Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.008%

Price spread now: Phoenix against BingX−0.224%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$190.188% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 7 days+0.306%+$31 · spread now −0.224%, 7d avg +0.094%

Together, before fees+0.381%+$38 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 0.318% cheaper against BingX than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of +0.094%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.075%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ETH-USDT	2,731.5	0.0035	pay 0.0035% / 8h	2h 19m	—	$1.13B	—
Short	Phoenix ETH	2,725.4	−0.0009	pay 0.0001% / 1h	19m 25s	$815K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now −0.224%Rate

Funding earned: −$9.2
Price spread: −0.224% → +0.094%: −$31.81
Slippage, 4 orders: −$1.75
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$59.76
Costs to cover: 0.188%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Phoenix: live order book, 4 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 BingX live order book, 5 min ago	0.05 bp	5.2 bp −$5	5.4 bp −$54	6.0 bp −$599	6.7 bp −$3,343
Sell Phoenix live order book, 4 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	17.1 bp −$1,715	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	−0.0447%	43m	2,729.9	−0.059%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.7	−0.030%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	−0.011%	$12.0M	—	200x	as long as short
Phoenix ETHshort	−0.0009%	1h	2,725.4	−0.224%	$815K	$3.0M	25x
HTX ETH-USDT	−0.0007%	8h	2,729.4	−0.077%	$1.05B	$1.22B	200x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,731.6	+0.005%	$32.9M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,730.7	−0.030%	$10.4M	$42.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.528%	$117K	$22.5M	52x	as long as short
BingX ETH-USDTlong	+0.0035%	8h	2,731.5	long leg	—	$1.13B	—
01 Exchange ETHUSD	+0.0040%	1h	2,730.6	−0.033%	$190K	$841K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,731.3	−0.009%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0075%	8h	2,730.7	−0.030%	$957K	$11.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,729.9	−0.061%	$375.0M	$577.7M	100x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,730.9	−0.022%	$181K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0085%	8h	2,729.4	−0.077%	$263.0M	$64.9M	150x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,731.4	−0.004%	$252.7M	$845.9M	200x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,724.3	−0.265%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,731.4	−0.006%	$1.54B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,731.6	+0.002%	$6.33B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.3	−0.045%	$112.4M	$435.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.4	−0.005%	$23.5M	$103.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.2	−0.086%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0097%	8h	2,731.3	−0.009%	$1.67B	$10.86B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.410%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.074%	$504K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.5	+0.072%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.6	−0.032%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733	+0.055%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.3	−0.045%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	−0.070%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	−0.030%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.330%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.2	−0.010%	$3.29B	$9.02B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.5	−0.001%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730	−0.056%	$15.0M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.257%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.3	−0.226%	$184.6M	$678.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.404%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.8	−0.099%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.6	+0.002%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.2	+0.025%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.7	+0.008%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.1	+0.057%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,731.4	−0.004%	$54.4M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.6	−0.035%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,731.4	−0.005%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,732.4	+0.034%	$49.8M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.6	−0.033%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,727.7	−0.139%	$7.0M	$693.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0175%	1h	2,732.6	+0.039%	$259.3M	$207.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,732	+0.017%	$83.2M	$311.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,733.5	+0.073%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,730.3	−0.046%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,729.6	−0.072%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0369%	8h	2,725	−0.237%	$280.9M	$174.3M	150x	as long as short