Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.007%

Price spread now: Phoenix against MEXC+0.229%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs+$3as in the Price arb table

costs, in and out, $10k−$100.102% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 7 days−0.143%−$14 · spread now +0.229%, 7d avg +0.097%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.132% dearer against MEXC than usual: you sell high and buy low (spread +0.229% now, against its 7-day average of +0.097%): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.084%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,746.5	0.0080	pay 0.0080% / 8h	6h 20m	$1.57B	$2.57B	500x
Short	Phoenix ETH	2,752.8	−0.0006	pay 0.0001% / 1h	20m 48s	$849K	$3.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.229%Rate

Funding earned: −$18.02
Price spread: +0.229% → +0.097%: $13.21
Slippage, 4 orders: −$1.2
Fee MEXC: 1 bp × 2 orders: −$2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$15.01
Costs to cover: 0.102%
Break-even: from the start

Slippage from MEXC: live order book, 3 min ago; Phoenix: live order book, 3 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 MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.5 bp −$147	4.0 bp −$2,024
Sell Phoenix live order book, 3 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	16.0 bp −$1,596	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	−0.0112%	43m	2,750.6	+0.149%	$311K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,750	+0.127%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.1	+0.132%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,749.6	+0.112%	$12.2M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,752.8	+0.229%	$849K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,750.3	+0.136%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.7	+0.117%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,750.5	+0.145%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0028%	1h	2,751.6	+0.186%	$8.7M	$31.5M	100x	as long as short
BingX ETH-USDT	+0.0037%	8h	2,746.8	+0.010%	—	$1.18B	—	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	+0.0047%	8h	2,746.2	−0.010%	$1.69B	$10.96B	100x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,748.3	+0.066%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,747.5	+0.036%	$372.6M	$609.7M	100x	as long as short
Aster ETHUSDT	+0.0072%	8h	2,748.1	+0.056%	$253.1M	$857.7M	200x	as long as short
MEXC ETH_USDTlong	+0.0080%	8h	2,746.5	long leg	$1.57B	$2.57B	500x
Aevo ETH-PERP	+0.0080%	1h	2,746.6	+0.002%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,746.7	+0.006%	$6.38B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.3	+0.102%	$59.1M	$4.34B	50x	as long as short
Gate ETH_USDT	+0.0089%	8h	2,746.9	+0.015%	$3.39B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0094%	8h	2,746.9	+0.014%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,748.6	+0.076%	$113.0M	$443.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.3	+0.137%	$24.8M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.9	+0.123%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,754.5	+0.290%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.7	+0.116%	$478K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.3	+0.101%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.1	+0.131%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.2	+0.134%	$31.5M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.8	+0.009%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.4	+0.105%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.2	+0.136%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.2	+0.063%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	+0.080%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.9	+0.160%	$181.9M	$703.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,752	+0.199%	$160.0M	$83.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.7	+0.225%	$21.3M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,751.2	+0.171%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.4	+0.142%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.4	+0.105%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.1	+0.130%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.7	+0.153%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.8	+0.046%	$963K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.6	+0.076%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.6	+0.075%	$267.3M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.193%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,751.2	+0.169%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0103%	1h	2,750	+0.126%	$258.5M	$199.9M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.1	−0.016%	$30.5M	$73.5M	50x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,750.4	+0.142%	$7.7M	$674.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0172%	8h	2,751.6	+0.185%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,753.6	+0.259%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.8	+0.156%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,749.6	+0.111%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.3	+0.100%	$89.4M	$316.7M	100x	as long as short