Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.012%

Price spread now: Perpl against Phoenix+0.102%61s7-day average −0.077% · you sell dearer than you buy

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

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 7 days−0.190%−$19 · spread now +0.102%, 7d avg −0.077%

Together, before fees−0.139%+ Points / potential airdropPerpl: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.179% dearer against Phoenix than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of −0.077%): +$18 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.050%, so the current rate has only just turned against you. The two prices were read 61 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	2,773.4	−0.0023	get 0.0003% / 1h	22m 19s	$859K	$3.7M	25x
Short	Perpl ETH	2,776.2	−0.0112	pay 0.0010% / 43m	9m 19s	$289K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$18.61
Price spread: +0.102% → −0.077%: $17.9
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$21.51
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 6 min ago; Perpl: 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, 6 min ago	0.18 bp	4.3 bp −$4	8.2 bp −$82	20.8 bp −$2,080	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 ETHshort	−0.0112%	43m	2,776.2	+0.102%	$289K	$6.9M	8.3x
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	+0.083%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	+0.112%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,776.8	+0.123%	$172K	$1.2M	50x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,773.4	long leg	$859K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,776.7	+0.118%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.132%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,773.9	+0.019%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.1	+0.171%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0011%	8h	2,776.4	+0.107%	$267.3M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,771.4	−0.074%	$8.8M	$32.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,777.1	+0.134%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,778.1	+0.169%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,776.9	+0.128%	$256.9M	$995.8M	200x	as long as short
MEXC ETH_USDT	+0.0047%	8h	2,777.6	+0.152%	$1.61B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.9	+0.091%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0048%	8h	2,777.4	+0.144%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.4	+0.145%	$3.29B	$9.66B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,777.2	+0.137%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,777.4	+0.144%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	+0.027%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777	+0.131%	$115.4M	$513.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.3	+0.177%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.2	+0.174%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	+0.094%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	+0.097%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.2	+0.102%	$15.3M	$117.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.5	+0.220%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.9	+0.126%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,777.2	+0.138%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.6	+0.079%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.3	+0.177%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.270%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.4	+0.145%	$423.2M	$742.1M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,777	+0.129%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.3	+0.105%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.9	−0.089%	$178.1M	$791.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.8	−0.020%	$161.3M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	+0.101%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.153%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.187%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.154%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.220%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776	+0.092%	$972K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.5	+0.112%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776.5	+0.112%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.9	+0.090%	$31.4M	$76.0M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.1	+0.169%	$60.2M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,778.1	+0.169%	$8.5M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,778.2	+0.171%	$258.4M	$224.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,780	+0.237%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0167%	8h	2,776.3	+0.103%	$285.2M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,777.5	+0.147%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.6	+0.153%	$87.0M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.209%	$284K	$1.5M	20x	as long as short