Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.003%

Price spread now: OKX against Phoenix−0.066%56s7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as 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−$190.185% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 7 days−0.016%−$2 · spread now −0.066%, 7d avg −0.096%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.030% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.096%. Mind the row above: over the last 7 days funding on this pair cost −0.072%, so the current rate has only just turned in your favour. The two prices were read 56 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	2,731.8	−0.0012	get 0.0001% / 1h	34m 37s	$806K	$3.0M	25x
Short	OKX ETH-USDT-SWAP	2,730	0.0076	get 0.0076% / 8h	7h 34m	$1.66B	$10.66B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $18.41
Price spread: −0.066% → −0.096%: $2.99
Slippage, 4 orders: −$1.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $2.87
Costs to cover: 0.185%
Break-even: 5.9 days

Slippage from Phoenix: live order book, 4 min ago; OKX: live order book, 5 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, 4 min ago	0.18 bp	4.2 bp −$4	7.6 bp −$76	20.9 bp −$2,090	doesn't fit
Sell OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$549	7.1 bp −$3,565

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
BloFin ETH-USDT	−0.0175%	8h	2,731	−0.029%	$280.7M	$177.4M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731.7	−0.004%	$277K	$5.7M	8.3x	as long as short
HTX ETH-USDT	−0.0100%	8h	2,730.5	−0.046%	$1.05B	$1.21B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732	+0.007%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0057%	8h	2,729.8	−0.075%	$2.32B	$4.29B	150x	as long as short
Phemex ETHUSDT	−0.0037%	8h	2,731	−0.031%	$263.1M	$63.3M	150x	as long as short
Phoenix ETHlong	−0.0012%	1h	2,731.8	long leg	$806K	$3.0M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.5	−0.012%	$11.9M	—	200x	as long as short
SunX ETH-USDT	−0.0002%	8h	2,730.9	−0.032%	$942K	$10.7M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731	−0.029%	$10.6M	$41.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,731.9	+0.004%	$6.8M	$670.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.7	−0.004%	$264.6M	$219.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.8	+0.001%	$33.0M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.7	−0.005%	$8.4M	$31.2M	100x	as long as short
Gate ETH_USDT	+0.0029%	8h	2,730.1	−0.063%	$3.28B	$8.25B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,730.9	−0.033%	$191K	$884K	50x	as long as short
SoDEX ETH-USD	+0.0050%	1h	2,731	−0.029%	$54.4M	$182.5M	40x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,732.9	+0.040%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAPshort	+0.0076%	8h	2,730	−0.066%	$1.66B	$10.66B	100x
Aster ETHUSDT	+0.0077%	8h	2,730	−0.065%	$252.6M	$845.9M	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,730.1	−0.061%	$383.3M	$574.5M	100x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,730.1	−0.064%	$1.57B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,730	−0.064%	$6.31B	$16.00B	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,728.8	−0.111%	$4.9M	$195K	20x	as long as short
Bullet ETH-USD	+0.0090%	1h	2,731.4	−0.016%	$176K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,731.5	−0.012%	$112.6M	$401.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.1	+0.010%	$23.7M	$96.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,732	+0.006%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.1	−0.062%	$499K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.7	+0.069%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.8	−0.001%	$14.3M	$100.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.4	+0.059%	$3.11B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.5	−0.011%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.4	−0.015%	$2.7M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	−0.039%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	−0.088%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.3	−0.054%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,730	−0.068%	—	$1.05B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.2	−0.023%	$15.2M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.8	−0.038%	$132.0M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.3	−0.056%	$185.8M	$682.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731	−0.030%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.5	−0.011%	$21.0M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.3	+0.017%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731	−0.029%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.9	+0.039%	$40.6M	$29.2M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.3	−0.092%	$30.5M	$71.0M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,731.5	−0.012%	$82.0M	$309.3M	100x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,731.9	+0.005%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.9	+0.004%	$46.1M	$4.23B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,731.2	−0.022%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0172%	1h	2,730.1	−0.062%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,733.2	+0.052%	$32.2M	$11.0M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,736.9	+0.187%	$117K	$21.0M	52x	as long as short
Bluefin ETH-PERP	+0.1971%	1h	2,731.8	+0.001%	$20K	$23K	25x	as long as short