Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h 0.000%

Price spread now: Phemex against Phoenix−0.101%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 4 days (all we have)−0.321%−$32 · spread now −0.101%, 7d avg −0.077%

Together, before fees−0.412%−$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.024% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.101% now, against its 7-day average of −0.077%). If the spread goes back, that is −$2 on $10k: about 19 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.090%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,741.2	0	get 0.0000% / 1h	52m 42s	$832K	$2.9M	25x
Short	Phemex ETHUSDT	2,738.4	0.0100	get 0.0100% / 8h	4h 52m	$266.1M	$65.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.101%Rate

Funding earned: $21
Price spread: −0.101% → −0.077%: −$2.37
Slippage, 4 orders: −$1.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$2
Costs to cover: 0.206%
Break-even: 7.7 days

Slippage from Phoenix: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	21.2 bp −$2,123	doesn't fit
Sell Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	8.2 bp −$82	13.0 bp −$1,300	17.0 bp −$8,503

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
Perpl ETH	−0.0447%	43m	2,738.4	−0.101%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	−0.033%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.1	−0.077%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739	−0.081%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	−0.127%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,739	−0.080%	$182K	$834K	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,741.2	long leg	$832K	$2.9M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.2	−0.073%	$25.4M	—	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,737.9	−0.122%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0059%	1h	2,738.3	−0.105%	$180K	$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
SoDEX ETH-USD	+0.0062%	1h	2,738.5	−0.098%	$54.5M	$187.6M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,735.9	−0.194%	$1.68B	$10.60B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,736.2	−0.183%	$380.3M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,738.3	−0.107%	$253.2M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,736.3	−0.179%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,735.2	−0.219%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,735.9	−0.193%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.5	−0.173%	$112.5M	$431.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.8	−0.126%	$24.5M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.3	−0.071%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.1	−0.078%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.8	−0.053%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.9	−0.120%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.5	−0.098%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740	−0.045%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	−0.153%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,735.6	−0.204%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.7	−0.091%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.9	−0.084%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	−0.016%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.1	−0.113%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.9	−0.121%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.5	−0.100%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	−0.009%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	−0.049%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.140%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.228%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.7	−0.018%	$21.2M	$69.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740	−0.044%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.5	−0.025%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.8	−0.124%	$961K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,738.4	−0.103%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,738.4	−0.101%	$266.1M	$65.1M	150x
Vest ETH-PERP	+0.0100%	1h	2,739.5	−0.061%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,737.6	−0.130%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.3	−0.031%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,740.1	−0.039%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,739.2	−0.073%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,741	−0.006%	$32.2M	$11.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0195%	1h	2,740.3	−0.032%	$260.0M	$194.8M	50x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	−0.102%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,739.4	−0.065%	$86.0M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,738.2	−0.110%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,740.3	−0.031%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1989%	1h	2,739.3	−0.069%	$21K	$20K	25x	as long as short