Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.014%

Price spread now: Phemex against dYdX−0.108%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now −0.108%, 7d avg −0.022%

Together, before fees−0.330%−$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.086% cheaper against dYdX than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.022%). If the spread goes back, that is −$9 on $10k: about 2.9 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.166%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,737.5	0	get 0.0000% / 1h	55m 01s	$11.5M	$41.9M	50x
Short	Phemex ETHUSDT	2,734.5	0.0100	get 0.0100% / 8h	6h 55m	$263.1M	$59.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now −0.108%Rate

Funding earned: $21
Price spread: −0.108% → −0.022%: −$8.6
Slippage, 4 orders: −$9.89
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$19.49
Costs to cover: 0.319%
Break-even: 13.5 days

Slippage from dYdX: live order book, 19 min ago; Phemex: 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 dYdX live order book, 19 min ago	2.91 bp	7.9 bp −$8	10.2 bp −$102	17.0 bp −$1,695	55.9 bp −$28.0K
Sell Phemex live order book, 4 min ago	0.02 bp	9.9 bp −$10	10.1 bp −$101	12.3 bp −$1,228	doesn't fit

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	2,738.2	+0.027%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,743.9	+0.236%	$8.3M	$30.3M	100x	as long as short
Bybit ETHUSDT	−0.0038%	8h	2,732.2	−0.194%	$2.34B	$4.14B	150x	as long as short
Hibachi ETH/USDT-P	−0.0032%	1h	2,743.9	+0.234%	$236K	$1.3M	20x	as long as short
Phoenix ETH	−0.0012%	1h	2,747.5	+0.367%	$813K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,733.5	−0.143%	$12.0M	—	200x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,737.5	long leg	$11.5M	$41.9M	50x
Kalshi KXETHPERP	0.0000%	8h	2,736.9	−0.020%	$6.5M	$664.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,733.6	−0.141%	$270K	$5.3M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,735	−0.091%	$266.4M	$208.0M	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	+0.450%	$33.2M	—	200x	as long as short
Gate ETH_USDT	+0.0030%	8h	2,732.7	−0.173%	$3.26B	$7.69B	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,734.6	−0.104%	$195K	$961K	50x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,733.2	−0.156%	$1.05B	$1.17B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,732.1	−0.197%	$1.65B	$10.17B	100x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,732.7	−0.175%	$251.8M	$798.5M	200x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,732.4	−0.184%	$6.38B	$15.50B	150x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,731.7	−0.210%	$1.56B	$2.47B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,737.2	−0.007%	$4.9M	$202K	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,734.4	−0.111%	$81.9M	$291.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,733.7	−0.138%	$363.8M	$480.6M	100x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,734.1	−0.122%	$54.4M	$160.1M	40x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,733.5	−0.146%	$942K	$9.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,734.6	−0.105%	$112.8M	$380.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.3	−0.078%	$24.6M	$92.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,742.9	+0.197%	—	$24.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,746	+0.311%	$30K	$12K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.7	−0.101%	$505K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739	+0.055%	$15.7M	$6.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.9	−0.093%	$14.5M	$100.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.8	−0.097%	$3.11B	$1.95B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.4	−0.002%	$32.0M	$326.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.9	−0.093%	$2.8M	$15.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736.5	−0.036%	$1.5M	$15.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.8	−0.207%	$2.10B	$2.56B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,731.8	−0.207%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.2	−0.190%	$14.8M	$37.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741.8	+0.157%	$131.3M	$306.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.8	+0.196%	$185.9M	$691.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,746	+0.311%	$159.7M	$73.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.9	+0.272%	$21.1M	$72.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.3	+0.030%	—	$412K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.4	−0.075%	$11.2M	$8.9M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,733.6	−0.141%	$177K	$1.7M	20x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,734.5	−0.108%	$263.1M	$59.4M	150x
Bulk ETH-USD	+0.0100%	1h	2,743.1	+0.206%	$167.4M	$334.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.8	−0.244%	$29.9M	$69.0M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,735	−0.090%	$45.2M	$4.07B	50x	as long as short
Reya ETHRUSDPERP	+0.0166%	1h	2,734.2	−0.120%	$7.3M	$885K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,734.1	−0.122%	$5.6M	$11.2M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,736.6	−0.030%	$32.3M	$10.5M	100x	as long as short
BloFin ETH-USDT	+0.0271%	8h	2,733.4	−0.147%	$281.1M	$164.3M	150x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,743.4	+0.217%	$118K	$19.9M	52x	as long as short
Bluefin ETH-PERP	+0.1267%	1h	2,734.7	−0.102%	$20K	$15K	25x	as long as short