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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 22:00 UTC+0.0057%/8h= +6.3% APRnext payment +$0.07 per $10,000 · paid last 24h +0.010%
Price spread now: Nado against Phoenix+0.118%7-day average −0.079% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs+$4as in the Price arb table
costs, in and out, $10k−$160.158% of the position
Long on PhoenixShort on Nado
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.015%+$1 on $10k
Price spread, last 7 days−0.216%−$22 · spread now +0.118%, 7d avg −0.079%
Together, before fees−0.202%+ Points / potential airdropNado: Active · farm board−$20 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 Nado is 0.197% dearer against Phoenix than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.079%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,773.90get 0.0000% / 1h23m 18s$885K$3.7M25x
ShortNado ETH-PERP2,777.20.0057get 0.0007% / 1h23m 18s$14.4M$118.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Nado 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
$12.01
Price spread: +0.118% → −0.079%
$19.75
Slippage, 4 orders
−$1.82
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Nado: 3.5 bp × 2 orders
−$7
Net
$15.93
Costs to cover
0.158%
Break-even
from the start
Slippage from Phoenix: live order book, 5 min ago; Nado: 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, 5 min ago0.18 bp4.2 bp −$46.9 bp −$6919.7 bp −$1,971doesn't fit
Sell Nado live order book, 1 min ago0.18 bp3.7 bp −$43.9 bp −$395.8 bp −$58314.7 bp −$7,365

ETH on 55 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
Perpl ETH−0.0447%43m2,778.4+0.162%$288K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,777.2+0.120%$5.8M$12.0M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,777.5+0.130%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,771.8−0.076%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,777.4+0.126%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0025%1h2,775.1+0.044%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,777.6+0.135%$12.7M$45.5M50xas long as short
Phoenix ETHlong0.0000%1h2,773.9long leg$885K$3.7M25x
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,778.7+0.173%$22.4M—200xas long as short
BingX ETH-USDC+0.0016%8h2,777.5+0.130%—$17.4M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0017%8h2,778.2+0.154%$270.1M$68.7M150xas long as short
OKX ETH-USDT-SWAP+0.0020%8h2,777.3+0.121%$1.70B$11.90B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,778.5+0.165%$13.0M—200xas long as short
Aster ETHUSDT+0.0035%8h2,777.9+0.143%$256.7M$991.7M200xas long as short
Bullet ETH-USD+0.0038%1h2,778.1+0.150%$181K$1.7M20xas long as short
Nado ETH-PERPshort+0.0057%1h2,777.2+0.118%$14.4M$118.2M50x
MEXC ETH_USDT+0.0060%8h2,778.2+0.154%$1.62B$2.67B500xas long as short
Binance ETHUSDT+0.0062%8h2,777.8+0.142%$6.44B$17.19B150xas long as short
Aevo ETH-PERP+0.0064%1h2,776.6+0.098%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0070%8h2,777.6+0.133%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0073%8h2,777.9+0.143%$3.29B$9.63B200xas long as short
SoDEX ETH-USD+0.0075%1h2,777.6+0.133%$55.3M$228.9M40xas long as short
Deribit ETH-PERPETUAL+0.0085%1h2,779.1+0.187%$258.4M$222.3M50xas long as short
ApeX Omni ETHUSDT+0.0091%1h2,773.6−0.011%$8.8M$32.6M100xas long as short
Bybit ETHUSDT+0.0093%8h2,777.8+0.140%$2.52B$4.62B150xas long as short
HTX ETH-USDT+0.0094%8h2,778+0.147%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,778+0.147%$115.2M$500.9M50xas long as short
Lighter RH ETH+0.0096%1h2,777.7+0.137%$25.4M$121.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,776.5+0.092%—$41.6M500xas long as short
KuCoin ETHUSDTM+0.0097%8h2,778.1+0.151%$423.5M$739.1M100xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,775.7+0.067%$15.9M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,777.5+0.130%$477K$2.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,780.6+0.242%$3.19B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,777.2+0.119%$31.2M$299.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,775.7+0.065%$2.8M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,779+0.182%$2.7M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,767.4−0.233%$166.0M$246.7M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,777+0.112%$15.2M$44.6M50xas long as short
Variational Omni ETH+0.0100%8h2,771.9−0.072%$137.1M$324.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,772.2−0.062%$181.4M$782.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,775+0.041%$161.4M$91.4M50xas long as short
StandX ETH-USD+0.0100%1h2,777.7+0.137%$21.4M$58.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,778.2+0.155%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,779.5+0.202%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,778.5+0.165%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,779.7+0.211%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,776.4+0.092%$974K$14.0M100xas long as short
Extended ETH-USD+0.0104%1h2,776.9+0.108%$32.7M$77.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,779+0.183%$59.9M$4.60B50xas long as short
Kalshi KXETHPERP+0.0124%8h2,777.9+0.144%$8.4M$678.2M4.9xas long as short
Orderly PERP_ETH_USDC+0.0136%8h2,780.2+0.226%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,778.9+0.179%$86.1M$332.0M100xas long as short
BloFin ETH-USDT+0.0182%8h2,777.3+0.123%$285.7M$194.9M150xas long as short
Reya ETHRUSDPERP+0.0192%1h2,777.7+0.138%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,778.5+0.165%$271K$1.5M20xas long as short