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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0183%/8h= +20.0% APRnext payment +$0.23 per $10,000 · paid last 24h +0.046%
Price spread now: Reya against Phoenix−0.047%7-day average −0.120% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on PhoenixShort on Reya
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.075%+$8 on $10k
Price spread, last 7 days−0.075%−$7 · spread now −0.047%, 7d avg −0.120%
Together, before fees0.000%+ Points / potential airdropReya: Active · farm board$0 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Reya is 0.072% dearer against Phoenix than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.120%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,724.4−0.0012get 0.0001% / 1h26m 45s$806K$3.0M25x
ShortReya ETHRUSDPERP2,723.10.0171get 0.0021% / 1h26m 45s$7.3M$961K25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Reya 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

Funding earned
$38.39
Price spread: −0.047% → −0.120%
$7.21
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Reya: 3 bp × 2 orders
−$6
Net
$32.6
Costs to cover
0.130%
Break-even
1.1 days
Slippage unknown: Phoenix: live order book, 7 min ago; Reya: 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
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 7 min ago0.18 bp4.0 bp −$47.4 bp −$7420.7 bp −$2,065doesn't fit
Sell Reya no order-book sample—————
Reya: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BloFin ETH-USDT−0.0152%8h2,724.5+0.003%$281.3M$176.4M150xas long as short
HTX ETH-USDT−0.0140%8h2,724.3−0.002%$1.05B$1.20B200xas long as short
Perpl ETH−0.0112%43m2,724.7+0.011%$275K$5.7M8.3xas long as short
SunX ETH-USDT−0.0109%8h2,724−0.013%$939K$10.6M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,724−0.015%$5K$1K50xas long as short
Bybit ETHUSDT−0.0067%8h2,723.4−0.038%$2.31B$4.26B150xas long as short
ApeX Omni ETHUSDT−0.0013%1h2,724.3−0.002%$8.3M$31.3M100xas long as short
Phoenix ETHlong−0.0012%1h2,724.4long leg$806K$3.0M25x
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,724.8+0.016%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,724.2−0.007%$10.5M$41.9M50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Kalshi KXETHPERP0.0000%8h2,724.6+0.007%$6.6M$669.1M4.9xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,721.7−0.101%$32.8M—200xas long as short
Deribit ETH-PERPETUAL+0.0018%1h2,725.5+0.042%$265.9M$222.0M50xas long as short
01 Exchange ETHUSD+0.0032%1h2,724.5+0.004%$195K$885K50xas long as short
Hibachi ETH/USDT-P+0.0032%1h2,722−0.088%$236K$1.4M20xas long as short
Gate ETH_USDT+0.0034%8h2,724.9+0.018%$3.27B$8.29B200xas long as short
SoDEX ETH-USD+0.0042%1h2,724.5+0.004%$54.3M$182.4M40xas long as short
Aster ETHUSDT+0.0065%8h2,723.9−0.018%$252.0M$841.1M200xas long as short
OKX ETH-USDT-SWAP+0.0076%8h2,723.7−0.027%$1.65B$10.52B100xas long as short
Binance ETHUSDT+0.0076%8h2,724−0.015%$6.30B$15.98B150xas long as short
MEXC ETH_USDT+0.0077%8h2,724.6+0.006%$1.59B$2.57B500xas long as short
Aevo ETH-PERP+0.0080%1h2,724.9+0.019%$4.9M$195K20xas long as short
KuCoin ETHUSDTM+0.0083%8h2,725.8+0.052%$382.3M$563.1M100xas long as short
Bullet ETH-USD+0.0084%1h2,724.7+0.011%$176K$1.7M20xas long as short
Phemex ETHUSDT+0.0085%8h2,724.9+0.017%$262.5M$63.1M150xas long as short
Lighter ETH+0.0096%1h2,724.3−0.004%$112.3M$402.7M50xas long as short
Lighter RH ETH+0.0096%1h2,725.4+0.036%$23.6M$96.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,724.6+0.007%—$30.4M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,724−0.015%$497K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,727.4+0.110%$15.3M$7.1M50xas long as short
Nado ETH-PERP+0.0100%1h2,723.8−0.020%$14.3M$100.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,725.9+0.055%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,724.9+0.020%$31.9M$331.2M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,723.7−0.026%$2.7M$16.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,724.7+0.011%$1.6M$15.8M25xas long as short
Bulk ETH-USD+0.0100%1h2,720.7−0.137%$164.6M$337.2M25xas long as short
Bitget ETHUSDT+0.0100%8h2,724−0.014%$2.11B$2.70B150xas long as short
BingX ETH-USDT+0.0100%8h2,724−0.013%—$1.04B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,724.4−0.001%$15.1M$39.7M50xas long as short
Variational Omni ETH+0.0100%8h2,724.1−0.012%$131.7M$315.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,724.3−0.003%$185.3M$683.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,724.3−0.006%$158.4M$80.4M50xas long as short
StandX ETH-USD+0.0100%1h2,721.7−0.099%$20.9M$71.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,725.6+0.043%—$436K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,723−0.051%$11.2M$9.3M50xas long as short
Derive ETH-PERP+0.0100%1h2,724.3−0.003%$40.5M$29.1M15xas long as short
Extended ETH-USD+0.0104%1h2,724.3−0.005%$30.2M$70.7M50xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,725.1+0.026%$81.8M$308.0M100xas long as short
Aftermath Perps ETHUSD+0.0109%1h2,726.3+0.070%$30K$20K20xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,725.7+0.047%$45.7M$4.20B50xas long as short
RISEx ETH/USDC+0.0137%1h2,721.9−0.093%$5.6M$11.4M25xas long as short
Reya ETHRUSDPERPshort+0.0171%1h2,723.1−0.047%$7.3M$961K25x
Orderly PERP_ETH_USDC+0.0182%8h2,726.4+0.074%$32.1M$10.9M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,727.8+0.125%$117K$21.6M52xas long as short
Bluefin ETH-PERP+0.1380%1h2,724.6+0.009%$20K$23K25xas long as short