Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0088%/8h= −9.7% APRpaid last 24h −0.010%

Price spread now: Phoenix against Binance+0.176%7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 7 days−0.091%−$9 · spread now +0.176%, 7d avg +0.093%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.083% dearer against Binance than usual: you sell high and buy low (spread +0.176% now, against its 7-day average of +0.093%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.081%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ETHUSDT	2,727.1	0.0082	pay 0.0082% / 8h	3h 00m	$6.32B	$15.96B	150x
Short	Phoenix ETH	2,731.9	−0.0006	pay 0.0001% / 1h	0m 47s	$816K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.176%Rate

Funding earned: −$18.53
Price spread: +0.176% → +0.093%: $8.29
Slippage, 4 orders: −$1.22
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.46
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; Phoenix: 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 Binance live order book, 13 min ago	0.02 bp	5.0 bp −$5	5.1 bp −$51	6.5 bp −$655	8.7 bp −$4,367
Sell Phoenix live order book, 3 min ago	0.18 bp	3.8 bp −$4	7.2 bp −$72	16.2 bp −$1,621	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
Perpl ETH	−0.0335%	43m	2,726.2	−0.034%	$290K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727	−0.004%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,726.6	−0.017%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.1	0.000%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,731.9	+0.176%	$816K	$2.9M	25x
dYdX ETH-USD	+0.0006%	1h	2,727.7	+0.021%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.2	+0.003%	$28.0M	—	200x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,727	−0.004%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,726.8	−0.012%	$2.36B	$4.40B	150x	as long as short
Bullet ETH-USD	+0.0041%	1h	2,726.9	−0.008%	$178K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,727.9	+0.029%	$186K	$784K	50x	as long as short
SunX ETH-USDT	+0.0056%	8h	2,726.1	−0.037%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,726.9	−0.006%	$377.6M	$575.1M	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,727.1	−0.002%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,726.9	−0.006%	$252.4M	$842.9M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.7	−0.089%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,727.1	−0.001%	$1.56B	$2.59B	500x	as long as short
Binance ETHUSDTlong	+0.0082%	8h	2,727.1	long leg	$6.32B	$15.96B	150x
OKX ETH-USDT-SWAP	+0.0083%	8h	2,726.9	−0.007%	$1.67B	$10.73B	100x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,727	−0.005%	$264.1M	$63.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0091%	1h	2,728.5	+0.052%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,727.6	+0.017%	$112.0M	$437.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.9	+0.067%	$23.4M	$105.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,726.8	−0.012%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,728.9	+0.066%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.7	−0.015%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.7	+0.060%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.3	−0.031%	$13.8M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	+0.069%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.6	+0.018%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.8	−0.048%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.6	+0.017%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.1	−0.001%	$3.33B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.6	−0.018%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.8	−0.011%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.033%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.5	+0.051%	$183.5M	$672.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.5	+0.087%	$158.8M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727	−0.004%	$21.0M	$73.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728	+0.034%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.6	+0.055%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.8	−0.011%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.8	+0.063%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.2	+0.003%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.006%	$164.5M	$309.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0102%	1h	2,728.4	+0.047%	$258.5M	$202.8M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.2	−0.033%	$30.6M	$73.7M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.5	+0.016%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,727.4	+0.011%	$6.4M	$688.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.3	+0.042%	$50.3M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,727.8	+0.025%	$82.8M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,729.1	+0.074%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,726.7	−0.016%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.9	+0.029%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,727.2	+0.004%	$281.6M	$174.5M	150x	as long as short