Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.007%

Price spread now: SunX against Phoenix+0.193%69s7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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−$190.194% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.377%−$38 · spread now +0.193%, 7d avg −0.097%

Together, before fees−0.372%−$37 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 SunX is 0.290% dearer against Phoenix than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.097%. The two prices were read 69 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	2,774.2	0	get 0.0000% / 1h	39m 59s	$885K	$3.7M	25x
Short	SunX ETH-USDT	2,779.6	0.0100	get 0.0100% / 8h	1h 39m	$975K	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.193%Rate

Funding earned: $21
Price spread: +0.193% → −0.097%: $28.96
Slippage, 4 orders: −$4.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $30.6
Costs to cover: 0.194%
Break-even: from the start

Slippage from Phoenix: live order book, 4 min ago; SunX: live order book, 9 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, 4 min ago	0.18 bp	4.3 bp −$4	8.4 bp −$84	21.0 bp −$2,101	doesn't fit
Sell SunX live order book, 9 min ago	0.04 bp	4.0 bp −$4	4.4 bp −$44	6.9 bp −$690	9.0 bp −$4,513

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	2,780.3	+0.221%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.5	+0.228%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,780.7	+0.234%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	+0.054%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,780.8	+0.238%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,778	+0.138%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780.4	+0.222%	$12.7M	$45.5M	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,774.2	long leg	$885K	$3.7M	25x
Phemex ETHUSDT	+0.0004%	8h	2,780.4	+0.222%	$270.4M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.8	+0.275%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0015%	8h	2,780.7	+0.232%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,779.2	+0.180%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,781.7	+0.269%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,781.7	+0.270%	$257.1M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,781	+0.246%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0050%	1h	2,780.7	+0.233%	$14.3M	$117.8M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.9	+0.026%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,779.5	+0.190%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,780.1	+0.211%	$6.45B	$17.10B	150x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,779.2	+0.178%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,780.7	+0.235%	$3.30B	$9.57B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,781.6	+0.268%	$115.3M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,782.6	+0.303%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,780.6	+0.231%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,778.8	+0.164%	$2.52B	$4.59B	150x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,781.1	+0.248%	$1.08B	$1.31B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,781.2	+0.253%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.8	+0.238%	$483K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,783	+0.317%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,780.7	+0.234%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,780	+0.209%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782.1	+0.286%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.257%	$166.9M	$248.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,781.2	+0.251%	$426.8M	$737.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,781.5	+0.261%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.7	+0.271%	$135.5M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	+0.097%	$180.0M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.084%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	+0.085%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.3	+0.220%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,781.2	+0.251%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,782.2	+0.288%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781.3	+0.257%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783.1	+0.320%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,779.6	+0.193%	$975K	$14.0M	100x
SoDEX ETH-USD	+0.0100%	1h	2,780.8	+0.238%	$55.4M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.7	+0.162%	$31.6M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.1	+0.285%	$60.3M	$4.60B	50x	as long as short
Hibachi ETH/USDT-P	+0.0112%	1h	2,782	+0.282%	$279K	$1.5M	20x	as long as short
Kalshi KXETHPERP	+0.0114%	8h	2,781.5	+0.263%	$8.6M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0120%	1h	2,782.4	+0.294%	$258.4M	$221.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,783.5	+0.336%	$32.7M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,781.8	+0.275%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,779.6	+0.196%	$285.4M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,780.7	+0.234%	$7.4M	$1.1M	25x	as long as short