Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h +0.004%

Price spread now: Phoenix against OKX+0.007%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 7 days+0.070%+$7 · spread now +0.007%, 7d avg +0.099%

Together, before fees+0.156%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.091% cheaper against OKX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.099%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.086%, 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	OKX ETH-USDT-SWAP	2,745	0.0064	pay 0.0064% / 8h	5h 33m	$1.70B	$10.58B	100x
Short	Phoenix ETH	2,745.2	0.0017	get 0.0002% / 1h	33m 11s	$848K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$9.86
Price spread: +0.007% → +0.099%: −$9.12
Slippage, 4 orders: −$1.21
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$37.19
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from OKX: live order book, 6 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 OKX live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$573	8.1 bp −$4,036
Sell Phoenix live order book, 6 min ago	0.18 bp	3.8 bp −$4	7.0 bp −$70	16.2 bp −$1,618	doesn't fit

ETH on 55 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	2,745.2	+0.007%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.069%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.1	+0.002%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.6	−0.052%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,744.7	−0.011%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.2	+0.007%	$22.2M	—	200x	as long as short
Phoenix ETHshort	+0.0017%	1h	2,745.2	+0.007%	$848K	$2.9M	25x
01 Exchange ETHUSD	+0.0032%	1h	2,745.2	+0.007%	$183K	$916K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.134%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDC	+0.0050%	8h	2,744.3	−0.026%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0064%	8h	2,745.1	+0.002%	$383.5M	$584.1M	100x	as long as short
OKX ETH-USDT-SWAPlong	+0.0064%	8h	2,745	long leg	$1.70B	$10.58B	100x
RISEx ETH/USDC	+0.0077%	1h	2,745.3	+0.010%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.8	−0.008%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,744.9	−0.003%	$252.3M	$841.1M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,745.1	+0.005%	$1.56B	$2.54B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,742.5	−0.092%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,745.1	+0.005%	$6.38B	$15.69B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.4	+0.013%	$112.8M	$433.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.8	+0.064%	$24.6M	$103.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.8	−0.009%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.4	+0.051%	$58.7M	$4.28B	50x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,744.8	−0.006%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749.3	+0.155%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.8	−0.007%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.8	−0.007%	$13.9M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.2	+0.080%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745	0.000%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.1	+0.003%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.5	−0.055%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.3	+0.009%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.127%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745	0.000%	$3.39B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.2	+0.008%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.4	−0.022%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	−0.157%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,740.6	−0.162%	$182.1M	$690.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,742.9	−0.075%	$159.5M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.6	−0.087%	$21.2M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.3	+0.010%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.9	+0.033%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.8	−0.007%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	+0.056%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.4	−0.020%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.1	+0.004%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745	0.000%	$267.0M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.4	−0.024%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,742.2	−0.102%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,745.2	+0.007%	$7.6M	$669.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0165%	1h	2,746.4	+0.049%	$258.8M	$196.0M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,747.1	+0.077%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	+0.035%	$87.0M	$310.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,744.7	−0.011%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,743.5	−0.055%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0292%	8h	2,745.4	+0.015%	$285.2M	$182.1M	150x	as long as short