Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.007%

Price spread now: Phemex against Aevo+0.085%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Aevo Short on Phemex

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)−0.019%−$2 · spread now +0.085%, 7d avg +0.058%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.027% dearer against Aevo than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.058%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.0 days. At the pace of the last 7 days (−0.006% in total) that is about 29 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo ETH-PERP	2,767.6	0.0048	pay 0.0006% / 1h	5m 54s	$5.0M	$636K	20x
Short	Phemex ETHUSDT	2,769.9	0.0030	get 0.0030% / 8h	2h 05m	$266.8M	$66.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$3.82
Price spread: +0.085% → +0.058%: $2.71
Slippage, 4 orders: −$15.21
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$44.32
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Aevo: 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 Aevo live order book, 3 min ago	2.89 bp	11.3 bp −$11	32.6 bp −$326	50.3 bp −$5,027	doesn't fit
Sell Phemex live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.3 bp −$63	9.7 bp −$968	13.5 bp −$6,765

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	−0.0112%	43m	2,769.5	+0.070%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.311%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	+0.087%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,770.2	+0.095%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,772.2	+0.167%	$885K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.7	+0.078%	$5.7M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	+0.100%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,773	+0.196%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	+0.091%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,768.9	+0.047%	$1.71B	$11.88B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.9	+0.085%	$13.2M	—	200x	as long as short
Phemex ETHUSDTshort	+0.0030%	8h	2,769.9	+0.085%	$266.8M	$66.0M	150x
ApeX Omni ETHUSDT	+0.0031%	1h	2,770.9	+0.118%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,769	+0.051%	$256.1M	$995.7M	200x	as long as short
BingX ETH-USDC	+0.0034%	8h	2,769.2	+0.060%	—	$17.3M	—	as long as short
Deribit ETH-PERPETUAL	+0.0035%	1h	2,771.3	+0.134%	$258.5M	$225.1M	50x	as long as short
Aevo ETH-PERPlong	+0.0048%	1h	2,767.6	long leg	$5.0M	$636K	20x
MEXC ETH_USDT	+0.0051%	8h	2,769.4	+0.066%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,769.3	+0.063%	$6.43B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,769	+0.051%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,769.3	+0.063%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,769	+0.052%	$184K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,770.2	+0.094%	$114.6M	$515.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.6	+0.144%	$25.3M	$123.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771	+0.124%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	+0.096%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,769.4	+0.066%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	+0.058%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	+0.095%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.2	+0.059%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.2	+0.131%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	+0.095%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.2	+0.057%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.4	+0.066%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	+0.145%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	+0.107%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.3	+0.063%	$421.8M	$742.3M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	+0.078%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.8	+0.118%	$179.5M	$782.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.140%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	+0.196%	$21.4M	$57.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.7	+0.113%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.6	+0.108%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.1	+0.162%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.9	+0.047%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,769.7	+0.077%	$55.1M	$228.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.3	+0.099%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.7	+0.041%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.3	+0.135%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,770.5	+0.105%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.5	+0.178%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770	+0.087%	$285.8M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.1	+0.056%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.9	+0.119%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0464%	1h	2,772.8	+0.189%	$282K	$1.5M	20x	as long as short