Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC+0.0071%/8h= +7.7% APRpaid last 24h +0.059%

Price spread now: Phemex against Perpl+0.024%7-day average −0.014% · you sell dearer than you buy

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

Long on Perpl Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now +0.024%, 7d avg −0.014%

Together, before fees−0.308%+ Points / potential airdropPerpl: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.038% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.014%. Mind the row above: over the last 7 days funding on this pair cost −0.110%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,730.7	−0.0112	get 0.0010% / 43m	9m 33s	$277K	$5.7M	8.3x
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 Perpl. 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 PerplbpFee PhemexbpOrdersPrice spread, now +0.024%Rate

Funding earned: $14.85
Price spread: +0.024% → −0.014%: $3.77
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$7.18
Costs to cover: 0.258%
Break-even: 10.4 days

Slippage unknown: Perpl: no order-book sample; Phemex: live order book, 2 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 Perpl no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.02 bp	6.0 bp −$6	6.4 bp −$64	8.9 bp −$893	doesn't fit

Perpl: 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	−0.027%	$280.5M	$177.6M	150x	as long as short
Perpl ETHlong	−0.0112%	43m	2,730.7	long leg	$277K	$5.7M	8.3x
HTX ETH-USDT	−0.0090%	8h	2,730.7	−0.002%	$1.05B	$1.21B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732	+0.046%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0049%	8h	2,731.7	+0.035%	$2.32B	$4.30B	150x	as long as short
Phemex ETHUSDTshort	−0.0041%	8h	2,731.4	+0.024%	$263.2M	$63.8M	150x
Phoenix ETH	−0.0012%	1h	2,731.6	+0.031%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.9	+0.044%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.6	+0.067%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.1	+0.013%	$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	+0.060%	$264.6M	$219.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732	+0.048%	$33.0M	—	200x	as long as short
SunX ETH-USDT	+0.0007%	8h	2,731	+0.011%	$940K	$10.7M	100x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,729	−0.064%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,732.9	+0.079%	$191K	$885K	50x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,731.4	+0.024%	$54.4M	$182.5M	40x	as long as short
Gate ETH_USDT	+0.0053%	8h	2,731.9	+0.042%	$3.28B	$8.25B	200x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,730.7	−0.003%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,731.8	+0.038%	$1.66B	$10.71B	100x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,731.7	+0.036%	$252.8M	$848.3M	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,732.1	+0.048%	$383.5M	$575.5M	100x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,732	+0.047%	$1.57B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729	−0.063%	$4.9M	$195K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,732	+0.048%	$6.32B	$16.05B	150x	as long as short
Bullet ETH-USD	+0.0094%	1h	2,731.5	+0.028%	$177K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,732.7	+0.072%	$112.6M	$401.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,733.8	+0.113%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.1	−0.022%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.3	+0.057%	$499K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.6	+0.179%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.9	+0.005%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.7	+0.145%	$3.11B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.3	+0.093%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732	+0.046%	$2.7M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.7	+0.070%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	−0.049%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.2	+0.053%	$2.11B	$2.74B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,731.9	+0.041%	—	$1.05B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.2	+0.052%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.7	−0.074%	$131.4M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.3	−0.017%	$185.8M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.9	+0.006%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.5	+0.028%	$21.0M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	+0.078%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732	+0.046%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	+0.012%	$40.6M	$29.2M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.1	+0.014%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.4	+0.060%	$82.0M	$309.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,731.6	+0.031%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.9	+0.079%	$46.2M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,733.2	+0.091%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0173%	1h	2,730.8	+0.001%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,733.8	+0.113%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,730.3	−0.016%	$117K	$20.2M	52x	as long as short
Bluefin ETH-PERP	+0.2321%	1h	2,731.7	+0.036%	$20K	$23K	25x	as long as short