Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0083%/8h= +9.0% APRpaid last 24h +0.012%

Price spread now: HTX against Phoenix−0.189%72s7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as 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−$200.202% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 4 days (all we have)−0.260%−$26 · spread now −0.189%, 7d avg −0.091%

Together, before fees−0.305%−$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.098% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.189% now, against its 7-day average of −0.091%). If the spread goes back, that is −$10 on $10k: about 4.0 days of funding at the current rate (+$2 a day). The two prices were read 72 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	Phoenix ETH	2,744.6	0.0017	pay 0.0002% / 1h	5m 44s	$848K	$2.9M	25x
Short	HTX ETH-USDT	2,739.4	0.0100	get 0.0100% / 8h	5h 05m	$1.06B	$1.18B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.189%Rate

Funding earned: $17.33
Price spread: −0.189% → −0.091%: −$9.81
Slippage, 4 orders: −$1.21
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$12.68
Costs to cover: 0.202%
Break-even: 12.1 days

Slippage from Phoenix: live order book, 3 min ago; HTX: live order book, 3 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 Phoenix live order book, 3 min ago	0.18 bp	3.8 bp −$4	7.0 bp −$70	20.1 bp −$2,012	doesn't fit
Sell HTX live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.4 bp −$64	9.4 bp −$937	13.1 bp −$6,534

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
Hotstuff ETH-PERP	−0.0080%	1h	2,739.7	−0.179%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.328%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.2	−0.162%	$12.0M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,739.8	−0.177%	$304K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,738.9	−0.208%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.3	−0.157%	$25.3M	—	200x	as long as short
Phoenix ETHlong	+0.0017%	1h	2,744.6	long leg	$848K	$2.9M	25x
01 Exchange ETHUSD	+0.0024%	1h	2,739.7	−0.179%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,743.4	−0.044%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDT	+0.0054%	8h	2,739.1	−0.199%	—	$1.14B	—	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	+0.0068%	8h	2,739	−0.206%	$1.70B	$10.54B	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,739.7	−0.179%	$181K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,738.9	−0.208%	$381.3M	$574.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,739.8	−0.175%	$5.6M	$11.4M	25x	as long as short
SoDEX ETH-USD	+0.0080%	1h	2,739.9	−0.171%	$54.6M	$187.5M	40x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,739.1	−0.201%	$253.4M	$840.6M	200x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,738.2	−0.232%	$6.36B	$15.69B	150x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,738.8	−0.213%	$1.57B	$2.57B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,738.9	−0.207%	$112.5M	$436.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.1	−0.163%	$24.6M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.7	−0.142%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.9	−0.282%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.8	−0.102%	$54.4M	$4.25B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742.6	−0.074%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.7	−0.179%	$472K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739	−0.204%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.4	−0.118%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.5	−0.186%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,738.8	−0.211%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.1	−0.237%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.8	−0.175%	$2.8M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.072%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.3	−0.193%	$3.39B	$8.79B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.8	−0.213%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.9	−0.172%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739.1	−0.201%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.3	−0.049%	$182.3M	$665.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	−0.033%	$159.5M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.8	−0.066%	$21.2M	$68.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.7	−0.142%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.4	−0.153%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.8	−0.104%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.6	−0.217%	$961K	$11.4M	100x	as long as short
HTX ETH-USDTshort	+0.0100%	8h	2,739.4	−0.189%	$1.06B	$1.18B	200x
Phemex ETHUSDT	+0.0100%	8h	2,740.7	−0.143%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.7	−0.216%	$30.7M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0135%	1h	2,743.8	−0.030%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,740.7	−0.142%	$7.7M	$670.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0170%	1h	2,741.7	−0.105%	$260.0M	$195.3M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,742.1	−0.090%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0214%	8h	2,741.6	−0.109%	$284.7M	$179.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.3	−0.120%	$86.4M	$310.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,738.8	−0.213%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.6	−0.073%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0318%	1h	2,740.4	−0.154%	$21K	$20K	25x	as long as short