Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0185%/8h= −20.3% APRpaid last 24h −0.042%

Price spread now: Phoenix against BloFin+0.098%7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.137%−$14 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now +0.098%, 7d avg +0.077%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.020% dearer against BloFin than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of +0.077%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.137% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,776.9	0.0185	pay 0.0185% / 8h	1h 18m	$283.9M	$194.7M	150x
Short	Phoenix ETH	2,779.6	0	get 0.0000% / 1h	18m 28s	$886K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$38.91
Price spread: +0.098% → +0.077%: $2.03
Slippage, 4 orders: −$1.44
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$57.32
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Phoenix: live order book, 5 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 BloFin live order book, 6 min ago	0.05 bp	6.1 bp −$6	6.1 bp −$61	7.0 bp −$704	8.8 bp −$4,375
Sell Phoenix live order book, 5 min ago	0.18 bp	4.0 bp −$4	7.4 bp −$74	17.3 bp −$1,729	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	−0.0447%	43m	2,776.6	−0.010%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.3	−0.021%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.6	+0.062%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.098%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.3	+0.015%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0014%	1h	2,777.8	+0.034%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.4	+0.019%	$12.7M	$45.6M	50x	as long as short
Phoenix ETHshort	0.0000%	1h	2,779.6	+0.098%	$886K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.9	+0.037%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,777.7	+0.030%	—	$1.18B	—	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	+0.0019%	8h	2,776.5	−0.014%	$1.70B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0019%	8h	2,777.9	+0.037%	$270.1M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,778.4	+0.054%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,778.2	+0.046%	$256.8M	$991.8M	200x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,777	+0.005%	$181K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,778.5	+0.057%	$258.4M	$222.4M	50x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,776.8	−0.003%	$14.2M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.9	−0.037%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,777	+0.003%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,777	+0.003%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,776.9	0.000%	$2.10B	$3.10B	150x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,780.3	+0.121%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,778.1	+0.042%	$3.29B	$9.65B	200x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,777	+0.004%	$55.3M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,776.8	−0.005%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,776.9	+0.001%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	+0.052%	$115.3M	$502.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.3	+0.087%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.3	+0.016%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,777.1	+0.008%	$422.9M	$739.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778.2	+0.047%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.9	0.000%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.4	+0.090%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.6	+0.062%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.1	+0.008%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778	+0.040%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.073%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.4	+0.018%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.062%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779.6	+0.099%	$181.9M	$783.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	+0.142%	$161.7M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779	+0.076%	$21.5M	$58.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.027%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.2	+0.047%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.9	+0.036%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.3	+0.087%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.5	−0.015%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.1	+0.008%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.2	+0.047%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,778.3	+0.051%	$8.4M	$678.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,779.7	+0.102%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.2	+0.047%	$86.0M	$332.1M	100x	as long as short
BloFin ETH-USDTlong	+0.0185%	8h	2,776.9	long leg	$283.9M	$194.7M	150x
Reya ETHRUSDPERP	+0.0193%	1h	2,776.7	−0.006%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,779.1	+0.080%	$271K	$1.5M	20x	as long as short