Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0123%/8h= +13.4% APRpaid last 24h +0.009%

Price spread now: Katana Perps against Phoenix−0.036%7-day average −0.134% · you buy dearer than you sell

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

Long on Phoenix Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 7 days−0.087%−$9 · spread now −0.036%, 7d avg −0.134%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Katana Perps is 0.098% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.134%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,770.9	−0.0023	get 0.0003% / 1h	4m 56s	$884K	$3.7M	25x
Short	Katana Perps ETH-USD	2,769.9	0.0100	get 0.0100% / 8h	2h 04m	$485K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.036%Rate

Funding earned: $25.78
Price spread: −0.036% → −0.134%: $9.78
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $24.76
Costs to cover: 0.108%
Break-even: 0.3 days

Slippage unknown: Phoenix: live order book, 4 min ago; Katana 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 4 min ago	1.08 bp	5.3 bp −$5	9.0 bp −$90	20.6 bp −$2,055	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0112%	43m	2,769.3	−0.059%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.191%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.9	−0.036%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,769.5	−0.051%	$171K	$1.2M	50x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,770.9	long leg	$884K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,769.7	−0.042%	$5.7M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.020%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0006%	1h	2,772.5	+0.058%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	−0.028%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,769.2	−0.061%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0021%	1h	2,770.8	−0.004%	$258.5M	$225.1M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,769.1	−0.065%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,770.1	−0.028%	$13.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,769.8	−0.039%	$266.8M	$66.0M	150x	as long as short
ApeX Omni ETHUSDT	+0.0031%	1h	2,771	+0.005%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,769.1	−0.065%	$256.1M	$995.6M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,767.2	−0.134%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,769.2	−0.060%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,769.2	−0.060%	$6.43B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,769	−0.067%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,769.3	−0.060%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,769.2	−0.062%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,769.9	−0.036%	$114.6M	$515.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.2	+0.011%	$25.4M	$123.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.5	−0.014%	—	$41.8M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,769.1	−0.064%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,768.9	−0.071%	$141.0M	$320.9M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.1	−0.064%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,769.9	−0.036%	$485K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,769.1	−0.064%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.3	+0.014%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.9	−0.036%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.1	−0.065%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.061%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.4	+0.016%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.012%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.3	−0.057%	$421.9M	$742.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.8	−0.041%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.8	−0.002%	$179.5M	$782.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.020%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.7	−0.007%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.2	−0.027%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.8	−0.004%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	−0.018%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.8	+0.032%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.6	−0.083%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,769.2	−0.061%	$55.1M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.8	−0.077%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,770.6	−0.011%	$59.8M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,770.3	−0.022%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.3	+0.052%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,769.2	−0.061%	$285.8M	$195.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.2	−0.062%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.4	−0.018%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.5	+0.021%	$282K	$1.5M	20x	as long as short