Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.014%

Price spread now: Phoenix against Variational Omni−0.029%7-day average +0.090% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days+0.133%+$13 · spread now −0.029%, 7d avg +0.090%

Together, before fees+0.120%+ Points / potential airdropVariational Omni: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.120% cheaper against Variational Omni than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.090%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,750.3	0.0097	pay 0.0097% / 8h	6h 51m	$133.4M	$346.5M	—
Short	Phoenix ETH	2,749.5	−0.0006	pay 0.0001% / 1h	51m 05s	$863K	$3.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$21.59
Price spread: −0.029% → +0.090%: −$11.95
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.55
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phoenix: live order book, 3 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 3 min ago	0.51 bp	doesn't fit	1.3 bp −$13	2.9 bp −$292	doesn't fit
Sell Phoenix live order book, 3 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	17.0 bp −$1,704	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
ApeX Omni ETHUSDT	−0.0449%	1h	2,745.8	−0.163%	$8.7M	$31.5M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,749	−0.046%	$320K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.7	−0.022%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	−0.004%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751	+0.025%	$12.0M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,749.5	−0.029%	$863K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,750.6	+0.009%	$10.9M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.1	+0.031%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,750.2	−0.004%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,750.7	+0.014%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0035%	8h	2,751.8	+0.053%	$1.68B	$11.09B	100x	as long as short
HTX ETH-USDT	+0.0043%	8h	2,750.6	+0.009%	$1.07B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,751.1	+0.031%	$256.0M	$854.9M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,751.2	+0.032%	$1.58B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,749.3	−0.038%	$4.9M	$163K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,751.7	+0.053%	$6.37B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,751.5	+0.045%	$3.33B	$8.72B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,750.7	+0.013%	$385.2M	$607.1M	100x	as long as short
Bitget ETHUSDT	+0.0083%	8h	2,751.2	+0.032%	$2.07B	$2.86B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.5	+0.079%	$59.6M	$4.40B	50x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,750.4	+0.002%	$30K	$21K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,751.3	+0.035%	$113.3M	$439.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.8	+0.091%	$25.1M	$105.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.1	+0.028%	—	$35.7M	500x	as long as short
Variational Omni ETHlong	+0.0097%	8h	2,750.3	long leg	$133.4M	$346.5M	—
Deribit ETH-PERPETUAL	+0.0099%	1h	2,752.1	+0.066%	$258.7M	$202.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.7	+0.051%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.3	−0.036%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.9	−0.052%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.2	+0.105%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.035%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.8	+0.055%	$2.46B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.1	−0.044%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.7	+0.014%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.085%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.5	+0.008%	$14.9M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.256%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.117%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.9	−0.160%	$21.2M	$65.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.3	0.000%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.4	−0.033%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.5	+0.008%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.2	+0.034%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,752.8	+0.092%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.7	+0.016%	$965K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.8	+0.018%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.4	+0.040%	$267.5M	$66.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.5	+0.008%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0132%	8h	2,750.6	+0.011%	$7.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0160%	8h	2,753.9	+0.131%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,750	−0.009%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,751.2	+0.033%	$286.2M	$179.0M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,749.9	−0.014%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.4	−0.031%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,752.3	+0.073%	$93.2M	$316.3M	100x	as long as short