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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.005%
Price spread now: SoDEX against Phemex+0.003%7-day average −0.010% · 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−$20as in the Price arb table
costs, in and out, $10k−$210.213% of the position
Long on PhemexShort on SoDEX
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.010%+$1 on $10k
Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.003%, 7d avg −0.010%
Together, before fees−0.001%$0 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,739.30.0076pay 0.0076% / 8h3h 48m$265.7M$65.3M150x
ShortSoDEX ETH-USD2,739.40.0099get 0.0012% / 1h48m 08s$54.5M$187.7M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

SoDEX 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

Funding earned
$4.87
Price spread: +0.003% → −0.010%
$1.3
Slippage, 4 orders
−$1.27
Fee Phemex: 6 bp × 2 orders
−$12
Fee SoDEX: 4 bp × 2 orders
−$8
Net
−$15.1
Costs to cover
0.213%
Break-even
28.7 days
Slippage from Phemex: live order book, 6 min ago; SoDEX: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 6 min ago0.02 bp6.0 bp −$69.6 bp −$9616.1 bp −$1,61320.6 bp −$10.3K
Sell SoDEX live order book, 1 min ago0.18 bp4.2 bp −$44.2 bp −$426.1 bp −$60937.0 bp −$18.5K

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,739.7+0.014%$297K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,738.2−0.041%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,739.6+0.012%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,740.2+0.032%$819K$2.9M25xas long as short
dYdX ETH-USD0.0000%1h2,740+0.027%$10.8M$42.0M50xas long as short
Kalshi KXETHPERP0.0000%8h2,739.7+0.014%$6.6M$681.8M4.9xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,739.8+0.018%$28.1M—200xas long as short
HTX ETH-USDT+0.0016%8h2,739−0.013%$1.06B$1.20B200xas long as short
Bullet ETH-USD+0.0032%1h2,739.2−0.005%$180K$1.7M20xas long as short
BingX ETH-USDC+0.0039%8h2,738.4−0.033%—$18.4M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0043%8h2,739.2−0.004%$2.37B$4.37B150xas long as short
01 Exchange ETHUSD+0.0048%1h2,741.1+0.065%$187K$816K50xas long as short
KuCoin ETHUSDTM+0.0069%8h2,739.8+0.019%$380.3M$574.6M100xas long as short
OKX ETH-USDT-SWAP+0.0075%8h2,739.4+0.003%$1.67B$10.76B100xas long as short
Phemex ETHUSDTlong+0.0076%8h2,739.3long leg$265.7M$65.3M150x
Aster ETHUSDT+0.0089%8h2,739.6+0.009%$251.3M$842.9M200xas long as short
Lighter ETH+0.0096%1h2,739.9+0.022%$113.1M$431.0M50xas long as short
Lighter RH ETH+0.0096%1h2,741+0.063%$23.5M$103.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,737.6−0.062%—$31.0M500xas long as short
Aevo ETH-PERP+0.0096%1h2,737.1−0.082%$4.9M$155K20xas long as short
Injective ETH/USDC PERP+0.0096%1h2,737.1−0.081%$117K$22.5M52xas long as short
Binance ETHUSDT+0.0097%8h2,739.7+0.013%$6.36B$15.91B150xas long as short
MEXC ETH_USDT+0.0098%8h2,739.5+0.006%$1.56B$2.54B500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,744.8+0.200%$15.7M$8.0M50xas long as short
SoDEX ETH-USDshort+0.0099%1h2,739.4+0.003%$54.5M$187.7M40x
Katana Perps ETH-USD+0.0100%8h2,739.6+0.011%$505K$3.3M50xas long as short
Nado ETH-PERP+0.0100%1h2,739.6+0.011%$13.7M$104.5M50xas long as short
Hyperliquid ETH+0.0100%1h2,741.6+0.085%$3.11B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,740.3+0.037%$31.9M$334.2M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,739.7+0.014%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,740.7+0.052%$1.5M$15.9M25xas long as short
Bulk ETH-USD+0.0100%1h2,739.7+0.013%$171.0M$325.1M25xas long as short
Gate ETH_USDT+0.0100%8h2,739.8+0.018%$3.34B$8.85B200xas long as short
Bitget ETHUSDT+0.0100%8h2,739.5+0.005%$2.07B$2.73B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,739.1−0.009%$15.2M$40.6M50xas long as short
Variational Omni ETH+0.0100%8h2,738.5−0.029%$133.8M$322.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,738.5−0.030%$184.2M$670.5M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,740.6+0.048%$159.4M$86.8M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,739.5+0.005%$8.7M$31.3M100xas long as short
StandX ETH-USD+0.0100%1h2,738−0.048%$21.1M$69.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,740.4+0.041%—$844K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,741.8+0.091%$11.2M$9.3M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,740.3+0.034%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,741.5+0.080%$41.4M$29.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,738.4−0.034%$959K$11.3M100xas long as short
Deribit ETH-PERPETUAL+0.0100%1h2,740.6+0.048%$259.5M$199.9M50xas long as short
Extended ETH-USD+0.0104%1h2,738.6−0.025%$30.6M$72.9M50xas long as short
Aftermath Perps ETHUSD+0.0105%1h2,739.1−0.009%$30K$20K20xas long as short
RISEx ETH/USDC+0.0107%1h2,740.6+0.047%$5.6M$11.7M25xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,740.5+0.042%$51.1M$4.28B50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,740+0.025%$83.6M$315.0M100xas long as short
Orderly PERP_ETH_USDC+0.0201%8h2,741.7+0.088%$32.2M$11.7M100xas long as short
Reya ETHRUSDPERP+0.0214%1h2,739.6+0.009%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0272%1h2,738.5−0.028%$246K$1.4M20xas long as short
BloFin ETH-USDT+0.0393%8h2,737.3−0.074%$282.4M$175.7M150xas long as short