ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.01 per $10,000 · paid last 24h −0.020%

Price spread now: Phoenix against dYdX+0.008%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 7 days+0.069%+$7 · spread now +0.008%, 7d avg +0.098%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phoenix is 0.089% cheaper against dYdX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.098%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,752	0	get 0.0000% / 1h	3m 11s	$11.1M	$41.5M	50x
Short	Phoenix ETH	2,752.2	−0.0012	pay 0.0001% / 1h	3m 11s	$815K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$2.47
Price spread: +0.008% → +0.098%: −$8.95
Slippage, 4 orders: −$7.49
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.9
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from dYdX: live order book, 11 min ago; Phoenix: live order book, 6 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, 11 min ago	2.91 bp	7.9 bp −$8	10.2 bp −$102	17.0 bp −$1,695	55.9 bp −$28.0K
Sell Phoenix live order book, 6 min ago	0.18 bp	4.2 bp −$4	7.7 bp −$77	16.7 bp −$1,674	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	2,750.7	−0.046%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0033%	8h	2,750.3	−0.060%	$2.36B	$4.15B	150x	as long as short
Phemex ETHUSDT	−0.0022%	8h	2,750.9	−0.038%	$264.8M	$61.3M	150x	as long as short
Hibachi ETH/USDT-P	−0.0016%	1h	2,753.1	+0.040%	$240K	$1.3M	20x	as long as short
Phoenix ETHshort	−0.0012%	1h	2,752.2	+0.008%	$815K	$3.0M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751	−0.036%	$12.0M	—	200x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,752	long leg	$11.1M	$41.5M	50x
Kalshi KXETHPERP	0.0000%	8h	2,751.4	−0.021%	$7.0M	$664.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,750.8	−0.041%	$274K	$5.3M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,751.2	−0.027%	$33.2M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,751.2	−0.028%	$182K	$926K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0030%	1h	2,752.2	+0.009%	$266.5M	$210.7M	50x	as long as short
Gate ETH_USDT	+0.0041%	8h	2,750.5	−0.053%	$3.29B	$8.56B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,750.1	−0.068%	$1.67B	$10.22B	100x	as long as short
Aster ETHUSDT	+0.0072%	8h	2,751	−0.037%	$253.8M	$797.4M	200x	as long as short
ApeX Omni ETHUSDT	+0.0075%	1h	2,751.7	−0.009%	$8.4M	$30.4M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.3	−0.134%	$4.9M	$199K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,750.7	−0.048%	$1.58B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,750.1	−0.069%	$6.40B	$15.45B	150x	as long as short
HTX ETH-USDT	+0.0085%	8h	2,750.4	−0.058%	$1.05B	$1.17B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,751	−0.037%	$368.9M	$482.2M	100x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,750.9	−0.039%	$54.8M	$160.1M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,751.4	−0.022%	$113.6M	$410.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.2	+0.009%	$24.8M	$100.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,751.1	−0.030%	—	$24.7M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.8	−0.043%	$513K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,755.4	+0.124%	$15.7M	$6.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.4	−0.059%	$14.6M	$100.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.9	+0.034%	$3.14B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.6	−0.013%	$32.2M	$327.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,751.8	−0.006%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,751.6	−0.012%	$1.5M	$15.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	−0.022%	$166.7M	$340.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,750.5	−0.054%	$2.12B	$2.55B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,750.2	−0.063%	—	$989.0M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.4	−0.058%	$15.0M	$37.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,752.6	+0.023%	$132.1M	$307.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,752.5	+0.018%	$186.5M	$693.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,751.4	−0.019%	$160.0M	$73.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	+0.016%	$21.1M	$72.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.9	+0.034%	—	$415K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,752.1	+0.005%	$11.3M	$9.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.9	−0.038%	$178K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.7	−0.045%	$948K	$10.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.8	−0.078%	$30.4M	$68.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0104%	1h	2,751.6	−0.013%	$82.7M	$291.5M	100x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,750.3	−0.059%	$30K	$12K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,752	+0.001%	$45.6M	$4.13B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,751.4	−0.019%	$5.6M	$11.3M	25x	as long as short
Reya ETHRUSDPERP	+0.0167%	1h	2,750.2	−0.066%	$7.4M	$896K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,753.1	+0.042%	$32.4M	$10.5M	100x	as long as short
BloFin ETH-USDT	+0.0219%	8h	2,751.3	−0.024%	$281.4M	$170.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,755.1	+0.114%	$122K	$23.8M	52x	as long as short
Bluefin ETH-PERP	+0.0592%	1h	2,751.1	−0.031%	$20K	$15K	25x	as long as short