Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.039%

Price spread now: Hotstuff against Phemex−0.010%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,728.2	0.0100	pay 0.0100% / 8h	1h 31m	$263.0M	$64.7M	150x
Short	Hotstuff ETH-PERP	2,727.9	−0.0080	pay 0.0010% / 1h	31m 09s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$37.8
Price spread: −0.010% → 0.000%: −$0.99
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$55.79
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Hotstuff: no order-book sample. 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 Phemex live order book, 3 min ago	0.02 bp	6.0 bp −$6	9.3 bp −$93	12.8 bp −$1,281	17.4 bp −$8,724
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	2,727	−0.045%	$288K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,727.9	−0.010%	$5K	$1K	50x
ApeX Omni ETHUSDT	−0.0064%	1h	2,727.5	−0.025%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	−0.021%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.6	+0.015%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,725.7	−0.091%	$811K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.5	−0.023%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,728.1	−0.003%	$6.6M	$687.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,729	+0.030%	$262.6M	$214.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.5	+0.013%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0011%	8h	2,728	−0.006%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,728.2	+0.001%	$191K	$893K	50x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,727.3	−0.030%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0033%	8h	2,728.2	0.000%	$2.34B	$4.42B	150x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,727.9	−0.008%	$375.7M	$577.0M	100x	as long as short
SoDEX ETH-USD	+0.0079%	1h	2,728.1	−0.003%	$54.3M	$187.3M	40x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,727.8	−0.014%	$252.1M	$848.8M	200x	as long as short
SunX ETH-USDT	+0.0086%	8h	2,727.8	−0.012%	$957K	$11.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0087%	8h	2,728	−0.007%	$1.65B	$10.91B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,725.6	−0.094%	$4.9M	$167K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,728.1	−0.004%	$1.53B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,728.4	+0.009%	$6.33B	$16.15B	150x	as long as short
Aftermath Perps ETHUSD	+0.0090%	1h	2,727.3	−0.030%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,728.5	+0.013%	$112.0M	$434.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730	+0.067%	$23.4M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.2	+0.001%	$510K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.3	+0.117%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.9	−0.009%	$14.1M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.6	+0.089%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.7	+0.020%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727	−0.043%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.8	+0.023%	$1.5M	$16.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.3	+0.006%	$3.30B	$8.98B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.1	−0.004%	$2.08B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.2	0.000%	$15.1M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.8	−0.125%	$133.4M	$324.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726	−0.079%	$184.9M	$681.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.5	−0.026%	$158.5M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.2	−0.036%	$21.0M	$69.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.2	+0.037%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.4	+0.045%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.2	0.000%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.2	+0.001%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	−0.032%	$40.9M	$30.3M	15x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,728.2	long leg	$263.0M	$64.7M	150x
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.072%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.6	−0.022%	$30.4M	$73.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,727.3	−0.032%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729.7	+0.058%	$49.8M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,728.7	+0.020%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,730.7	+0.094%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,727.3	−0.032%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,728.9	+0.025%	$82.4M	$312.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.2	−0.035%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0358%	8h	2,728.3	+0.003%	$281.9M	$175.4M	150x	as long as short