Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h +0.018%

Price spread now: Phoenix against Gate−0.087%77s7-day average +0.097% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.232% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days+0.165%+$16 · spread now −0.087%, 7d avg +0.097%

Together, before fees+0.288%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.184% cheaper against Gate than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.097%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you. The two prices were read 77 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	Gate ETH_USDT	2,751.8	0.0099	pay 0.0099% / 8h	6h 28m	$3.40B	$8.87B	200x
Short	Phoenix ETH	2,749.4	−0.0006	pay 0.0001% / 1h	28m 13s	$848K	$3.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$22.01
Price spread: −0.087% → +0.097%: −$18.43
Slippage, 4 orders: −$1.2
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$63.64
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Gate: live order book, 6 min ago; Phoenix: live order book, 5 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 Gate live order book, 6 min ago	0.02 bp	7.5 bp −$8	8.2 bp −$82	12.0 bp −$1,204	21.9 bp −$10.9K
Sell Phoenix live order book, 5 min ago	0.18 bp	3.8 bp −$4	7.0 bp −$70	16.7 bp −$1,668	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
Perpl ETH	−0.0447%	43m	2,750.1	−0.060%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.2	−0.130%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750	−0.066%	$5.6M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,748.2	−0.129%	$8.7M	$31.6M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750.8	−0.035%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,749.4	−0.087%	$848K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,749.2	−0.093%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.3	−0.016%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,749.6	−0.080%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,751.6	−0.006%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0045%	8h	2,751.4	−0.014%	$1.69B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0051%	8h	2,751.1	−0.024%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0066%	8h	2,751.2	−0.022%	$253.1M	$857.6M	200x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,749	−0.102%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0073%	8h	2,751.6	−0.007%	$1.57B	$2.56B	500x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,751.4	−0.016%	$382.2M	$607.1M	100x	as long as short
Binance ETHUSDT	+0.0076%	8h	2,751.7	−0.003%	$6.36B	$16.21B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.9	+0.039%	$59.1M	$4.37B	50x	as long as short
Bitget ETHUSDT	+0.0092%	8h	2,751.6	−0.007%	$2.08B	$2.85B	150x	as long as short
Phemex ETHUSDT	+0.0096%	8h	2,751.4	−0.014%	$267.5M	$66.0M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,751.9	+0.003%	$113.1M	$442.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.4	+0.059%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,750	−0.066%	—	$35.4M	500x	as long as short
Gate ETH_USDTlong	+0.0099%	8h	2,751.8	long leg	$3.40B	$8.87B	200x
Paradex ETH-USD-PERP	+0.0099%	8h	2,754.2	+0.087%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.8	−0.109%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.7	−0.113%	$14.0M	$112.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.8	+0.073%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,750	−0.065%	$31.5M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.5	−0.011%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.8	−0.109%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.5	−0.048%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,751	−0.028%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.158%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.143%	$181.7M	$730.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.218%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750	−0.065%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.2	−0.057%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.8	−0.072%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.2	−0.057%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.6	−0.006%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.1	+0.049%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749.6	−0.081%	$963K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751.6	−0.007%	$54.8M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.286%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,748.3	−0.129%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,751	−0.029%	$30.5M	$74.1M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,750.4	−0.051%	$7.6M	$674.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0169%	8h	2,753.8	+0.073%	$32.4M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0190%	1h	2,753	+0.044%	$258.5M	$200.2M	50x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,749.7	−0.078%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,747.9	−0.141%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,749.1	−0.099%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0353%	1h	2,752.6	+0.028%	$90.0M	$316.4M	100x	as long as short