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 −0.019%

Price spread now: Phoenix against Ondo Perps+0.190%108s7-day average +0.107% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 7 days−0.008%−$1 · spread now +0.190%, 7d avg +0.107%

Together, before fees−0.033%+ Points / potential airdropOndo Perps: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.083% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.190% now, against its 7-day average of +0.107%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.025% in total) that is about 23 days. The two prices were read 108 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	Ondo Perps ETH-USD.P	2,730.8	0.0100	pay 0.0013% / 1h	57m 32s	$2.7M	$16.8M	25x
Short	Phoenix ETH	2,736	−0.0009	pay 0.0001% / 1h	57m 32s	$817K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Ondo 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 Ondo PerpsbpFee PhoenixbpOrdersPrice spread, now +0.190%Rate

Funding earned: −$22.85
Price spread: +0.190% → +0.107%: $8.31
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$26.53
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phoenix: live order book, 1 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 1 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	16.2 bp −$1,620	doesn't fit

Ondo 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
Perpl ETH	−0.0112%	43m	2,733.5	+0.098%	$296K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.9	+0.114%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,740	+0.337%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733.1	+0.083%	$12.0M	—	200x	as long as short
Phoenix ETHshort	−0.0009%	1h	2,736	+0.190%	$817K	$2.9M	25x
dYdX ETH-USD	0.0000%	1h	2,732.8	+0.073%	$10.5M	$42.9M	50x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.7	+0.069%	$260.2M	$211.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.8	+0.075%	$33.0M	—	200x	as long as short
HTX ETH-USDT	+0.0010%	8h	2,732.1	+0.046%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0035%	8h	2,730.8	−0.001%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,732.2	+0.051%	$193K	$887K	50x	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,731.1	+0.010%	$2.35B	$4.42B	150x	as long as short
SoDEX ETH-USD	+0.0063%	1h	2,732.2	+0.051%	$54.4M	$187.5M	40x	as long as short
KuCoin ETHUSDTM	+0.0079%	8h	2,732.5	+0.063%	$375.2M	$576.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,734.8	+0.147%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0092%	8h	2,733.5	+0.098%	$957K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0095%	8h	2,731.2	+0.016%	$253.1M	$848.4M	200x	as long as short
Bullet ETH-USD	+0.0095%	1h	2,732.9	+0.077%	$182K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,731.3	+0.018%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,732.2	+0.050%	$112.3M	$430.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.1	+0.084%	$23.5M	$102.6M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.8	−0.038%	$4.9M	$150K	20x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,734.5	+0.135%	$8.7M	$31.5M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.8	0.000%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.7	+0.217%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.1	+0.012%	$14.1M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.4	+0.132%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	+0.066%	$32.0M	$334.2M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,731.1	+0.011%	$6.33B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,730.8	long leg	$2.7M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,731.5	+0.027%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	+0.153%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.9	+0.004%	$3.28B	$8.91B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,732	+0.044%	$1.53B	$2.57B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731	+0.006%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732	+0.044%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734	+0.117%	$134.8M	$325.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.9	+0.040%	$185.3M	$680.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.4	+0.168%	$159.1M	$87.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	+0.117%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735	+0.155%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.1	+0.157%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.1	+0.085%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.9	+0.113%	$41.0M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,732.6	+0.067%	$263.5M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.7	−0.040%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,732.6	+0.067%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.7	+0.107%	$50.3M	$4.32B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,733.6	+0.103%	$6.8M	$692.4M	4.9x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,731.6	+0.030%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,734.7	+0.142%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,732.5	+0.063%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,732.5	+0.061%	$83.5M	$311.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,733.3	+0.090%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,732	+0.044%	$281.4M	$175.2M	150x	as long as short