Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h −0.015%

Price spread now: Phemex against Jupiter Perps+0.045%7-day average −0.017% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Jupiter Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.340%−$34 · spread now +0.045%, 7d avg −0.017%

Together, before fees−0.371%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.062% dearer against Jupiter Perps than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of −0.017%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 4 days (−0.031% in total) that is about 7.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps ETH-PERP	2,730.1	L +0.0096% / S +0.0056%	pay 0.0012% / 1h	37m 56s	—	$30.4M	500x
Short	Phemex ETHUSDT	2,731.4	−0.0041	pay 0.0041% / 8h	7h 37m	$263.2M	$63.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Jupiter Perps. 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

Position, each leg$Hold fordaysFee Jupiter PerpsbpFee PhemexbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$28.75
Price spread: +0.045% → −0.017%: $6.22
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$46.53
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Jupiter Perps: no order-book sample; Phemex: live order book, 6 min ago. Net counts fees only.

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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.02 bp	6.0 bp −$6	6.4 bp −$64	9.1 bp −$911	13.3 bp −$6,637

Jupiter Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
BloFin ETH-USDT	−0.0180%	8h	2,730	−0.005%	$280.5M	$177.6M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,730.7	+0.022%	$277K	$5.7M	8.3x	as long as short
HTX ETH-USDT	−0.0090%	8h	2,730.7	+0.020%	$1.05B	$1.21B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.7	−0.016%	$5K	$1K	50x	as long as short
Phemex ETHUSDTshort	−0.0041%	8h	2,731.4	+0.045%	$263.2M	$63.8M	150x
Bybit ETHUSDT	−0.0040%	8h	2,731.6	+0.052%	$2.32B	$4.30B	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,731.6	+0.053%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.9	+0.066%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.2	+0.037%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.1	+0.035%	$6.8M	$671.0M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.4	+0.082%	$264.6M	$219.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732	+0.069%	$33.0M	—	200x	as long as short
SunX ETH-USDT	+0.0007%	8h	2,731	+0.033%	$940K	$10.7M	100x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,729	−0.042%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,732.2	+0.075%	$191K	$885K	50x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,731.4	+0.046%	$54.4M	$182.5M	40x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,731.4	+0.045%	$3.28B	$8.25B	200x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,730.7	+0.019%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,732	+0.067%	$1.66B	$10.72B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,731.8	+0.059%	$252.8M	$848.5M	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,731.6	+0.052%	$383.4M	$575.5M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729	−0.041%	$4.9M	$195K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,731.9	+0.065%	$6.32B	$16.05B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,731.4	+0.046%	$1.57B	$2.55B	500x	as long as short
Bullet ETH-USD	+0.0094%	1h	2,731.5	+0.050%	$177K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,731.9	+0.063%	$112.5M	$401.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733	+0.105%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERPlong	L +0.0096% / S +0.0056%	1h	2,730.1	long leg	—	$30.4M	500x
Katana Perps ETH-USD	+0.0100%	8h	2,731.8	+0.061%	$499K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.3	+0.114%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.9	+0.027%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734	+0.141%	$3.11B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.4	+0.044%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.5	+0.013%	$2.7M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.9	+0.062%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	−0.028%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.3	+0.080%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,730.8	+0.024%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.2	+0.074%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.7	−0.052%	$131.4M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.6	−0.019%	$185.7M	$682.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.9	+0.028%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.5	+0.050%	$21.0M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	+0.100%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732	+0.068%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	+0.034%	$40.6M	$29.2M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.3	+0.042%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.4	+0.081%	$82.0M	$309.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,731.6	+0.053%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.9	+0.101%	$46.2M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732.2	+0.076%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0173%	1h	2,730.8	+0.023%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,733.8	+0.134%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,730.3	+0.006%	$117K	$20.2M	52x	as long as short
Bluefin ETH-PERP	+0.2321%	1h	2,731.7	+0.058%	$20K	$23K	25x	as long as short