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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 04:00 UTC+0.0106%/8h= +11.6% APRnext payment +$0.13 per $10,000 · paid last 24h +0.017%
Price spread now: Ondo Perps against Phoenix0.000%7-day average −0.111% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PhoenixShort on Ondo Perps
What this pair did over the last
the charts below follow
Funding, last 7 days+0.023%+$2 on $10k
Price spread, last 7 days−0.279%−$28 · spread now 0.000%, 7d avg −0.111%
Together, before fees−0.256%+ Points / potential airdropOndo Perps: Active · farm board−$26 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Ondo Perps is 0.111% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.111%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,729−0.0006get 0.0001% / 1h13m 21s$816K$2.9M25x
ShortOndo Perps ETH-USD.P2,7290.0100get 0.0013% / 1h13m 21s$2.7M$16.7M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Ondo 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

Funding earned
$22.23
Price spread: 0.000% → −0.111%
$11.07
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Ondo Perps: 2.5 bp × 2 orders
−$5
Net
$21.3
Costs to cover
0.120%
Break-even
0.3 days
Slippage unknown: Phoenix: live order book, 5 min ago; Ondo 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
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 5 min ago0.18 bp4.3 bp −$48.1 bp −$8120.9 bp −$2,093doesn't fit
Sell Ondo Perps no order-book sample—————
Ondo 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0335%43m2,728.6−0.016%$297K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,730.2+0.044%$5K$1K50xas long as short
HTX ETH-USDT−0.0017%8h2,727.9−0.042%$1.05B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,728.8−0.008%$11.9M—200xas long as short
Phoenix ETHlong−0.0006%1h2,729long leg$816K$2.9M25x
Kalshi KXETHPERP0.0000%8h2,729.6+0.022%$6.2M$686.0M4.9xas long as short
dYdX ETH-USD+0.0006%1h2,729.5+0.019%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,728.9−0.002%$28.0M—200xas long as short
BingX ETH-USDT+0.0027%8h2,728.6−0.016%—$1.14B—as long as short
Bullet ETH-USD+0.0031%1h2,728.4−0.023%$178K$1.7M20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0036%8h2,728.3−0.026%$2.36B$4.38B150xas long as short
01 Exchange ETHUSD+0.0048%1h2,7290.000%$187K$814K50xas long as short
SunX ETH-USDT+0.0062%8h2,727.6−0.051%$957K$11.2M100xas long as short
KuCoin ETHUSDTM+0.0066%8h2,728.3−0.026%$377.3M$575.1M100xas long as short
Deribit ETH-PERPETUAL+0.0076%1h2,729.4+0.015%$258.6M$202.4M50xas long as short
OKX ETH-USDT-SWAP+0.0078%8h2,728.3−0.025%$1.67B$10.74B100xas long as short
Aevo ETH-PERP+0.0080%1h2,725.9−0.114%$4.9M$155K20xas long as short
Aster ETHUSDT+0.0080%8h2,728.5−0.017%$250.8M$840.3M200xas long as short
Phemex ETHUSDT+0.0086%8h2,728.5−0.018%$264.4M$64.8M150xas long as short
Binance ETHUSDT+0.0087%8h2,728.5−0.018%$6.32B$15.94B150xas long as short
MEXC ETH_USDT+0.0087%8h2,728.5−0.018%$1.56B$2.58B500xas long as short
SoDEX ETH-USD+0.0088%1h2,728.3−0.026%$54.3M$187.8M40xas long as short
ApeX Omni ETHUSDT+0.0089%1h2,731+0.073%$8.6M$31.2M100xas long as short
Lighter ETH+0.0096%1h2,729.3+0.009%$112.3M$435.2M50xas long as short
Lighter RH ETH+0.0096%1h2,730.4+0.050%$23.4M$104.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,729.3+0.012%—$31.0M500xas long as short
Injective ETH/USDC PERP+0.0096%1h2,730.8+0.066%$117K$22.5M52xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.7−0.011%$499K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,730.4+0.050%$15.5M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.6−0.015%$13.9M$104.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,730.6+0.059%$3.09B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,729.8+0.030%$31.9M$334.6M50xas long as short
Ondo Perps ETH-USD.Pshort+0.0100%1h2,7290.000%$2.7M$16.7M25x
Arcus ETH-USD+0.0100%1h2,729.4+0.016%$1.5M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,728.2−0.028%$169.5M$307.4M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.7−0.010%$3.33B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728.4−0.023%$2.07B$2.73B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,728.3−0.025%$14.9M$41.6M50xas long as short
Variational Omni ETH+0.0100%8h2,728.8−0.007%$134.7M$323.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,729.5+0.018%$183.6M$673.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,730+0.038%$158.8M$86.9M50xas long as short
StandX ETH-USD+0.0100%1h2,730+0.037%$21.0M$70.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.5+0.018%—$845K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,730.1+0.040%$11.2M$9.4M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,729.3+0.009%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,730.1+0.042%$41.0M$29.9M15xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,730.4+0.051%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,727.4−0.059%$30.5M$73.5M50xas long as short
RISEx ETH/USDC+0.0107%1h2,729.3+0.013%$5.6M$11.7M25xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,729.7+0.024%$50.5M$4.28B50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,729.1+0.004%$83.6M$315.9M100xas long as short
Orderly PERP_ETH_USDC+0.0191%8h2,730.6+0.058%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0208%1h2,727.8−0.043%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,731.3+0.086%$246K$1.4M20xas long as short
BloFin ETH-USDT+0.0347%8h2,728.2−0.029%$282.3M$174.6M150xas long as short