Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h +0.005%

Price spread now: MEXC against Phoenix−0.045%107s7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$100.102% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days−0.045%−$5 · spread now −0.045%, 7d avg −0.098%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and MEXC is 0.052% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.098%. Mind the row above: over the last 7 days funding on this pair cost −0.086%, so the current rate has only just turned in your favour. The two prices were read 107 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	2,771.8	−0.0003	get 0.0000% / 1h	41m 38s	$878K	$3.7M	25x
Short	MEXC ETH_USDT	2,770.6	0.0058	get 0.0058% / 8h	7h 41m	$1.63B	$2.63B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.045%Rate

Funding earned: $12.79
Price spread: −0.045% → −0.098%: $5.24
Slippage, 4 orders: −$1.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: $7.85
Costs to cover: 0.102%
Break-even: 2.7 days

Slippage from Phoenix: live order book, 2 min ago; MEXC: live order book, 3 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, 2 min ago	0.18 bp	3.8 bp −$4	7.2 bp −$72	20.2 bp −$2,021	doesn't fit
Sell MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	3.5 bp −$1,745

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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	−0.051%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.4	−0.015%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,773.8	+0.070%	$301K	$6.5M	8.3x	as long as short
Phemex ETHUSDT	−0.0098%	8h	2,774.1	+0.083%	$270.1M	$67.6M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.6	−0.007%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.4	−0.014%	$168K	$1.1M	50x	as long as short
Phoenix ETHlong	−0.0003%	1h	2,771.8	long leg	$878K	$3.7M	25x
dYdX ETH-USD	0.0000%	1h	2,771.4	−0.015%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775	+0.115%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0020%	1h	2,774.1	+0.083%	$183K	$1.7M	20x	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	+0.0022%	8h	2,771.4	−0.013%	$1.71B	$11.37B	100x	as long as short
Gate ETH_USDT	+0.0024%	8h	2,771.4	−0.016%	$3.35B	$8.95B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,774.7	+0.105%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,772.2	+0.016%	$256.9M	$899.1M	200x	as long as short
SoDEX ETH-USD	+0.0044%	1h	2,774.3	+0.090%	$55.3M	$208.4M	40x	as long as short
Aftermath Perps ETHUSD	+0.0048%	1h	2,772.9	+0.039%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.8	0.000%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDTshort	+0.0058%	8h	2,770.6	−0.045%	$1.63B	$2.63B	500x
Binance ETHUSDT	+0.0058%	8h	2,771.2	−0.020%	$6.47B	$16.57B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,771.1	−0.027%	$2.10B	$2.92B	150x	as long as short
HTX ETH-USDT	+0.0074%	8h	2,773.9	+0.074%	$1.08B	$1.27B	200x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	+0.030%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.5	+0.134%	$60.4M	$4.50B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.3	+0.018%	$420.6M	$643.6M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,774.2	+0.086%	—	$881K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.015%	$115.2M	$456.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.9	+0.076%	$25.3M	$110.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.4	−0.051%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.3	−0.018%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	−0.010%	$14.8M	$116.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.9	+0.113%	$3.17B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.1	+0.012%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.6	−0.006%	$2.50B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.6	−0.043%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.7	−0.002%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.067%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.7	−0.041%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.1	+0.084%	$15.2M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.055%	$151.3M	$342.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	+0.016%	$182.0M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.3	+0.090%	$161.3M	$85.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.2	+0.087%	$21.5M	$60.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.4	+0.094%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.5	+0.099%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.3	+0.162%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.8	+0.073%	$972K	$13.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	−0.055%	$32.5M	$73.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,775	+0.114%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,774.7	+0.105%	$8.1M	$686.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,775.7	+0.141%	$259.1M	$210.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.7	+0.142%	$93.4M	$323.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,777.2	+0.196%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,775.3	+0.127%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,774.3	+0.091%	$287.9M	$188.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,774.1	+0.082%	$7.4M	$1.2M	25x	as long as short