Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.010%

Price spread now: Phoenix against Paradex+0.167%46s7-day average +0.045% · 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—prices read too far apart to compare

costs, in and out, $10k−$1611.611% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.015%−$2 on $10k

Price spread, last 7 days−0.154%−$15 · spread now +0.167%, 7d avg +0.045%

Together, before fees−0.169%+ Points / potential airdropParadex: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.122% dearer against Paradex than usual: you sell high and buy low (spread +0.167% now, against its 7-day average of +0.045%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 4 days (−0.015% in total) that is about 29 days. The two prices were read 46 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	Paradex ETH-USD-PERP	2,775	0.0099	pay 0.0099% / 8h	1h 16m	$15.9M	$10.5M	50x
Short	Phoenix ETH	2,779.6	0	get 0.0000% / 1h	16m 25s	$886K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$20.82
Price spread: +0.167% → +0.045%: $12.23
Slippage, 4 orders: −$150.15
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$169.74
Costs to cover: 1.611%
Break-even: never at this rate

Slippage from Paradex: live order book, 3 min ago; Phoenix: live order book, 7 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 Paradex live order book, 3 min ago	60.85 bp	90.0 bp −$90	97.7 bp −$977	doesn't fit	doesn't fit
Sell Phoenix live order book, 7 min ago	0.18 bp	4.0 bp −$4	7.4 bp −$74	17.3 bp −$1,729	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	2,775	+0.001%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776	+0.039%	$5.7M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,775.2	+0.009%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.167%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.5	+0.055%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0011%	1h	2,777.4	+0.088%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.6	+0.024%	$12.7M	$45.6M	50x	as long as short
Phoenix ETHshort	0.0000%	1h	2,779.6	+0.167%	$886K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.9	+0.035%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,776.2	+0.044%	—	$1.18B	—	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	+0.0019%	8h	2,775.7	+0.025%	$1.70B	$11.86B	100x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,775.6	+0.022%	$270.0M	$68.5M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,775.8	+0.029%	$12.9M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0027%	1h	2,776.8	+0.065%	$258.4M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,776	+0.037%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,776.1	+0.040%	$256.6M	$991.8M	200x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,775.9	+0.035%	$14.2M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.3	−0.022%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,775.9	+0.034%	$6.44B	$17.21B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,776.1	+0.040%	$1.62B	$2.67B	500x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,776	+0.036%	$2.10B	$3.10B	150x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,780.3	+0.191%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,776.2	+0.045%	$3.29B	$9.65B	200x	as long as short
SoDEX ETH-USD	+0.0076%	1h	2,775.4	+0.016%	$55.3M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,775.9	+0.034%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,774.7	−0.009%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.5	+0.019%	$115.2M	$502.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.2	+0.082%	$25.4M	$121.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.6	+0.059%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,775.5	+0.018%	$422.5M	$739.3M	100x	as long as short
Paradex ETH-USD-PERPlong	+0.0099%	8h	2,775	long leg	$15.9M	$10.5M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	+0.048%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.6	+0.131%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776	+0.036%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.7	−0.009%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.6	+0.096%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.142%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.6	+0.022%	$15.2M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.132%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779.6	+0.169%	$181.9M	$783.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.6	+0.095%	$161.5M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.070%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	+0.081%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.1	+0.041%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.6	+0.096%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775	+0.001%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.5	+0.055%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.7	+0.026%	$32.6M	$77.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.4	+0.053%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.7	+0.063%	$8.4M	$679.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,778	+0.110%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,776.2	+0.045%	$86.0M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,775.5	+0.020%	$284.2M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,775.8	+0.029%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,778.8	+0.138%	$270K	$1.5M	20x	as long as short