.613%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,745.2	−0.396%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.1	−0.579%	$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	2,744.1	−0.435%	$10.9M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,745.1	−0.399%	$180K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,740.4	−0.569%	$22.1M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,744.2	−0.432%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0032%	8h	2,742.5	−0.493%	$1.06B	$1.23B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0035%	8h	2,745.8	−0.373%	$1.67B	$11.05B	100x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,743.6	−0.453%	$257.0M	$854.5M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,744.5	−0.421%	$1.58B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,746.1	−0.364%	$6.36B	$16.30B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,741.2	−0.542%	$4.9M	$163K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,745.3	−0.394%	$3.32B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0082%	8h	2,744.7	−0.415%	$2.07B	$2.85B	150x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,743.1	−0.473%	$383.2M	$607.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0086%	1h	2,751.3	−0.174%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,744.2	−0.432%	$59.4M	$4.38B	50x	as long as short
Polymarket Perps ETH-USD	+0.0092%	1h	2,739.4	−0.606%	$10.3M	$8.0M	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.527%	$132.7M	$345.8M	—	as long as short
Bullet ETH-USD	+0.0096%	1h	2,739.6	−0.598%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,743.9	−0.443%	$113.0M	$438.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746	−0.366%	$25.0M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.8	−0.518%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746.4	−0.350%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,744.2	−0.432%	$468K	$2.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,739.7	−0.596%	$13.9M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.7	−0.414%	$3.12B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.9	−0.405%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.2	−0.358%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.1	−0.472%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.7	−0.377%	$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	2,742.9	−0.477%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.5	−0.168%	$183.7M	$729.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.9	−0.586%	$159.3M	$81.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.2	−0.541%	$21.2M	$65.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.3	−0.537%	—	$871K	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,740.9	−0.550%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,744.1	−0.436%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742	−0.511%	$962K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.8	−0.483%	$54.6M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744	−0.438%	$266.8M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.1	−0.434%	$30.5M	$74.5M	50x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,741.7	−0.522%	$7.7M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,744	−0.439%	$32.2M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,740.5	−0.567%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,740	−0.584%	$284.7M	$177.8M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0177%	1h	2,744.1	−0.435%	$258.8M	$202.3M	50x	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	2,739.5	−0.604%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,744.1	−0.437%	$92.8M	$319.2M	100x	as long as short