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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 06:00 UTC+0.0199%/8h= +21.8% APRnext payment +$0.25 per $10,000 · paid last 24h +0.041%
Price spread now: Reya against Phoenix+0.108%7-day average −0.121% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PhoenixShort on Reya
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.070%+$7 on $10k
Price spread, last 7 days−0.233%−$23 · spread now +0.108%, 7d avg −0.121%
Together, before fees−0.163%+ Points / potential airdropReya: Active · farm board−$16 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Reya is 0.229% dearer against Phoenix than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.121%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,725.4−0.0006get 0.0001% / 1h44m 39s$816K$3.0M25x
ShortReya ETHRUSDPERP2,728.30.0193get 0.0024% / 1h44m 39s$7.3M$1.1M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Reya 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
$41.85
Price spread: +0.108% → −0.121%
$22.9
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Reya: 3 bp × 2 orders
−$6
Net
$51.75
Costs to cover
0.130%
Break-even
from the start
Slippage unknown: Phoenix: live order book, 4 min ago; Reya: 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, 4 min ago0.18 bp4.3 bp −$47.9 bp −$7921.3 bp −$2,131doesn't fit
Sell Reya no order-book sample—————
Reya: 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−0.0112%43m2,728.1+0.099%$288K$5.8M8.3xas long as short
ApeX Omni ETHUSDT−0.0088%1h2,725.8+0.014%$8.6M$31.5M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,726.1+0.026%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,725−0.015%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,730.1+0.172%$12.0M—200xas long as short
Phoenix ETHlong−0.0006%1h2,725.4long leg$816K$3.0M25x
dYdX ETH-USD0.0000%1h2,729.2+0.140%$10.5M$42.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,726.5+0.040%$6.7M$691.4M4.9xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,730+0.169%$262.5M$214.9M50xas long as short
HTX ETH-USDT+0.0007%8h2,729.3+0.142%$1.05B$1.23B200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,730.3+0.178%$32.9M—200xas long as short
01 Exchange ETHUSD+0.0024%1h2,725.7+0.011%$191K$892K50xas long as short
BingX ETH-USDC+0.0031%8h2,727.5+0.075%—$18.6M—as long as short
Bybit ETHUSDT+0.0037%8h2,729.3+0.143%$2.35B$4.43B150xas long as short
Aftermath Perps ETHUSD+0.0070%1h2,728.3+0.108%$30K$20K20xas long as short
KuCoin ETHUSDTM+0.0077%8h2,728.7+0.120%$375.6M$577.5M100xas long as short
SunX ETH-USDT+0.0084%8h2,728.6+0.119%$957K$11.1M100xas long as short
Aster ETHUSDT+0.0086%8h2,729.7+0.156%$252.2M$850.3M200xas long as short
OKX ETH-USDT-SWAP+0.0092%8h2,729.1+0.134%$1.65B$10.97B100xas long as short
MEXC ETH_USDT+0.0093%8h2,729.1+0.135%$1.52B$2.58B500xas long as short
Binance ETHUSDT+0.0094%8h2,729.4+0.145%$6.33B$16.19B150xas long as short
SoDEX ETH-USD+0.0095%1h2,729.1+0.136%$54.4M$187.4M40xas long as short
Lighter ETH+0.0096%1h2,729.3+0.142%$112.0M$433.8M50xas long as short
Lighter RH ETH+0.0096%1h2,730.4+0.183%$23.4M$102.9M50xas long as short
Aevo ETH-PERP+0.0096%1h2,727.3+0.068%$4.9M$165K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,725−0.015%$507K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,732.9+0.274%$15.3M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.5+0.115%$13.9M$105.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,731+0.205%$3.11B$2.06B25xas long as short
Pacifica ETH+0.0100%1h2,730.2+0.176%$32.0M$333.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,729.4+0.147%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,729.9+0.166%$1.5M$16.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,725.9+0.019%$161.8M$340.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.6+0.116%$3.28B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,729.3+0.142%$2.09B$2.80B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,729.5+0.150%$15.0M$42.4M50xas long as short
Variational Omni ETH+0.0100%8h2,723.1−0.086%$133.0M$326.2M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.9+0.020%$184.8M$682.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.3+0.033%$158.4M$87.7M50xas long as short
StandX ETH-USD+0.0100%1h2,724−0.051%$20.9M$69.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,728.9+0.128%—$767K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,730+0.169%$11.2M$9.5M50xas long as short
Bullet ETH-USD+0.0100%1h2,729.5+0.151%$179K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,730.2+0.178%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,731.4+0.219%$40.9M$30.2M15xas long as short
Phemex ETHUSDT+0.0100%8h2,729.5+0.151%$263.1M$65.1M150xas long as short
Extended ETH-USD+0.0104%1h2,727.3+0.070%$30.4M$74.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,726.1+0.027%—$30.6M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,731+0.206%$50.5M$4.32B50xas long as short
RISEx ETH/USDC+0.0115%1h2,725.9+0.018%$5.6M$11.8M25xas long as short
Orderly PERP_ETH_USDC+0.0187%8h2,731.7+0.230%$32.2M$11.6M100xas long as short
Reya ETHRUSDPERPshort+0.0193%1h2,728.3+0.108%$7.3M$1.1M25x
Kraken Futures PF_ETHUSD+0.0211%1h2,730.3+0.178%$83.7M$311.6M100xas long as short
Hibachi ETH/USDT-P+0.0272%1h2,730.9+0.202%$246K$1.4M20xas long as short
BloFin ETH-USDT+0.0375%8h2,729.5+0.151%$282.4M$175.5M150xas long as short