Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.002%

Price spread now: Phoenix against Phemex+0.109%73s7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.203% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.109%, 7d avg +0.075%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.033% dearer against Phemex than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of +0.075%): +$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 25 hours. Mind the row above: over the last 7 days funding on this pair paid +0.088%, so the current rate has only just turned against you. The two prices were read 73 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	Phemex ETHUSDT	2,718.7	0.0097	pay 0.0097% / 8h	2h 33m	$262.8M	$64.3M	150x
Short	Phoenix ETH	2,721.6	−0.0009	pay 0.0001% / 1h	33m 48s	$814K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$22.28
Price spread: +0.109% → +0.075%: $3.32
Slippage, 4 orders: −$1.33
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.3
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Phoenix: live order book, 5 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, 5 min ago	0.02 bp	6.0 bp −$6	7.7 bp −$77	10.8 bp −$1,076	14.8 bp −$7,410
Sell Phoenix live order book, 5 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	16.6 bp −$1,655	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	2,720.4	+0.065%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,721	+0.086%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718	−0.024%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,718.8	+0.004%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0009%	1h	2,721.6	+0.109%	$814K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,719.1	+0.016%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.2	+0.094%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0012%	1h	2,722.1	+0.126%	$10.8M	$41.9M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0015%	1h	2,719.5	+0.029%	$258.7M	$206.0M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,721.1	+0.090%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0033%	8h	2,717	−0.061%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,716.9	−0.066%	$2.34B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0066%	1h	2,723.4	+0.175%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0069%	1h	2,718.3	−0.012%	$179K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,717.5	−0.041%	$953K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,718	−0.023%	$374.2M	$578.4M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,718.5	−0.006%	$251.6M	$845.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,716	−0.097%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0090%	8h	2,717.1	−0.059%	$1.65B	$10.78B	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,718	−0.024%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,717.6	−0.040%	$6.29B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.7	+0.001%	$111.2M	$432.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,720.4	+0.063%	$23.3M	$103.1M	50x	as long as short
Phemex ETHUSDTlong	+0.0097%	8h	2,718.7	long leg	$262.8M	$64.3M	150x
Katana Perps ETH-USD	+0.0100%	8h	2,720.6	+0.072%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.8	+0.154%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720	+0.050%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,719.5	+0.031%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,721.5	+0.103%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,720	+0.050%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,721	+0.087%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.190%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,717.9	−0.026%	$3.29B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,717.1	−0.056%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,717.9	−0.027%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.169%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	+0.112%	$184.3M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.182%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,723.1	+0.164%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.7	+0.223%	$21.0M	$71.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,721.9	+0.119%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,721.1	+0.090%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719	+0.014%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719.6	+0.036%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,718.3	−0.013%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.4	−0.047%	$30.5M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.7	+0.076%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,719.4	+0.028%	$49.8M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,721.1	+0.091%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,721.4	+0.101%	$6.4M	$692.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,718.9	+0.010%	$82.7M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,720.6	+0.072%	$32.0M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,718.4	−0.008%	$7.3M	$1.2M	25x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,724.8	+0.225%	$282.9M	$174.7M	150x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,726.2	+0.279%	$249K	$1.4M	20x	as long as short