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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.010%
Price spread now: Phoenix against Katana Perps+0.119%50s7-day average +0.133% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Katana PerpsShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.016%−$2 on $10k
Price spread, last 7 days−0.015%−$2 · spread now +0.119%, 7d avg +0.133%
Together, before fees−0.032%−$3 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.133%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKatana Perps ETH-USD2,776.30.0100pay 0.0100% / 8h1h 16m$478K$2.7M50x
ShortPhoenix ETH2,779.60get 0.0000% / 1h16m 30s$886K$3.7M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Katana Perps. 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

Funding earned
−$20.96
Price spread: +0.119% → +0.133%
−$1.43
Slippage, 4 orders
no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$33.19
Costs to cover
0.108%
Break-even
never at this rate
Slippage unknown: Katana Perps: no order-book sample; Phoenix: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Katana Perps no order-book sample—————
Sell Phoenix live order book, 7 min ago0.18 bp4.0 bp −$47.4 bp −$7417.3 bp −$1,729doesn't fit
Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,775−0.047%$288K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,776−0.010%$5.7M$12.0M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,775.2−0.040%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,779.6+0.119%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,776.5+0.007%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0011%1h2,777.4+0.040%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,775.6−0.024%$12.7M$45.6M50xas long as short
Phoenix ETHshort0.0000%1h2,779.6+0.119%$886K$3.7M25x
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,775.9−0.013%$22.4M—200xas long as short
BingX ETH-USDT+0.0015%8h2,776.2−0.004%—$1.18B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0019%8h2,775.7−0.023%$1.70B$11.86B100xas long as short
Phemex ETHUSDT+0.0021%8h2,775.6−0.026%$270.0M$68.5M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,775.8−0.019%$12.9M—200xas long as short
Deribit ETH-PERPETUAL+0.0027%1h2,776.8+0.017%$258.4M$222.4M50xas long as short
Bullet ETH-USD+0.0036%1h2,776−0.011%$182K$1.7M20xas long as short
Aster ETHUSDT+0.0038%8h2,776.1−0.008%$256.6M$991.8M200xas long as short
Nado ETH-PERP+0.0059%1h2,775.9−0.013%$14.2M$118.2M50xas long as short
Aevo ETH-PERP+0.0064%1h2,774.3−0.070%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0066%8h2,775.9−0.014%$6.44B$17.21B150xas long as short
MEXC ETH_USDT+0.0066%8h2,776.1−0.008%$1.62B$2.67B500xas long as short
Bitget ETHUSDT+0.0069%8h2,776−0.013%$2.10B$3.10B150xas long as short
ApeX Omni ETHUSDT+0.0073%1h2,780.3+0.142%$8.8M$32.6M100xas long as short
Gate ETH_USDT+0.0074%8h2,776.2−0.004%$3.29B$9.65B200xas long as short
SoDEX ETH-USD+0.0076%1h2,775.4−0.032%$55.3M$228.9M40xas long as short
Bybit ETHUSDT+0.0093%8h2,775.9−0.014%$2.52B$4.62B150xas long as short
HTX ETH-USDT+0.0095%8h2,774.7−0.057%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,775.5−0.029%$115.2M$502.1M50xas long as short
Lighter RH ETH+0.0096%1h2,777.2+0.033%$25.4M$121.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,776.6+0.010%—$41.6M500xas long as short
KuCoin ETHUSDTM+0.0098%8h2,775.5−0.030%$422.5M$739.3M100xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,775−0.048%$15.9M$10.5M50xas long as short
Katana Perps ETH-USDlong+0.0100%8h2,776.3long leg$478K$2.7M50x
Hyperliquid ETH+0.0100%1h2,778.6+0.083%$3.19B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,776−0.013%$31.3M$302.0M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,774.7−0.058%$2.8M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,777.6+0.048%$2.7M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,778.9+0.094%$165.9M$253.8M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,775.6−0.026%$15.2M$44.3M50xas long as short
Variational Omni ETH+0.0100%8h2,778.6+0.083%$136.7M$326.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,779.6+0.120%$181.9M$783.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777.6+0.047%$161.5M$91.5M50xas long as short
StandX ETH-USD+0.0100%1h2,776.9+0.022%$21.4M$58.2M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,777.2+0.032%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776.1−0.008%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,777.6+0.048%$42.7M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,775−0.047%$972K$14.0M100xas long as short
Vest ETH-PERP+0.0100%1h2,776.5+0.007%—$1.1M50xas long as short
Extended ETH-USD+0.0104%1h2,775.7−0.022%$32.6M$77.8M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,776.4+0.005%$59.9M$4.60B50xas long as short
Kalshi KXETHPERP+0.0126%8h2,776.7+0.014%$8.4M$679.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0137%8h2,778+0.062%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0170%1h2,776.2−0.003%$86.0M$332.3M100xas long as short
BloFin ETH-USDT+0.0186%8h2,775.5−0.028%$284.2M$194.5M150xas long as short
Reya ETHRUSDPERP+0.0193%1h2,775.8−0.019%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,778.8+0.090%$270K$1.5M20xas long as short