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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 08:00 UTC−0.1805%/8h= −197.7% APRnext payment −$2.26 per $10,000 · paid last 24h −0.041%
Price spread now: Phoenix against Bluefin+0.150%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BluefinShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 5 days (all we have)—no history yet
Price spread, last 7 days—no price history on both exchanges yet
Together, before fees—needs both histories
The price spread pays, funding is against you. Phoenix is 0.150% dearer against Bluefin than usual: you sell high and buy low (spread +0.150% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$54 a day in funding at the current rate, which eats that in about 7 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBluefin ETH-PERP2,727.90.1794pay 0.0224% / 1h32m 45s$20K$23K25x
ShortPhoenix ETH2,732−0.0012pay 0.0001% / 1h32m 45s$806K$3.0M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Bluefin. 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

Funding earned
−$379.15
Price spread: +0.150% → 0.000%
$15.03
Slippage, 4 orders
no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders
−$7
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$378.12
Costs to cover
0.140%
Break-even
from the start
Slippage unknown: Bluefin: no order-book sample; Phoenix: live order book, 6 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bluefin no order-book sample—————
Sell Phoenix live order book, 6 min ago0.18 bp4.3 bp −$47.9 bp −$7917.2 bp −$1,723doesn't fit
Bluefin: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BloFin ETH-USDT−0.0174%8h2,727−0.033%$280.2M$176.7M150xas long as short
HTX ETH-USDT−0.0113%8h2,726.5−0.051%$1.05B$1.21B200xas long as short
Perpl ETH−0.0112%43m2,731.1+0.117%$277K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,727−0.033%$5K$1K50xas long as short
Bybit ETHUSDT−0.0075%8h2,725.3−0.096%$2.31B$4.29B150xas long as short
SunX ETH-USDT−0.0024%8h2,726.3−0.060%$940K$10.6M100xas long as short
Phoenix ETHshort−0.0012%1h2,732+0.150%$806K$3.0M25x
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,727.4−0.018%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,728+0.005%$10.5M$41.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,728.4+0.018%$6.7M$669.8M4.9xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Deribit ETH-PERPETUAL0.0000%1h2,728.7+0.027%$264.1M$219.8M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,728.3+0.013%$32.9M—200xas long as short
Gate ETH_USDT+0.0024%8h2,726.5−0.051%$3.27B$8.26B200xas long as short
ApeX Omni ETHUSDT+0.0025%1h2,731.7+0.138%$8.4M$31.2M100xas long as short
01 Exchange ETHUSD+0.0040%1h2,727.8−0.004%$194K$889K50xas long as short
Hibachi ETH/USDT-P+0.0048%1h2,731.4+0.129%$237K$1.4M20xas long as short
SoDEX ETH-USD+0.0052%1h2,727.5−0.015%$54.3M$182.4M40xas long as short
Aster ETHUSDT+0.0075%8h2,726.8−0.039%$252.3M$842.1M200xas long as short
OKX ETH-USDT-SWAP+0.0076%8h2,725.7−0.082%$1.65B$10.62B100xas long as short
Aevo ETH-PERP+0.0080%1h2,727.8−0.003%$4.9M$195K20xas long as short
KuCoin ETHUSDTM+0.0083%8h2,727.2−0.027%$382.8M$573.1M100xas long as short
Binance ETHUSDT+0.0086%8h2,726.3−0.060%$6.31B$15.99B150xas long as short
MEXC ETH_USDT+0.0087%8h2,727−0.033%$1.57B$2.56B500xas long as short
Bullet ETH-USD+0.0089%1h2,727.2−0.026%$176K$1.7M20xas long as short
Lighter ETH+0.0096%1h2,727.1−0.030%$112.3M$401.7M50xas long as short
Lighter RH ETH+0.0096%1h2,728.3+0.014%$23.7M$96.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,727.8−0.003%—$30.4M500xas long as short
Phemex ETHUSDT+0.0096%8h2,727.8−0.003%$262.8M$63.2M150xas long as short
Katana Perps ETH-USD+0.0100%8h2,727.4−0.018%$497K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,731+0.114%$15.4M$7.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,727.3−0.023%$14.3M$101.0M50xas long as short
Hyperliquid ETH+0.0100%1h2,728.8+0.033%$3.11B$2.03B25xas long as short
Pacifica ETH+0.0100%1h2,728.3+0.015%$32.1M$333.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,726.8−0.040%$2.7M$16.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,727.6−0.010%$1.6M$15.8M25xas long as short
Bulk ETH-USD+0.0100%1h2,729.4+0.055%$164.7M$339.6M25xas long as short
Bitget ETHUSDT+0.0100%8h2,727.3−0.023%$2.11B$2.73B150xas long as short
BingX ETH-USDC+0.0100%8h2,726.1−0.067%—$18.7M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,727.2−0.025%$15.1M$39.9M50xas long as short
Variational Omni ETH+0.0100%8h2,730.8+0.105%$132.0M$316.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,731+0.114%$185.8M$683.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,731.8+0.143%$158.8M$80.0M50xas long as short
StandX ETH-USD+0.0100%1h2,731.5+0.132%$21.0M$70.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.8+0.071%—$436K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,727.3−0.022%$11.2M$9.3M50xas long as short
Derive ETH-PERP+0.0100%1h2,732.9+0.182%$40.6M$29.2M15xas long as short
Extended ETH-USD+0.0104%1h2,726.5−0.053%$30.5M$71.0M50xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,728.4+0.019%$81.9M$309.0M100xas long as short
Aftermath Perps ETHUSD+0.0118%1h2,731.1+0.119%$30K$20K20xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,728.6+0.025%$45.9M$4.22B50xas long as short
RISEx ETH/USDC+0.0137%1h2,728.2+0.009%$5.7M$11.4M25xas long as short
Reya ETHRUSDPERP+0.0172%1h2,729.3+0.053%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0184%8h2,729.1+0.045%$32.2M$10.9M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,735+0.260%$117K$21.0M52xas long as short
Bluefin ETH-PERPlong+0.1794%1h2,727.9long leg$20K$23K25x