Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h +0.002%

Price spread now: Phemex against Phoenix−0.118%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now −0.118%, 7d avg −0.075%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.043% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of −0.075%). If the spread goes back, that is −$4 on $10k: about 31 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.088%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,721.6	−0.0009	get 0.0001% / 1h	33m 09s	$815K	$3.0M	25x
Short	Phemex ETHUSDT	2,718.4	0.0100	get 0.0100% / 8h	2h 33m	$262.7M	$64.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.118%Rate

Funding earned: $22.8
Price spread: −0.118% → −0.075%: −$4.26
Slippage, 4 orders: −$1.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$1.8
Costs to cover: 0.203%
Break-even: 7.6 days

Slippage from Phoenix: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	0.18 bp	4.4 bp −$4	7.7 bp −$77	20.8 bp −$2,082	doesn't fit
Sell Phemex live order book, 6 min ago	0.02 bp	6.1 bp −$6	7.7 bp −$77	10.8 bp −$1,077	14.5 bp −$7,249

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	−0.0447%	43m	2,717.4	−0.153%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.8	−0.103%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,717.6	−0.146%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,717.9	−0.136%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0009%	1h	2,721.6	long leg	$815K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,718	−0.131%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.5	−0.004%	$117K	$22.5M	52x	as long as short
Deribit ETH-PERPETUAL	+0.0011%	1h	2,718.9	−0.100%	$258.7M	$206.2M	50x	as long as short
dYdX ETH-USD	+0.0011%	1h	2,718.8	−0.102%	$10.7M	$42.0M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,717.7	−0.143%	$185K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0033%	8h	2,717.6	−0.146%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,718.8	−0.103%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0065%	1h	2,722.4	+0.029%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0069%	1h	2,717.6	−0.147%	$179K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,717.1	−0.164%	$952K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,717.7	−0.144%	$374.1M	$577.9M	100x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,718.8	−0.102%	$251.6M	$844.6M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,715.1	−0.238%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,718.8	−0.104%	$1.65B	$10.78B	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,718.8	−0.103%	$1.55B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,718.8	−0.104%	$6.29B	$16.08B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.3	−0.122%	$111.2M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,719.5	−0.079%	$23.3M	$103.2M	50x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,718.4	−0.118%	$262.7M	$64.3M	150x
Katana Perps ETH-USD	+0.0100%	8h	2,717.7	−0.143%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,719.5	−0.079%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,716.8	−0.175%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,720.6	−0.037%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,718.4	−0.117%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,717.3	−0.158%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,719	−0.097%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.082%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.5	−0.113%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.9	−0.098%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718	−0.132%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.060%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.1	+0.092%	$184.5M	$676.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.074%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	+0.109%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,721.3	−0.011%	$20.9M	$71.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,719.6	−0.075%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,718.9	−0.099%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,718	−0.131%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719	−0.097%	$40.7M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,717.8	−0.140%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.1	−0.167%	$30.5M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,717.6	−0.147%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,719	−0.095%	$49.7M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,719.2	−0.089%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,718.5	−0.114%	$6.4M	$691.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,718.4	−0.118%	$82.7M	$315.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,720	−0.059%	$32.0M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,717	−0.168%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,720.4	−0.044%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,717.8	−0.140%	$281.2M	$174.1M	150x	as long as short