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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 08:00 UTC+0.0112%/8h= +12.2% APRnext payment +$0.14 per $10,000 · paid last 24h +0.022%
Price spread now: Pacifica against Phoenix+0.303%7-day average −0.082% · you sell dearer than you buy
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs+$22as in the Price arb table
costs, in and out, $10k−$170.169% of the position
Long on PhoenixShort on Pacifica
What this pair did over the last
the charts below follow
Funding, last 7 days−0.026%−$3 on $10k
Price spread, last 7 days−0.389%−$39 · spread now +0.303%, 7d avg −0.082%
Together, before fees−0.415%+ Points / potential airdropPacifica: Active · farm board−$42 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 Pacifica is 0.385% dearer against Phoenix than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of −0.082%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,724.7−0.0012get 0.0001% / 1h23m 24s$806K$3.0M25x
ShortPacifica ETH2,7330.0100get 0.0013% / 1h23m 24s$32.0M$331.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Pacifica 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
$23.47
Price spread: +0.303% → −0.082%
$38.54
Slippage, 4 orders
−$1.87
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Pacifica: 4 bp × 2 orders
−$8
Net
$45.13
Costs to cover
0.169%
Break-even
from the start
Slippage from Phoenix: live order book, 5 min ago; Pacifica: 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 −$47.6 bp −$7620.2 bp −$2,015doesn't fit
Sell Pacifica live order book, 1 min ago0.18 bp4.2 bp −$44.6 bp −$46doesn't fitdoesn't fit

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
BloFin ETH-USDT−0.0153%8h2,725+0.011%$281.6M$176.2M150xas long as short
Perpl ETH−0.0112%43m2,728.3+0.134%$274K$5.5M8.3xas long as short
HTX ETH-USDT−0.0085%8h2,729.1+0.160%$1.05B$1.19B200xas long as short
Hotstuff ETH-PERP−0.0080%1h2,731+0.231%$5K$1K50xas long as short
Bybit ETHUSDT−0.0066%8h2,734.4+0.355%$2.32B$4.25B150xas long as short
SunX ETH-USDT−0.0042%8h2,727.6+0.105%$941K$10.4M100xas long as short
ApeX Omni ETHUSDT−0.0015%1h2,724.3−0.016%$8.3M$31.0M100xas long as short
Phoenix ETHlong−0.0012%1h2,724.7long leg$806K$3.0M25x
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,729.7+0.185%$11.9M—200xas long as short
Phemex ETHUSDT−0.0002%8h2,728.9+0.155%$262.8M$63.1M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX ETH-USD0.0000%1h2,726.6+0.071%$10.6M$41.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,727.6+0.106%$6.6M$667.9M4.9xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,725.5+0.030%$32.9M—200xas long as short
Hibachi ETH/USDT-P+0.0016%1h2,729.5+0.175%$237K$1.4M20xas long as short
01 Exchange ETHUSD+0.0024%1h2,732.5+0.286%$195K$882K50xas long as short
Deribit ETH-PERPETUAL+0.0039%1h2,730.8+0.225%$266.1M$220.4M50xas long as short
SoDEX ETH-USD+0.0042%1h2,729.3+0.169%$54.4M$182.3M40xas long as short
Gate ETH_USDT+0.0051%8h2,734.2+0.348%$3.28B$8.30B200xas long as short
Aster ETHUSDT+0.0067%8h2,734.2+0.347%$253.1M$836.0M200xas long as short
OKX ETH-USDT-SWAP+0.0075%8h2,734.6+0.363%$1.65B$10.51B100xas long as short
MEXC ETH_USDT+0.0076%8h2,734.3+0.353%$1.57B$2.58B500xas long as short
Binance ETHUSDT+0.0077%8h2,734+0.342%$6.32B$15.83B150xas long as short
Aevo ETH-PERP+0.0080%1h2,733.6+0.328%$4.9M$190K20xas long as short
Bullet ETH-USD+0.0082%1h2,734.2+0.348%$177K$1.7M20xas long as short
KuCoin ETHUSDTM+0.0083%8h2,732.7+0.293%$383.3M$559.8M100xas long as short
Lighter ETH+0.0096%1h2,732.6+0.288%$112.7M$403.2M50xas long as short
Lighter RH ETH+0.0096%1h2,733.5+0.323%$23.7M$96.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,732.4+0.284%—$30.3M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.9+0.264%$499K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,735.2+0.384%$15.3M$6.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,732.3+0.277%$14.2M$100.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,735.4+0.393%$3.11B$1.95B25xas long as short
Pacifica ETHshort+0.0100%1h2,733+0.303%$32.0M$331.2M50x
Ondo Perps ETH-USD.P+0.0100%1h2,729.3+0.169%$2.7M$16.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.6+0.291%$1.6M$15.7M25xas long as short
Bulk ETH-USD+0.0100%1h2,720.7−0.148%$164.6M$337.2M25xas long as short
Bitget ETHUSDT+0.0100%8h2,734.7+0.368%$2.12B$2.68B150xas long as short
BingX ETH-USDC+0.0100%8h2,733.7+0.328%—$18.6M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,729.8+0.186%$15.1M$38.7M50xas long as short
Variational Omni ETH+0.0100%8h2,722.3−0.089%$131.5M$313.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,724.4−0.012%$185.4M$682.5M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,725+0.012%$158.5M$81.3M50xas long as short
StandX ETH-USD+0.0100%1h2,728.6+0.143%$20.9M$70.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.7+0.329%—$436K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.4+0.319%$11.2M$9.3M50xas long as short
Derive ETH-PERP+0.0100%1h2,724.3−0.014%$40.5M$29.1M15xas long as short
Extended ETH-USD+0.0104%1h2,733.9+0.336%$30.1M$70.6M50xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,730+0.195%$82.0M$307.6M100xas long as short
Aftermath Perps ETHUSD+0.0110%1h2,727.6+0.107%$30K$20K20xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,730.1+0.198%$45.8M$4.19B50xas long as short
RISEx ETH/USDC+0.0137%1h2,732.9+0.300%$5.6M$11.4M25xas long as short
Reya ETHRUSDPERP+0.0170%1h2,732.6+0.290%$7.3M$961K25xas long as short
Orderly PERP_ETH_USDC+0.0181%8h2,736.9+0.447%$32.3M$10.8M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,726.6+0.070%$117K$21.9M52xas long as short
Bluefin ETH-PERP+0.1166%1h2,734.7+0.366%$20K$23K25xas long as short