Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.013%

Price spread now: gTrade (Gains Network) against Phemex+0.040%7-day average +0.013% · 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−$18as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.055%−$6 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.040%, 7d avg +0.013%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.027% dearer against Phemex than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.013%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,724.7	0.0100	pay 0.0100% / 8h	13m 02s	$262.4M	$64.3M	150x
Short	gTrade (Gains Network) ETH/USD	2,725.8	L +0.0007% / S −0.0006%	get 0.0001% / 1h	13m 02s	$32.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.040%Rate

Funding earned: −$19.68
Price spread: +0.040% → +0.013%: $2.71
Slippage, 4 orders: −$1.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$37.79
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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, 6 min ago	0.02 bp	6.1 bp −$6	7.1 bp −$71	11.9 bp −$1,187	16.4 bp −$8,225
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.53 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$499	8.9 bp −$4,447

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	2,724.7	−0.001%	$274K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0183%	8h	2,725	+0.011%	$280.8M	$177.5M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.3	−0.015%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,725.4	+0.025%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.5	−0.007%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,724.9	+0.007%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,725.9	+0.044%	$6.7M	$676.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.7	+0.036%	$263.5M	$213.7M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0007% / S −0.0006%	1h	2,725.8	+0.040%	$32.9M	—	200x
BingX ETH-USDT	+0.0016%	8h	2,724.2	−0.020%	—	$1.08B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,724.1	−0.021%	$2.31B	$4.33B	150x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,725.9	+0.044%	$190K	$883K	50x	as long as short
HTX ETH-USDT	+0.0033%	8h	2,725.1	+0.015%	$1.05B	$1.22B	200x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,729.4	+0.172%	$117K	$22.0M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,725.7	+0.036%	$81.8M	$310.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,725.5	+0.028%	$242K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,724.2	−0.018%	$1.65B	$10.77B	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,724.1	−0.024%	$8.5M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,724.5	−0.010%	$382.6M	$576.9M	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,724.5	−0.009%	$252.4M	$850.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.9	−0.065%	$4.9M	$175K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,724.4	−0.010%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,724.3	−0.015%	$6.30B	$16.10B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.6	+0.032%	$112.3M	$433.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.6	+0.070%	$23.4M	$102.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.3	+0.022%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729	+0.157%	$15.4M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.4	+0.027%	$14.1M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.6	+0.069%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.3	+0.020%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.2	−0.019%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.9	+0.042%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.3	−0.015%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.3	−0.017%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.3	−0.015%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.021%	$133.8M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.2	−0.018%	$185.4M	$683.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,724.8	+0.002%	$158.3M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,725	+0.011%	$20.9M	$69.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726.9	+0.081%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.8	+0.077%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725.5	+0.028%	$194K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.7	+0.073%	$40.7M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,724.7	+0.001%	$955K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,725.1	+0.014%	$54.3M	$182.7M	40x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,724.7	long leg	$262.4M	$64.3M	150x
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.074%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,725.6	+0.033%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.4	−0.011%	$30.4M	$71.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,725.4	+0.026%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.4	+0.062%	$46.6M	$4.26B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,726.4	+0.061%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0179%	1h	2,724.9	+0.005%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,727.7	+0.108%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0288%	1h	2,725.3	+0.022%	$20K	$23K	25x	as long as short