Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0029%/8h= −3.1% APRpaid last 24h −0.011%

Price spread now: Phoenix against Aster−0.074%45s7-day average +0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as 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−$160.165% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 7 days+0.163%+$16 · spread now −0.074%, 7d avg +0.090%

Together, before fees+0.229%+ Points / potential airdropAster: Stage 5 · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.163% cheaper against Aster than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.090%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.065%, so the current rate has only just turned against you. The two prices were read 45 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	Aster ETHUSDT	2,773.5	0.0032	pay 0.0032% / 8h	4m 49s	$256.0M	$1.00B	200x
Short	Phoenix ETH	2,771.5	0.0003	get 0.0000% / 1h	4m 49s	$876K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$6.01
Price spread: −0.074% → +0.090%: −$16.33
Slippage, 4 orders: −$1.47
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.82
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from Aster: live order book, 4 min ago; Phoenix: live order book, 9 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 Aster live order book, 4 min ago	0.02 bp	4.1 bp −$4	4.1 bp −$41	5.2 bp −$516	10.9 bp −$5,444
Sell Phoenix live order book, 9 min ago	0.18 bp	3.8 bp −$4	7.2 bp −$72	15.9 bp −$1,593	doesn't fit

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	−0.0223%	43m	2,769.1	−0.159%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,769.7	−0.140%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.412%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.5	−0.146%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0021%	1h	2,769.3	−0.154%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.1	−0.124%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.1	+0.020%	$12.7M	$45.9M	50x	as long as short
Phoenix ETHshort	+0.0003%	1h	2,771.5	−0.074%	$876K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.8	−0.098%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,773.6	+0.004%	$1.71B	$11.90B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,770.6	−0.105%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0029%	1h	2,771.1	−0.086%	$29K	$22K	20x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,769.5	−0.147%	$269.9M	$68.7M	150x	as long as short
SoDEX ETH-USD	+0.0030%	1h	2,769.9	−0.131%	$55.1M	$228.7M	40x	as long as short
Aster ETHUSDTlong	+0.0032%	8h	2,773.5	long leg	$256.0M	$1.00B	200x
Bullet ETH-USD	+0.0035%	1h	2,769.8	−0.134%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,773.3	−0.008%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,773.8	+0.008%	$6.46B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.8	−0.171%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,773.4	−0.005%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,773.3	−0.010%	$3.29B	$9.70B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.6	−0.035%	$421.3M	$738.4M	100x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,774.2	+0.023%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,773.1	−0.016%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,771.1	−0.088%	$60.3M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,769.2	−0.158%	$1.08B	$1.32B	200x	as long as short
Nado ETH-PERP	+0.0095%	1h	2,768.5	−0.183%	$14.3M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,773.9	+0.012%	$115.1M	$501.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.5	+0.071%	$25.3M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,770.5	−0.111%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.3	−0.009%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.2	−0.156%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.6	+0.074%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.2	+0.024%	$31.3M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.156%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.3	−0.115%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.149%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.137%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.181%	$148.3M	$337.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	−0.135%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	−0.094%	$161.1M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.8	−0.099%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.3	−0.117%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	−0.113%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.9	−0.166%	$970K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.5	−0.038%	$42.7M	$29.4M	15x	as long as short
Kalshi KXETHPERP	+0.0102%	8h	2,770.5	−0.110%	$8.2M	$688.4M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.1	−0.053%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.8	−0.100%	—	$43.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,771.7	−0.066%	$259.0M	$222.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,771.1	−0.087%	$90.4M	$338.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0144%	8h	2,772.8	−0.028%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,770	−0.127%	$286.6M	$193.5M	150x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,770	−0.129%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,769.9	−0.130%	$7.3M	$1.2M	25x	as long as short