ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0109%/8h= −11.9% APRnext payment −$0.14 per $10,000 · paid last 24h −0.017%

Price spread now: Phoenix against Nado+0.176%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on Nado Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.023%−$2 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.176%, 7d avg +0.076%

Together, before fees−0.109%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.099% dearer against Nado than usual: you sell high and buy low (spread +0.176% now, against its 7-day average of +0.076%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days. At the pace of the last 3 days (−0.023% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,716.8	0.0100	pay 0.0012% / 1h	33m 07s	$13.8M	$105.0M	50x
Short	Phoenix ETH	2,721.6	−0.0009	pay 0.0001% / 1h	33m 07s	$815K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Nado. 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 NadobpFee PhoenixbpOrdersPrice spread, now +0.176%Rate

Funding earned: −$22.85
Price spread: +0.176% → +0.076%: $9.93
Slippage, 4 orders: −$1.56
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.47
Costs to cover: 0.156%
Break-even: never at this rate

Slippage from Nado: live order book, 1 min ago; Phoenix: live order book, 6 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 Nado live order book, 1 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.4 bp −$537	13.6 bp −$6,793
Sell Phoenix live order book, 6 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	16.6 bp −$1,655	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	2,717.4	+0.023%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.8	+0.073%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,717.6	+0.030%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,717.9	+0.039%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0009%	1h	2,721.6	+0.176%	$815K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,718	+0.044%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.5	+0.172%	$117K	$22.5M	52x	as long as short
Deribit ETH-PERPETUAL	+0.0011%	1h	2,718.9	+0.075%	$258.7M	$206.2M	50x	as long as short
dYdX ETH-USD	+0.0011%	1h	2,718.8	+0.074%	$10.7M	$42.0M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,717.7	+0.032%	$185K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0033%	8h	2,717.6	+0.030%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,718.8	+0.072%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0065%	1h	2,722.4	+0.205%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0069%	1h	2,717.6	+0.029%	$179K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,717.1	+0.012%	$952K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,717.7	+0.031%	$374.1M	$577.9M	100x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,718.8	+0.073%	$251.6M	$844.6M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,715.1	−0.063%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,718.8	+0.072%	$1.65B	$10.78B	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,718.8	+0.072%	$1.55B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,718.8	+0.071%	$6.29B	$16.08B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.3	+0.054%	$111.2M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,719.5	+0.097%	$23.3M	$103.2M	50x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,718.4	+0.058%	$262.7M	$64.3M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,717.7	+0.032%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,719.5	+0.097%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,716.8	long leg	$13.8M	$105.0M	50x
Hyperliquid ETH	+0.0100%	1h	2,720.6	+0.139%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,718.4	+0.058%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,717.3	+0.017%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,719	+0.079%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.258%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.5	+0.062%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.9	+0.077%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718	+0.044%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.236%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.1	+0.268%	$184.5M	$676.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.249%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	+0.285%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,721.3	+0.165%	$20.9M	$71.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,719.6	+0.101%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,718.9	+0.076%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,718	+0.045%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719	+0.079%	$40.7M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,717.8	+0.036%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.1	+0.009%	$30.5M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,717.6	+0.029%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,719	+0.080%	$49.7M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,719.2	+0.087%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,718.5	+0.062%	$6.4M	$691.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,718.4	+0.058%	$82.7M	$315.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,720	+0.116%	$32.0M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,717	+0.007%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,720.4	+0.131%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,717.8	+0.035%	$281.2M	$174.1M	150x	as long as short