Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0039%/8h= −4.2% APRpaid last 24h −0.017%

Price spread now: Phoenix against Bybit+0.101%55s7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as 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−$200.198% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.101%, 7d avg +0.094%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.094%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.077%, so the current rate has only just turned against you. The two prices were read 55 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	Bybit ETHUSDT	2,724.7	0.0033	pay 0.0033% / 8h	1h 34m	$2.34B	$4.41B	150x
Short	Phoenix ETH	2,727.4	−0.0006	pay 0.0001% / 1h	34m 36s	$816K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$8.09
Price spread: +0.101% → +0.094%: $0.69
Slippage, 4 orders: −$1.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.23
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.3 bp −$630	9.7 bp −$4,842
Sell Phoenix live order book, 9 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	17.2 bp −$1,720	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	−0.0112%	43m	2,725.3	+0.025%	$288K	$5.8M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0087%	1h	2,726.4	+0.062%	$8.6M	$31.4M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.7	+0.038%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	+0.108%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.8	+0.043%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,727.4	+0.101%	$816K	$3.0M	25x
dYdX ETH-USD	0.0000%	1h	2,725.9	+0.044%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.1	+0.053%	$6.7M	$688.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.9	+0.046%	$262.6M	$215.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,726.2	+0.055%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0009%	8h	2,725	+0.012%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,725.9	+0.046%	$192K	$895K	50x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,724.8	+0.006%	—	$1.11B	—	as long as short
Bybit ETHUSDTlong	+0.0033%	8h	2,724.7	long leg	$2.34B	$4.41B	150x
SoDEX ETH-USD	+0.0065%	1h	2,725.1	+0.016%	$54.3M	$187.3M	40x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,724.8	+0.006%	$376.0M	$577.1M	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,724.7	+0.001%	$251.9M	$849.0M	200x	as long as short
SunX ETH-USDT	+0.0085%	8h	2,724.6	−0.001%	$955K	$11.1M	100x	as long as short
Aftermath Perps ETHUSD	+0.0087%	1h	2,726.9	+0.081%	$30K	$20K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0087%	8h	2,724.5	−0.006%	$1.65B	$10.90B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.7	−0.071%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,724.9	+0.008%	$6.32B	$16.15B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,725.1	+0.015%	$1.52B	$2.59B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,725.6	+0.036%	$111.9M	$434.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.9	+0.084%	$23.4M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725	+0.012%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.9	+0.155%	$15.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725	+0.013%	$179K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725	+0.014%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.6	+0.106%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.3	+0.059%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.3	−0.013%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.7	+0.039%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.3	+0.096%	$162.4M	$353.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.2	+0.018%	$3.29B	$8.98B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.8	+0.004%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.1	+0.017%	$15.0M	$41.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.8	+0.004%	$133.4M	$324.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.6	+0.036%	$184.8M	$681.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.7	+0.075%	$158.4M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	+0.049%	$21.0M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726.7	+0.074%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.4	+0.064%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,725.9	+0.045%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	+0.097%	$40.9M	$30.3M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.6	+0.033%	$262.7M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724	−0.023%	$30.4M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,726.2	+0.058%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.7	+0.076%	$50.1M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,725.7	+0.037%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,727.7	+0.111%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,724.5	−0.007%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,726	+0.050%	$83.2M	$311.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,726.5	+0.068%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0360%	8h	2,725	+0.012%	$281.6M	$175.2M	150x	as long as short