Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.015%

Price spread now: Vest against Phemex−0.111%45s7-day average +0.023% · you buy dearer than you sell

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

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.139%+$14 · spread now −0.111%, 7d avg +0.023%

Together, before fees+0.158%+ Points / potential airdropVest: Active · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Vest is 0.134% cheaper against Phemex than usual: you would sell low and buy high (spread −0.111% now, against its 7-day average of +0.023%). If the spread goes back, that is −$13 on $10k: about 6.2 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.019% in total) that is about 22 days. The two prices were read 45 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	2,765	0.0016	pay 0.0016% / 8h	7h 03m	$269.1M	$65.8M	150x
Short	Vest ETH-PERP	2,761.9	0.0088	get 0.0011% / 1h	3m 20s	—	$870K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.111%Rate

Funding earned: $15.13
Price spread: −0.111% → +0.023%: −$13.42
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: −$12.29
Costs to cover: 0.140%
Break-even: 12.7 days

Slippage unknown: Phemex: live order book, 6 min ago; Vest: 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, 6 min ago	0.02 bp	6.3 bp −$6	8.9 bp −$89	13.6 bp −$1,361	16.7 bp −$8,346
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.318%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0447%	43m	2,759.5	−0.200%	$322K	$6.1M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,759.7	−0.191%	$5.7M	$11.2M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,760.2	−0.174%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,760.2	−0.174%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,768.6	+0.130%	$869K	$3.7M	25x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,760.4	−0.167%	$12.2M	$43.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,759.9	−0.184%	$22.3M	—	200x	as long as short
Phemex ETHUSDTlong	+0.0016%	8h	2,765	long leg	$269.1M	$65.8M	150x
Bullet ETH-USD	+0.0017%	1h	2,759.2	−0.211%	$184K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0033%	8h	2,759.7	−0.192%	$1.69B	$10.96B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,759.7	−0.192%	$12.6M	—	200x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,759.5	−0.200%	$259.9M	$850.5M	200x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,765.4	+0.014%	$55.1M	$187.7M	40x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,759.5	−0.198%	$6.45B	$16.06B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,757.2	−0.280%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,759.3	−0.207%	$1.60B	$2.67B	500x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,759.6	−0.197%	$3.38B	$9.14B	200x	as long as short
Aftermath Perps ETHUSD	+0.0067%	1h	2,768.6	+0.129%	$31K	$21K	20x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,764.9	−0.003%	$1.07B	$1.22B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,766.1	+0.041%	$60.2M	$4.39B	50x	as long as short
Bitget ETHUSDT	+0.0081%	8h	2,760	−0.182%	$2.09B	$2.82B	150x	as long as short
Vest ETH-PERPshort	+0.0088%	1h	2,761.9	−0.111%	—	$870K	50x
KuCoin ETHUSDTM	+0.0090%	8h	2,760.7	−0.157%	$418.7M	$589.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,760.8	−0.153%	$114.5M	$460.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,761.4	−0.131%	$25.2M	$112.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,764.5	−0.017%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,759.3	−0.206%	$484K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,758.5	−0.234%	$14.4M	$112.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,762.7	−0.083%	$3.15B	$2.11B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,760.9	−0.148%	$31.3M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,759.7	−0.192%	$2.49B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,759.7	−0.192%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,760.3	−0.169%	$2.8M	$16.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771.7	+0.243%	$172.0M	$293.3M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,759.3	−0.206%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.8	−0.043%	$15.0M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,766.4	+0.050%	$134.4M	$347.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.3	+0.193%	$183.8M	$751.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.1	+0.075%	$160.9M	$82.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,766.9	+0.068%	$8.8M	$31.4M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.5	+0.127%	$21.4M	$65.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,759.7	−0.192%	$10.5M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,760.2	−0.175%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,761.6	−0.124%	$42.4M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.9	+0.070%	$970K	$12.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,759.2	−0.211%	$30.8M	$74.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,763.6	−0.051%	—	$35.9M	500x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.2	+0.116%	$8.0M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0122%	1h	2,766.7	+0.060%	$259.1M	$200.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,766.2	+0.043%	$97.8M	$314.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0158%	8h	2,762.6	−0.088%	$32.6M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,768.6	+0.129%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,766.9	+0.069%	$287.3M	$174.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,759.6	−0.195%	$7.3M	$1.1M	25x	as long as short