ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0079%/8h= −8.6% APRnext payment −$0.10 per $10,000 · paid last 24h −0.054%

Price spread now: Phoenix against Hibachi−0.003%61s7-day average +0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs+$10as 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−$190.186% of the position

Long on Hibachi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.286%+$29 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.003%, 7d avg +0.063%

Together, before fees+0.349%+ Points / potential airdropHibachi: Active · farm board+$35 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 Phoenix is 0.066% cheaper against Hibachi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.063%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.286%, so the current rate has only just turned against you. The two prices were read 61 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	Hibachi ETH/USDT-P	2,725.5	0.0064	pay 0.0008% / 1h	12m 10s	$242K	$1.4M	20x
Short	Phoenix ETH	2,725.4	−0.0015	pay 0.0002% / 1h	12m 10s	$808K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hibachi. 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 HibachibpFee PhoenixbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$16.52
Price spread: −0.003% → +0.063%: −$6.57
Slippage, 4 orders: −$2.63
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.72
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Hibachi: live order book, 2 min ago; Phoenix: live order book, 2 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 Hibachi live order book, 2 min ago	0.02 bp	4.7 bp −$5	8.3 bp −$83	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	16.9 bp −$1,687	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	2,724.6	−0.031%	$274K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0183%	8h	2,725	−0.017%	$280.8M	$177.5M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.1	−0.051%	$5K	$1K	50x	as long as short
Phoenix ETHshort	−0.0015%	1h	2,725.4	−0.003%	$808K	$3.0M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724	−0.056%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,724.9	−0.021%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.2	−0.047%	$6.7M	$675.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,724	−0.055%	$263.6M	$214.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724	−0.054%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,722.7	−0.102%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,722.8	−0.098%	$2.31B	$4.33B	150x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.4	−0.040%	$190K	$883K	50x	as long as short
HTX ETH-USDT	+0.0034%	8h	2,723.4	−0.077%	$1.05B	$1.22B	200x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,729.4	+0.144%	$117K	$22.0M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,723.7	−0.064%	$81.8M	$310.2M	100x	as long as short
Hibachi ETH/USDT-Plong	+0.0064%	1h	2,725.5	long leg	$242K	$1.4M	20x
OKX ETH-USDT-SWAP	+0.0073%	8h	2,723	−0.091%	$1.65B	$10.76B	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,724.1	−0.052%	$8.5M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,723.5	−0.074%	$382.5M	$576.8M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,723.3	−0.078%	$252.4M	$850.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,721	−0.164%	$4.9M	$175K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,722.8	−0.097%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,723	−0.092%	$6.30B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,723.7	−0.066%	$112.2M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,724.7	−0.029%	$23.4M	$102.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.1	−0.051%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.7	+0.119%	$15.4M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.6	−0.068%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.1	−0.014%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.9	−0.020%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.8	−0.062%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.4	−0.041%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,723	−0.093%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,722.9	−0.096%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.8	−0.099%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.049%	$133.8M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.2	−0.047%	$185.4M	$683.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,724.8	−0.027%	$158.3M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	+0.019%	$20.9M	$69.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,725.8	+0.011%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.2	−0.010%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,723.9	−0.058%	$193K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.8	−0.025%	$40.7M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.5	−0.074%	$954K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,723.1	−0.087%	$54.2M	$182.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,723.9	−0.059%	$262.3M	$64.3M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.046%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,725.2	−0.009%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.3	−0.118%	$30.4M	$71.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,725.7	+0.010%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,724.7	−0.029%	$46.5M	$4.26B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724.6	−0.032%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0178%	1h	2,723.3	−0.078%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,725.8	+0.013%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0275%	1h	2,724.2	−0.047%	$20K	$23K	25x	as long as short