Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.007%

Price spread now: Aevo against Phemex−0.081%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now −0.081%, 7d avg −0.058%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aevo is 0.023% cheaper against Phemex than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of −0.058%). If the spread goes back, that is −$2 on $10k: about 3.7 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.006% in total) that is about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,770.6	0.0028	pay 0.0028% / 8h	2h 06m	$266.9M	$66.0M	150x
Short	Aevo ETH-PERP	2,768.4	0.0048	get 0.0006% / 1h	6m 30s	$5.0M	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.081%Rate

Funding earned: $4.27
Price spread: −0.081% → −0.058%: −$2.28
Slippage, 4 orders: −$15.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$41.22
Costs to cover: 0.432%
Break-even: 74.6 days

Slippage from Phemex: live order book, 3 min ago; Aevo: live order book, 3 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 Phemex live order book, 3 min ago	0.02 bp	8.2 bp −$8	9.4 bp −$94	12.3 bp −$1,226	15.9 bp −$7,972
Sell Aevo live order book, 3 min ago	2.89 bp	17.7 bp −$18	30.1 bp −$301	47.1 bp −$4,708	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	−0.0112%	43m	2,769.5	−0.039%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.201%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	−0.022%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,770.2	−0.015%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,772.2	+0.057%	$885K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.7	−0.032%	$5.7M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.010%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,773	+0.086%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	−0.019%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,769.6	−0.036%	$1.71B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDTlong	+0.0028%	8h	2,770.6	long leg	$266.9M	$66.0M	150x
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.9	−0.024%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0031%	1h	2,770.9	+0.008%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,769.5	−0.040%	$256.1M	$995.7M	200x	as long as short
Aevo ETH-PERPshort	+0.0048%	1h	2,768.4	−0.081%	$5.0M	$636K	20x
MEXC ETH_USDT	+0.0051%	8h	2,769.1	−0.055%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,769.1	−0.056%	$6.43B	$17.23B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,772	+0.049%	$258.5M	$225.1M	50x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,769	−0.058%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,769.2	−0.051%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,769	−0.058%	$184K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,770	−0.023%	$114.6M	$515.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.4	+0.027%	$25.3M	$123.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771	+0.015%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	−0.014%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,770	−0.022%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	−0.052%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.015%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.2	−0.051%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.8	+0.043%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	−0.015%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.7	−0.034%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.4	−0.044%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	+0.035%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.002%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.5	−0.042%	$421.8M	$742.3M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,769.2	−0.051%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.2	−0.015%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.8	+0.008%	$179.5M	$782.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.030%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	+0.086%	$21.4M	$57.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.7	+0.003%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.6	−0.002%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.8	+0.078%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.3	−0.048%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.1	−0.019%	$55.2M	$228.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.3	−0.011%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.7	−0.070%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.7	+0.040%	$59.8M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0114%	8h	2,772.5	+0.068%	$8.5M	$674.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.5	+0.068%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770	−0.022%	$285.8M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.1	−0.054%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771	+0.015%	$86.3M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0464%	1h	2,772.8	+0.079%	$282K	$1.5M	20x	as long as short