ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0035%/8h= −3.8% APRnext payment −$0.04 per $10,000 · paid last 24h −0.021%

Price spread now: GMX against Phoenix+0.131%7-day average −0.044% · you sell dearer than you buy

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

Long on Phoenix Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.131%, 7d avg −0.044%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.175% dearer against Phoenix than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of −0.044%): +$18 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 17 days. At the pace of the last 3 days (−0.014% in total) that is about 44 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,721.6	−0.0009	get 0.0001% / 1h	35m 23s	$814K	$3.0M	25x
Short	GMX ETH/USD [ETH-USDC]	2,725.2	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	35m 23s	$11.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phoenix. 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 PhoenixbpFee GMXbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$7.26
Price spread: +0.131% → −0.044%: $17.54
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GMX: 6 bp × 2 orders: −$12
Net: −$8.73
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 3 min ago; GMX: 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 Phoenix live order book, 3 min ago	0.18 bp	4.4 bp −$4	7.7 bp −$77	20.8 bp −$2,082	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0447%	43m	2,724.6	+0.109%	$283K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.2	+0.132%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,723.8	+0.080%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,725.2	+0.131%	$11.9M	—	200x
Phoenix ETHlong	−0.0009%	1h	2,721.6	long leg	$814K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.5	+0.141%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.2	−0.015%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0012%	1h	2,725.1	+0.128%	$10.8M	$41.9M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.5	+0.107%	$186K	$786K	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,725.1	+0.129%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,725	+0.125%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0068%	1h	2,723.7	+0.077%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,723.6	+0.072%	$955K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,724.9	+0.122%	$179K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,725.4	+0.139%	$375.3M	$578.4M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,721.2	−0.016%	$4.9M	$155K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0084%	1h	2,724.8	+0.119%	$258.8M	$205.1M	50x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,725.3	+0.134%	$252.2M	$845.0M	200x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,724.2	+0.097%	$263.3M	$64.3M	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,725.4	+0.141%	$1.56B	$2.57B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0090%	8h	2,725.1	+0.129%	$1.66B	$10.81B	100x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,725.2	+0.133%	$6.31B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.1	+0.127%	$111.5M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.2	+0.170%	$23.4M	$103.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.3	+0.099%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.1	+0.204%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,724.8	+0.116%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.3	+0.209%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.5	+0.143%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.2	+0.059%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.2	+0.131%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.082%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.7	+0.115%	$3.30B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.1	+0.129%	$2.08B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.7	+0.078%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.060%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	+0.004%	$184.3M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.074%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,723.1	+0.055%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,723.2	+0.059%	$20.9M	$71.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726	+0.162%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.4	+0.176%	$11.2M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,724.1	+0.093%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.8	+0.117%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,723.6	+0.073%	$54.2M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724	+0.089%	$30.5M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,725.2	+0.131%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,725.4	+0.140%	$49.8M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,725.3	+0.136%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,724.2	+0.096%	$6.4M	$692.1M	4.9x	as long as short
BloFin ETH-USDT	+0.0168%	8h	2,723.3	+0.064%	$282.8M	$174.7M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,724.7	+0.115%	$82.9M	$316.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,725.9	+0.156%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,724.5	+0.108%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,724.2	+0.094%	$249K	$1.4M	20x	as long as short