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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 07:00 UTC+0.0091%/8h= +9.9% APRpaid last 24h −0.020%
Price spread now: Phemex against Deribit−0.033%7-day average −0.044% · you buy dearer than you sell
Net, funding: paid 7d − costs−$26as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$200.198% of the position
Long on DeribitShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days−0.062%−$6 on $10k
Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.033%, 7d avg −0.044%
Together, before fees−0.078%−$8 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.062%, so the current rate has only just turned in your favour.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit ETH-PERPETUAL2,7310get 0.0000% / 1h3m 09s$262.5M$213.2M50x
ShortPhemex ETHUSDT2,730.10.0091get 0.0091% / 8h1h 03m$262.9M$64.5M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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
$19.03
Price spread: −0.033% → −0.044%
$1.14
Slippage, 4 orders
−$0.81
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee Phemex: 6 bp × 2 orders
−$12
Net
$0.35
Costs to cover
0.198%
Break-even
6.9 days
Slippage from Deribit: live order book, 1 min ago; Phemex: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 1 min ago0.09 bp3.8 bp −$44.9 bp −$499.9 bp −$98718.0 bp −$8,978
Sell Phemex live order book, 6 min ago0.02 bp6.0 bp −$66.5 bp −$659.4 bp −$94213.1 bp −$6,565

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
Hotstuff ETH-PERP−0.0080%1h2,731.4+0.014%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,734.2+0.116%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,729.7−0.048%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,734.4+0.123%$814K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,731.3+0.008%$10.5M$42.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,731.1+0.003%$6.7M$682.4M4.9xas long as short
Perpl ETH0.0000%43m2,730.7−0.012%$288K$5.8M8.3xas long as short
Deribit ETH-PERPETUALlong0.0000%1h2,731long leg$262.5M$213.2M50x
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,731.2+0.004%$33.0M—200xas long as short
ApeX Omni ETHUSDT+0.0014%1h2,732.5+0.054%$8.6M$31.5M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0016%1h2,731.6+0.021%$191K$890K50xas long as short
BingX ETH-USDC+0.0022%8h2,728.4−0.098%—$18.6M—as long as short
Bybit ETHUSDT+0.0027%8h2,729.6−0.052%$2.33B$4.38B150xas long as short
HTX ETH-USDT+0.0030%8h2,730−0.040%$1.05B$1.22B200xas long as short
KuCoin ETHUSDTM+0.0068%8h2,729.9−0.043%$385.7M$577.7M100xas long as short
SoDEX ETH-USD+0.0071%1h2,730−0.038%$54.4M$187.2M40xas long as short
OKX ETH-USDT-SWAP+0.0080%8h2,728.9−0.078%$1.65B$10.85B100xas long as short
Aster ETHUSDT+0.0082%8h2,730.3−0.027%$252.9M$846.8M200xas long as short
Phemex ETHUSDTshort+0.0091%8h2,730.1−0.033%$262.9M$64.5M150x
Bullet ETH-USD+0.0091%1h2,729.7−0.049%$188K$1.7M20xas long as short
Binance ETHUSDT+0.0094%8h2,730−0.037%$6.33B$16.11B150xas long as short
MEXC ETH_USDT+0.0095%8h2,729.8−0.046%$1.54B$2.61B500xas long as short
Lighter ETH+0.0096%1h2,730.9−0.007%$112.7M$439.4M50xas long as short
Lighter RH ETH+0.0096%1h2,732+0.034%$23.5M$103.5M50xas long as short
Aevo ETH-PERP+0.0096%1h2,727.4−0.133%$4.9M$174K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,730.7−0.012%$502K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,734.8+0.137%$15.4M$7.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,730.9−0.005%$14.1M$104.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,732.6+0.057%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,731.9+0.034%$32.0M$332.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,730.7−0.012%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,731.6+0.021%$1.5M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,731.8+0.028%$164.2M$349.6M25xas long as short
Gate ETH_USDT+0.0100%8h2,730.1−0.035%$3.31B$9.05B200xas long as short
Bitget ETHUSDT+0.0100%8h2,729−0.074%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,729.2−0.068%$15.1M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,732.5+0.055%$134.3M$320.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,732.3+0.048%$185.8M$683.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,732.5+0.053%$158.8M$83.7M50xas long as short
StandX ETH-USD+0.0100%1h2,732+0.036%$21.0M$70.2M40xas long as short
Vest ETH-PERP+0.0100%1h2,732+0.034%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,731.6+0.021%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,730.6−0.017%$22K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,732.6+0.059%$40.9M$30.1M15xas long as short
SunX ETH-USDT+0.0100%8h2,729.9−0.040%$958K$10.9M100xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,732.7+0.062%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,729.2−0.068%$30.4M$72.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,731.6+0.020%—$30.5M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,731.5+0.016%$46.5M$4.30B50xas long as short
RISEx ETH/USDC+0.0115%1h2,731.6+0.020%$5.6M$11.6M25xas long as short
Hibachi ETH/USDT-P+0.0120%1h2,731.7+0.026%$243K$1.4M20xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,732.2+0.044%$32.2M$11.3M100xas long as short
Reya ETHRUSDPERP+0.0187%1h2,729.1−0.072%$7.3M$975K25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,730.5−0.019%$82.1M$309.7M100xas long as short
BloFin ETH-USDT+0.0319%8h2,730.2−0.029%$281.2M$176.0M150xas long as short