ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0123%/8h= +13.5% APRnext payment +$0.15 per $10,000 · paid last 24h +0.009%

Price spread now: Nado against Phoenix−0.108%57s7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.180% of the position

Long on Phoenix Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.108%, 7d avg −0.080%

Together, before fees+0.024%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.028% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.080%). If the spread goes back, that is −$3 on $10k: about 18 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.013% in total) that is about 6.5 days. The two prices were read 57 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	2,772.2	−0.0023	get 0.0003% / 1h	5m 45s	$885K	$3.7M	25x
Short	Nado ETH-PERP	2,769.2	0.0100	get 0.0012% / 1h	5m 45s	$15.2M	$117.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.108%Rate

Funding earned: $25.83
Price spread: −0.108% → −0.080%: −$2.77
Slippage, 4 orders: −$4.01
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $5.06
Costs to cover: 0.180%
Break-even: 5.6 days

Slippage from Phoenix: live order book, 3 min ago; Nado: 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	1.08 bp	5.3 bp −$5	9.0 bp −$90	20.6 bp −$2,055	doesn't fit
Sell Nado live order book, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	4.5 bp −$450	12.5 bp −$6,229

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	2,769.5	−0.096%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.144%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	−0.079%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,770.2	−0.072%	$171K	$1.2M	50x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,772.2	long leg	$885K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,769.7	−0.089%	$5.7M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.067%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,773	+0.029%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	−0.076%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,769.2	−0.107%	—	$1.18B	—	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	+0.0022%	8h	2,768.9	−0.120%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.9	−0.081%	$13.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,769.9	−0.082%	$266.8M	$66.0M	150x	as long as short
ApeX Omni ETHUSDT	+0.0031%	1h	2,770.9	−0.049%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,769	−0.116%	$256.1M	$995.6M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0035%	1h	2,771.3	−0.033%	$258.5M	$225.1M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,767.6	−0.167%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,769.2	−0.107%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,769.2	−0.108%	$6.43B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,769	−0.117%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,769.3	−0.104%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,769	−0.115%	$184K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,769.8	−0.088%	$114.6M	$515.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.2	−0.037%	$25.4M	$123.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771	−0.042%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	−0.071%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,769.4	−0.100%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.1	−0.111%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.072%	$485K	$2.7M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,769.2	−0.108%	$15.2M	$117.6M	50x
Hyperliquid ETH	+0.0100%	1h	2,771.2	−0.036%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.9	−0.083%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.2	−0.109%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.108%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.4	−0.031%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.059%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.4	−0.102%	$421.8M	$742.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.089%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.8	−0.049%	$179.5M	$782.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	−0.027%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	+0.029%	$21.4M	$57.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.7	−0.054%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.6	−0.059%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.1	−0.005%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.9	−0.120%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,769.7	−0.090%	$55.1M	$228.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.3	−0.068%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.7	−0.126%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.3	−0.032%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,770.5	−0.061%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.5	+0.011%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770	−0.079%	$285.8M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.1	−0.111%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.9	−0.048%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0464%	1h	2,772.8	+0.022%	$282K	$1.5M	20x	as long as short