Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0068%/8h= −7.5% APRpaid last 24h −0.012%

Price spread now: Phemex against edgeX−0.028%78s7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.241% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now −0.028%, 7d avg +0.023%

Together, before fees−0.215%+ Points / potential airdropedgeX: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.051% cheaper against edgeX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.023%). Swap the legs. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,770.8	0.0100	pay 0.0050% / 4h	2h 03m	$179.5M	$782.6M	100x
Short	Phemex ETHUSDT	2,770.1	0.0032	get 0.0032% / 8h	2h 03m	$266.8M	$66.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$14.36
Price spread: −0.028% → +0.023%: −$5.11
Slippage, 4 orders: −$3.07
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.53
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Phemex: 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 edgeX live order book, 5 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.1 bp −$508	6.5 bp −$3,248
Sell Phemex live order book, 5 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	2,769.3	−0.056%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.193%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.7	−0.041%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,769.6	−0.045%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.9	+0.002%	$884K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.8	−0.038%	$5.7M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.018%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	−0.027%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0007%	1h	2,772.1	+0.046%	$29K	$22K	20x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,770.6	−0.009%	—	$17.4M	—	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	+0.0022%	8h	2,770.8	−0.002%	$1.71B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,770.1	−0.028%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0031%	1h	2,771	+0.007%	$8.7M	$32.6M	100x	as long as short
Phemex ETHUSDTshort	+0.0032%	8h	2,770.1	−0.028%	$266.8M	$66.0M	150x
Aster ETHUSDT	+0.0032%	8h	2,770.7	−0.004%	$256.2M	$995.6M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,767.2	−0.131%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,770.6	−0.007%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,771	+0.005%	$6.44B	$17.23B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,771.2	+0.012%	$258.5M	$225.1M	50x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,769.2	−0.060%	$182K	$1.8M	20x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,770.3	−0.019%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,770.5	−0.013%	$3.28B	$9.70B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.3	−0.020%	$114.6M	$515.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.6	+0.028%	$25.4M	$123.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.3	−0.019%	—	$41.8M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,769.2	−0.061%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,768.9	−0.069%	$141.0M	$320.9M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	−0.060%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	−0.034%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769	−0.065%	$14.5M	$118.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.8	+0.035%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770	−0.030%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.8	−0.003%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.059%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.4	+0.018%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.010%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.8	−0.038%	$422.0M	$742.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.2	−0.025%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,770.8	long leg	$179.5M	$782.6M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.022%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	−0.016%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.8	−0.002%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	−0.016%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.9	+0.037%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.6	−0.081%	$970K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,769.7	−0.041%	$55.1M	$228.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770	−0.029%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.1	−0.025%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771	+0.007%	$59.8M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,770.6	−0.009%	$8.5M	$674.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.5	+0.059%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,769.2	−0.059%	$285.8M	$195.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.1	−0.064%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771	+0.006%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.3	+0.017%	$285K	$1.5M	20x	as long as short