Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0761%/8h= +83.3% APRpaid last 24h +0.012%

Price spread now: Phemex against Injective+0.214%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$720.724% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.219%−$22 on $10k

Price spread, last 3 days (all we have)−0.138%−$14 · spread now +0.214%, 7d avg −0.067%

Together, before fees−0.357%−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Phemex is 0.280% dearer against Injective than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.067%. Mind the row above: over the last 7 days funding on this pair cost −0.219%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.219% in total (about -11.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,762.9	−0.0752	get 0.0094% / 1h	34m 51s	$119K	$22.5M	52x
Short	Phemex ETHUSDT	2,768.8	0.0009	get 0.0009% / 8h	7h 34m	$269.5M	$67.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.214%Rate

Funding earned: $159.73
Price spread: +0.214% → −0.067%: $28.02
Slippage, 4 orders: −$60.43
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $115.3
Costs to cover: 0.724%
Break-even: 1.9 days

Slippage from Injective: live order book, 4 min ago; Phemex: live order book, 4 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 Injective live order book, 4 min ago	9.54 bp	9.6 bp −$10	9.6 bp −$96	9.6 bp −$955	20661.4 bp −$10.33M
Sell Phemex live order book, 4 min ago	0.02 bp	6.4 bp −$6	7.7 bp −$77	9.7 bp −$970	12.9 bp −$6,439

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
Injective ETH/USDC PERPlong	−0.0752%	1h	2,762.9	long leg	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,769.2	+0.229%	$5.6M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,768.5	+0.201%	$320K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.5	+0.384%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.3	+0.232%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.311%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771	+0.293%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.9	+0.252%	$22.4M	—	200x	as long as short
Phemex ETHUSDTshort	+0.0009%	8h	2,768.8	+0.214%	$269.5M	$67.4M	150x
Bullet ETH-USD	+0.0023%	1h	2,768.8	+0.214%	$183K	$1.7M	20x	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	+0.0024%	8h	2,770.4	+0.273%	$1.71B	$11.22B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.5	+0.239%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0037%	1h	2,769.3	+0.232%	$55.2M	$187.9M	40x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,770.1	+0.260%	$256.6M	$886.8M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,770	+0.257%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,770.1	+0.261%	$6.47B	$16.39B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,766.9	+0.143%	$5.0M	$165K	20x	as long as short
HTX ETH-USDT	+0.0062%	8h	2,769.1	+0.223%	$1.08B	$1.26B	200x	as long as short
Aftermath Perps ETHUSD	+0.0062%	1h	2,772.6	+0.351%	$31K	$23K	20x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,770.4	+0.271%	$2.10B	$2.89B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0071%	1h	2,770.7	+0.283%	$259.1M	$207.4M	50x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,770.4	+0.270%	$3.35B	$8.97B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.2	+0.265%	$60.3M	$4.45B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,770.6	+0.278%	$420.2M	$633.5M	100x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,770.2	+0.263%	—	$878K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,769.7	+0.248%	$115.2M	$457.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.2	+0.301%	$25.8M	$111.2M	50x	as long as short
SunX ETH-USDT	+0.0098%	8h	2,771.9	+0.324%	$973K	$13.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.3	+0.268%	$15.9M	$8.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.6	+0.242%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769	+0.223%	$14.8M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.5	+0.347%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.5	+0.277%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.6	+0.277%	$2.51B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.8	+0.250%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.1	+0.260%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	+0.251%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.3	+0.267%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.3	+0.268%	$15.2M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.339%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773	+0.364%	$182.0M	$786.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.310%	$161.2M	$84.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,772.1	+0.333%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.351%	$21.4M	$61.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.8	+0.214%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.2	+0.265%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.4	+0.308%	$42.6M	$29.0M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.7	+0.247%	$30.9M	$74.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.7	+0.245%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,770.6	+0.279%	$7.9M	$683.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.5	+0.276%	$93.3M	$317.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0149%	8h	2,772	+0.330%	$32.6M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,773.9	+0.397%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,768.4	+0.201%	$287.6M	$185.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,768.9	+0.215%	$7.3M	$1.2M	25x	as long as short