Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.005%

Price spread now: Phemex against SoDEX−0.002%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.002%, 7d avg +0.010%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,744.6	0.0062	pay 0.0008% / 1h	15m 49s	$54.7M	$160.0M	40x
Short	Phemex ETHUSDT	2,744.6	−0.0030	pay 0.0030% / 8h	7h 15m	$264.1M	$62.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$19.42
Price spread: −0.002% → +0.010%: −$1.19
Slippage, 4 orders: −$0.69
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$41.3
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from SoDEX: live order book, 3 min ago; Phemex: live order book, 3 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 SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	6.0 bp −$598	29.3 bp −$14.6K
Sell Phemex live order book, 3 min ago	0.16 bp	6.2 bp −$6	6.5 bp −$65	11.2 bp −$1,115	16.0 bp −$7,988

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
BloFin ETH-USDT	−0.0159%	8h	2,740	−0.168%	$281.1M	$175.1M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,739.8	−0.177%	$276K	$5.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741	−0.131%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0054%	8h	2,744.2	−0.013%	$2.34B	$4.21B	150x	as long as short
Phemex ETHUSDTshort	−0.0030%	8h	2,744.6	−0.002%	$264.1M	$62.4M	150x
Phoenix ETH	−0.0012%	1h	2,736.4	−0.299%	$810K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.3	−0.156%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.3	−0.085%	$10.6M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,741.3	−0.120%	$6.7M	$664.2M	4.9x	as long as short
Hibachi ETH/USDT-P	0.0000%	1h	2,740.3	−0.156%	$241K	$1.4M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.3	−0.156%	$33.1M	—	200x	as long as short
HTX ETH-USDT	+0.0014%	8h	2,745.1	+0.016%	$1.05B	$1.18B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,742.9	−0.062%	$182K	$892K	50x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,736	−0.314%	$8.3M	$30.8M	100x	as long as short
Gate ETH_USDT	+0.0053%	8h	2,743.8	−0.028%	$3.27B	$8.38B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0060%	1h	2,745.8	+0.042%	$266.1M	$214.2M	50x	as long as short
SunX ETH-USDT	+0.0061%	8h	2,744.5	−0.005%	$964K	$10.2M	100x	as long as short
SoDEX ETH-USDlong	+0.0062%	1h	2,744.6	long leg	$54.7M	$160.0M	40x
Aster ETHUSDT	+0.0069%	8h	2,745.3	+0.025%	$254.0M	$799.5M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,744	−0.021%	$1.66B	$10.23B	100x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,743.6	−0.035%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,745	+0.013%	$6.35B	$15.48B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,742.4	−0.081%	$4.9M	$193K	20x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,743.6	−0.036%	$371.4M	$495.4M	100x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,744.3	−0.011%	$178K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,745.1	+0.020%	$113.2M	$406.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.2	+0.058%	$23.8M	$97.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,742.9	−0.062%	—	$23.9M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.1	−0.091%	$521K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.1	−0.020%	$15.4M	$6.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.1	−0.091%	$14.4M	$99.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.1	+0.091%	$3.13B	$1.97B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.5	−0.077%	$32.1M	$328.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.6	−0.109%	$2.7M	$16.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,742.9	−0.063%	$1.6M	$15.5M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.5	+0.034%	$2.12B	$2.57B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,743.4	−0.042%	—	$1.01B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.6	−0.001%	$15.1M	$38.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.6	−0.038%	$132.5M	$307.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.4	−0.297%	$186.3M	$685.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.4	−0.297%	$159.1M	$80.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.1	−0.164%	$21.0M	$71.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.6	−0.002%	—	$416K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.3	−0.011%	$11.2M	$9.2M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.3	−0.739%	$40.5M	$29.1M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,738.5	−0.221%	$165.3M	$346.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.5	−0.078%	$30.4M	$69.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0104%	1h	2,745.7	+0.040%	$82.4M	$293.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,736.5	−0.296%	$30K	$13K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,746	+0.051%	$45.4M	$4.14B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,740.8	−0.140%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERP	+0.0169%	1h	2,738.3	−0.230%	$7.3M	$961K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,746.9	+0.083%	$32.4M	$10.7M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,743.8	−0.029%	$118K	$22.7M	52x	as long as short
Bluefin ETH-PERP	+0.0893%	1h	2,745.1	+0.019%	$20K	$15K	25x	as long as short