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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 00:00 UTC−0.0107%/8h= −11.7% APRnext payment −$0.13 per $10,000 · paid last 24h −0.013%
Price spread now: Phoenix against Extended+0.190%88s7-day average +0.144% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as 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−$140.135% of the position
Long on ExtendedShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.013%−$1 on $10k
Price spread, last 7 days−0.070%−$7 · spread now +0.190%, 7d avg +0.144%
Together, before fees−0.083%+ Points / potential airdropExtended: Active · farm board−$8 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.047% dearer against Extended than usual: you sell high and buy low (spread +0.190% now, against its 7-day average of +0.144%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.013% in total) that is about 26 days. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongExtended ETH-USD2,765.50.0104pay 0.0013% / 1h5m 48s$30.9M$74.4M50x
ShortPhoenix ETH2,770.8−0.0003pay 0.0000% / 1h5m 48s$872K$3.7M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Extended. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$22.45
Price spread: +0.190% → +0.144%
$4.66
Slippage, 4 orders
−$1.51
Fee Extended: 2.5 bp × 2 orders
−$5
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$31.29
Costs to cover
0.135%
Break-even
never at this rate
Slippage from Extended: live order book, 3 min ago; Phoenix: live order book, 8 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 Extended live order book, 3 min ago0.18 bp2.7 bp −$32.7 bp −$274.7 bp −$46812.2 bp −$6,087
Sell Phoenix live order book, 8 min ago0.18 bp3.8 bp −$47.0 bp −$7015.8 bp −$1,578doesn't fit

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
Injective ETH/USDC PERP−0.0752%1h2,773.8+0.299%$119K$22.5M52xas long as short
RISEx ETH/USDC−0.0128%1h2,766.8+0.045%$5.6M$11.1M25xas long as short
Perpl ETH−0.0112%43m2,767.3+0.063%$322K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,769+0.125%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,766.7+0.042%$169K$1.1M50xas long as short
Phoenix ETHshort−0.0003%1h2,770.8+0.190%$872K$3.7M25x
dYdX ETH-USD+0.0001%1h2,768.6+0.112%$12.3M$43.0M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,767.2+0.061%$22.4M—200xas long as short
Bullet ETH-USD+0.0016%1h2,766.6+0.038%$184K$1.7M20xas long as short
OKX ETH-USDT-SWAP+0.0033%8h2,766.9+0.051%$1.70B$10.97B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0036%8h2,767.6+0.074%$269.3M$65.8M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0043% / S −0.0009%1h2,767+0.054%$12.7M—200xas long as short
SoDEX ETH-USD+0.0048%1h2,767.1+0.056%$55.1M$187.7M40xas long as short
Aster ETHUSDT+0.0051%8h2,767.2+0.059%$260.6M$849.8M200xas long as short
Aevo ETH-PERP+0.0056%1h2,765.3−0.008%$5.0M$156K20xas long as short
MEXC ETH_USDT+0.0059%8h2,766.1+0.021%$1.61B$2.66B500xas long as short
Binance ETHUSDT+0.0060%8h2,766.8+0.045%$6.47B$16.04B150xas long as short
Aftermath Perps ETHUSD+0.0072%1h2,771+0.197%$31K$21K20xas long as short
HTX ETH-USDT+0.0074%8h2,767.6+0.075%$1.07B$1.22B200xas long as short
Bitget ETHUSDT+0.0080%8h2,767.2+0.060%$2.10B$2.82B150xas long as short
Coinbase International ETH-PERP-INTX+0.0080%1h2,768.6+0.111%$60.3M$4.40B50xas long as short
Gate ETH_USDT+0.0082%8h2,766.9+0.050%$3.40B$9.12B200xas long as short
Vest ETH-PERP+0.0086%1h2,768+0.090%—$870K50xas long as short
KuCoin ETHUSDTM+0.0089%8h2,767.4+0.068%$419.8M$589.3M100xas long as short
Lighter ETH+0.0096%1h2,768+0.087%$115.0M$460.3M50xas long as short
Lighter RH ETH+0.0096%1h2,769.3+0.134%$25.5M$112.2M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,771.9+0.230%$15.9M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,766.7+0.042%$485K$2.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,766.7+0.040%$14.5M$112.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,769.5+0.143%$3.16B$2.10B25xas long as short
Pacifica ETH+0.0100%1h2,768.4+0.103%$31.3M$328.9M50xas long as short
Bybit ETHUSDT+0.0100%8h2,767.3+0.064%$2.50B$4.27B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,766.3+0.027%$2.8M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,767.4+0.066%$2.8M$16.7M25xas long as short
Bulk ETH-USD+0.0100%1h2,771.7+0.223%$172.0M$293.3M25xas long as short
BingX ETH-USDC+0.0100%8h2,766.2+0.024%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,766.6+0.039%$15.0M$42.3M50xas long as short
Variational Omni ETH+0.0100%8h2,766.4+0.030%$134.4M$347.2M—as long as short
edgeX ETHUSDC+0.0100%4h2,773.2+0.278%$184.0M$750.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,772.6+0.255%$161.2M$83.8M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,773.5+0.289%$8.9M$31.4M100xas long as short
StandX ETH-USD+0.0100%1h2,771.4+0.212%$21.4M$64.4M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,766.4+0.031%$10.5M$7.9M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,767.2+0.058%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,768.5+0.107%$42.5M$28.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,766.1+0.021%$969K$12.7M100xas long as short
Extended ETH-USDlong+0.0104%1h2,765.5long leg$30.9M$74.4M50x
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,770.3+0.171%—$35.9M500xas long as short
Kalshi KXETHPERP+0.0119%8h2,768.7+0.114%$8.1M$673.3M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0134%1h2,769+0.125%$97.8M$314.5M100xas long as short
Orderly PERP_ETH_USDC+0.0157%8h2,769+0.124%$32.6M$11.0M100xas long as short
Deribit ETH-PERPETUAL+0.0158%1h2,768.9+0.121%$259.1M$201.5M50xas long as short
Hibachi ETH/USDT-P+0.0160%1h2,771.8+0.226%$253K$1.5M20xas long as short
BloFin ETH-USDT+0.0180%8h2,770.2+0.170%$287.4M$175.1M150xas long as short
Reya ETHRUSDPERP+0.0215%1h2,766.6+0.039%$7.3M$1.1M25xas long as short