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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 21:00 UTC−0.0025%/8h= −2.7% APRnext payment −$0.03 per $10,000 · paid last 24h −0.035%
Price spread now: Jupiter Perps against Phoenix+0.122%7-day average −0.063% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PhoenixShort on Jupiter Perps
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.125%−$12 on $10k
Price spread, last 3 days (all we have)−0.232%−$23 · spread now +0.122%, 7d avg −0.063%
Together, before fees−0.357%−$36 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Jupiter Perps is 0.185% dearer against Phoenix than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of −0.063%): +$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 25 days. At the pace of the last 3 days (−0.125% in total) that is about 4.5 days.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,773.4−0.0023get 0.0003% / 1h21m 00s$858K$3.7M25x
ShortJupiter Perps ETH-PERP2,776.8L +0.0096% / S +0.0048%pay 0.0006% / 1h21m 00s—$41.7M500x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Jupiter Perps against Phoenix. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$5.25
Price spread: +0.122% → −0.063%
$18.49
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Jupiter Perps: 6 bp × 2 orders
−$12
Net
−$5.76
Costs to cover
0.190%
Break-even
never at this rate
Slippage unknown: Phoenix: live order book, 8 min ago; Jupiter Perps: 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
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 8 min ago0.18 bp4.3 bp −$48.2 bp −$8220.8 bp −$2,080doesn't fit
Sell Jupiter Perps no order-book sample—————
Jupiter Perps: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,776+0.093%$289K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,775.7+0.083%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,776.5+0.112%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0056%1h2,778.2+0.173%$172K$1.2M50xas long as short
Phoenix ETHlong−0.0023%1h2,773.4long leg$858K$3.7M25x
RISEx ETH/USDC−0.0011%1h2,778+0.166%$5.8M$11.7M25xas long as short
Aftermath Perps ETHUSD−0.0001%1h2,774.7+0.047%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,778.6+0.187%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,776.9+0.125%$22.4M—200xas long as short
Phemex ETHUSDT+0.0012%8h2,776.1+0.098%$267.3M$66.0M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0022%8h2,776+0.094%$1.71B$11.92B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,776.8+0.121%$13.2M—200xas long as short
Aster ETHUSDT+0.0039%8h2,776+0.095%$256.8M$995.8M200xas long as short
ApeX Omni ETHUSDT+0.0039%1h2,776.7+0.118%$8.8M$32.6M100xas long as short
MEXC ETH_USDT+0.0048%8h2,776.4+0.107%$1.60B$2.68B500xas long as short
Aevo ETH-PERP+0.0048%1h2,775.8+0.087%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0049%8h2,776.2+0.102%$6.44B$17.24B150xas long as short
Gate ETH_USDT+0.0073%8h2,776.3+0.103%$3.29B$9.67B200xas long as short
Bitget ETHUSDT+0.0074%8h2,776.2+0.102%$2.10B$3.13B150xas long as short
Bullet ETH-USD+0.0082%1h2,775.9+0.090%$183K$1.8M20xas long as short
Deribit ETH-PERPETUAL+0.0092%1h2,778.1+0.168%$258.5M$225.0M50xas long as short
Variational Omni ETH+0.0092%8h2,774.2+0.027%$140.6M$320.2M—as long as short
Lighter ETH+0.0096%1h2,777+0.129%$115.2M$514.3M50xas long as short
Lighter RH ETH+0.0096%1h2,778.2+0.174%$25.4M$122.8M50xas long as short
Jupiter Perps ETH-PERPshortL +0.0096% / S +0.0048%1h2,776.8+0.122%—$41.7M500x
Paradex ETH-USD-PERP+0.0100%8h2,778.3+0.175%$16.0M$10.8M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,778.5+0.184%$489K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,777.6+0.150%$15.3M$117.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,778.9+0.198%$3.21B$2.39B25xas long as short
Pacifica ETH+0.0100%1h2,779+0.202%$31.3M$287.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,776.4+0.108%$2.51B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777.6+0.151%$2.9M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,779.9+0.233%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,778.1+0.169%$165.4M$253.6M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,776.5+0.113%$422.8M$741.9M100xas long as short
BingX ETH-USDT+0.0100%8h2,776.2+0.102%—$1.18B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,776.6+0.114%$15.4M$42.8M50xas long as short
edgeX ETHUSDC+0.0100%4h2,776.9+0.127%$178.5M$792.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777+0.131%$161.6M$97.3M50xas long as short
StandX ETH-USD+0.0100%1h2,777+0.130%$21.4M$57.7M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,778.9+0.198%$10.8M$7.7M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,777+0.129%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,778.6+0.189%$42.7M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,776.6+0.116%$974K$14.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,776.2+0.101%$55.3M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,776+0.093%$1.08B$1.32B200xas long as short
Vest ETH-PERP+0.0100%1h2,778.1+0.169%—$1.1M50xas long as short
Extended ETH-USD+0.0104%1h2,775.9+0.089%$31.4M$75.9M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,778+0.164%$60.1M$4.63B50xas long as short
Kalshi KXETHPERP+0.0121%8h2,777.7+0.155%$8.5M$673.8M4.9xas long as short
Orderly PERP_ETH_USDC+0.0133%8h2,779.2+0.209%$32.6M$12.0M100xas long as short
BloFin ETH-USDT+0.0169%8h2,776.1+0.096%$284.2M$195.8M150xas long as short
Reya ETHRUSDPERP+0.0183%1h2,775.6+0.081%$7.4M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0240%1h2,777.5+0.150%$86.6M$330.7M100xas long as short
Hibachi ETH/USDT-P+0.0440%1h2,779.2+0.209%$284K$1.5M20xas long as short