ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0097%/8h= +10.6% APRnext payment +$0.12 per $10,000 · paid last 24h +0.011%

Price spread now: Polymarket Perps against Phoenix−0.086%59s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$170.169% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.086%, 7d avg −0.083%

Together, before fees+0.025%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.083%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 59 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	2,778.6	0.0003	pay 0.0000% / 1h	35m 35s	$879K	$3.7M	25x
Short	Polymarket Perps ETH-USD	2,776.2	0.0100	get 0.0013% / 1h	35m 35s	$10.7M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.086%Rate

Funding earned: $20.4
Price spread: −0.086% → −0.083%: −$0.36
Slippage, 4 orders: −$1.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $3.11
Costs to cover: 0.169%
Break-even: 5.9 days

Slippage from Phoenix: live order book, 3 min ago; Polymarket Perps: live order book, 4 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, 3 min ago	0.18 bp	4.3 bp −$4	8.3 bp −$83	20.9 bp −$2,094	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	0.18 bp	4.6 bp −$5	6.3 bp −$63	12.9 bp −$1,294	doesn't fit

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	2,776.3	−0.083%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,775.5	−0.112%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.119%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776	−0.094%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0074%	1h	2,776.7	−0.070%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,775.9	−0.097%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.1	−0.091%	$12.7M	$45.9M	50x	as long as short
Phoenix ETHlong	+0.0003%	1h	2,778.6	long leg	$879K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.5	−0.074%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,779.5	+0.032%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0017%	8h	2,774.8	−0.136%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,775.4	−0.114%	$1.70B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,776.3	−0.082%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,776.4	−0.079%	$270.6M	$68.9M	150x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,775.6	−0.109%	$256.6M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0050%	1h	2,775.6	−0.108%	$182K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,777.4	−0.044%	$259.0M	$222.9M	50x	as long as short
SoDEX ETH-USD	+0.0057%	1h	2,775.6	−0.108%	$55.3M	$229.1M	40x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,775.1	−0.128%	$6.46B	$17.31B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,773.5	−0.183%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,775	−0.128%	$1.60B	$2.64B	500x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,775.5	−0.113%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,775.6	−0.110%	$3.30B	$9.63B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,775.2	−0.122%	$421.9M	$740.6M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,777.5	−0.040%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,775.1	−0.125%	$2.51B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776	−0.094%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,776.5	−0.077%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,775.9	−0.096%	$116.0M	$497.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.3	−0.049%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777	−0.056%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.7	−0.139%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,775.7	−0.104%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.9	−0.097%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778	−0.022%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.8	−0.101%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.8	−0.137%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.6	−0.072%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.026%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.5	−0.076%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.8	−0.102%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	−0.067%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.2	+0.059%	$161.6M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779.8	+0.043%	$21.5M	$58.5M	40x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,776.2	−0.086%	$10.7M	$8.0M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	−0.054%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.3	−0.012%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.5	−0.113%	$973K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.1	−0.125%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,776.9	−0.061%	$8.3M	$685.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,777.3	−0.047%	$86.6M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,778.4	−0.007%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,776.1	−0.090%	$286.6M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,775.5	−0.110%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,778	−0.020%	$253K	$1.6M	20x	as long as short