Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0112%/8h= +12.2% APRpaid last 24h +0.022%

Price spread now: SunX against Phoenix−0.186%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.309%−$31 · spread now −0.186%, 7d avg −0.091%

Together, before fees−0.288%−$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.095% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.186% now, against its 7-day average of −0.091%). If the spread goes back, that is −$10 on $10k: about 2.8 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.021% in total) that is about 32 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,751.4	−0.0012	get 0.0001% / 1h	58m 58s	$814K	$2.8M	25x
Short	SunX ETH-USDT	2,746.3	0.0100	get 0.0100% / 8h	6h 58m	$946K	$9.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.186%Rate

Funding earned: $23.47
Price spread: −0.186% → −0.091%: −$9.52
Slippage, 4 orders: −$4.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$5.59
Costs to cover: 0.195%
Break-even: 8.7 days

Slippage from Phoenix: live order book, 5 min ago; SunX: live order book, 10 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, 5 min ago	0.18 bp	4.3 bp −$4	8.3 bp −$83	21.7 bp −$2,172	doesn't fit
Sell SunX live order book, 10 min ago	0.82 bp	6.4 bp −$6	6.6 bp −$66	8.8 bp −$880	10.9 bp −$5,431

ETH on 54 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
Hotstuff ETH-PERP	−0.0080%	1h	2,748.4	−0.109%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0036%	8h	2,744.9	−0.236%	$2.36B	$4.15B	150x	as long as short
Hibachi ETH/USDT-P	−0.0024%	1h	2,750	−0.052%	$236K	$1.3M	20x	as long as short
Phoenix ETHlong	−0.0012%	1h	2,751.4	long leg	$814K	$2.8M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.9	−0.092%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.2	−0.152%	$11.1M	$41.5M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,747.8	−0.131%	$182K	$927K	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,747.9	−0.127%	$6.8M	$664.0M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,746.2	−0.189%	$271K	$5.2M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,746.2	−0.189%	$266.4M	$209.5M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.8	−0.059%	$33.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,745.6	−0.212%	$264.2M	$59.4M	150x	as long as short
Gate ETH_USDT	+0.0041%	8h	2,745.6	−0.212%	$3.27B	$7.65B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,744.7	−0.245%	$1.67B	$10.19B	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,749.5	−0.069%	$8.3M	$30.3M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,745.8	−0.202%	$253.0M	$796.9M	200x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,745	−0.233%	$54.7M	$160.0M	40x	as long as short
HTX ETH-USDT	+0.0079%	8h	2,744.7	−0.242%	$1.05B	$1.16B	200x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,745.8	−0.204%	$82.5M	$290.8M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,742.8	−0.312%	$4.9M	$200K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,745.6	−0.211%	$6.41B	$15.44B	150x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,744.6	−0.246%	$1.58B	$2.46B	500x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,745.7	−0.206%	$367.9M	$481.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,745.7	−0.209%	$113.5M	$378.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.8	−0.168%	$24.8M	$91.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,749.9	−0.053%	—	$24.7M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747	−0.160%	$510K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.8	+0.014%	$15.7M	$6.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.9	−0.126%	$14.6M	$100.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.6	−0.138%	$3.13B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.3	−0.113%	$32.1M	$326.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	−0.131%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748	−0.122%	$1.5M	$15.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	−0.001%	$166.7M	$340.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.7	−0.243%	$2.11B	$2.55B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,745.5	−0.216%	—	$990.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.3	−0.220%	$14.9M	$37.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.4	−0.181%	$131.8M	$307.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,749	−0.087%	$186.3M	$695.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.1	−0.082%	$159.8M	$73.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749.4	−0.073%	$21.1M	$72.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.8	−0.093%	—	$409K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.2	−0.116%	$11.3M	$9.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.6	−0.210%	$176K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,745.7	−0.207%	$20K	$15K	25x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,746.3	−0.186%	$946K	$9.9M	100x
Extended ETH-USD	+0.0104%	1h	2,743.7	−0.281%	$30.4M	$68.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,745.9	−0.200%	$45.6M	$4.10B	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,749.6	−0.064%	$30K	$12K	20x	as long as short
Reya ETHRUSDPERP	+0.0167%	1h	2,745	−0.234%	$7.3M	$880K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,746.4	−0.181%	$5.6M	$11.2M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,747.5	−0.144%	$32.4M	$10.4M	100x	as long as short
BloFin ETH-USDT	+0.0301%	8h	2,745	−0.232%	$281.8M	$166.0M	150x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,752.8	+0.051%	$122K	$19.9M	52x	as long as short