Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.010%

Price spread now: Phoenix against Paradex−0.049%46s7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1601.600% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.015%−$2 on $10k

Price spread, last 7 days+0.062%+$6 · spread now −0.049%, 7d avg +0.045%

Together, before fees+0.046%+ Points / potential airdropParadex: Active · farm board+$5 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 0.093% cheaper against Paradex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.045%). Swap the legs. The two prices were read 46 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	Paradex ETH-USD-PERP	2,770.9	0.0100	pay 0.0100% / 8h	1h 26m	$15.9M	$10.5M	50x
Short	Phoenix ETH	2,769.6	0	get 0.0000% / 1h	26m 01s	$883K	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$20.92
Price spread: −0.049% → +0.045%: −$9.33
Slippage, 4 orders: −$149.01
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$190.26
Costs to cover: 1.600%
Break-even: never at this rate

Slippage from Paradex: 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 Paradex live order book, 3 min ago	67.94 bp	81.6 bp −$82	99.9 bp −$999	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	0.18 bp	4.3 bp −$4	8.0 bp −$80	17.4 bp −$1,740	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
Perpl ETH	−0.0447%	43m	2,772.4	+0.052%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,771.2	+0.010%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	+0.071%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.023%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.2	+0.045%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0017%	1h	2,773.7	+0.101%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.084%	$12.7M	$45.5M	50x	as long as short
Phoenix ETHshort	0.0000%	1h	2,769.6	−0.049%	$883K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.3	+0.084%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,771	+0.001%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,771	+0.002%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,771.8	+0.029%	$269.5M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.2	+0.081%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,771.6	+0.024%	$255.8M	$991.0M	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,772.3	+0.050%	$180K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0053%	1h	2,772.9	+0.070%	$258.3M	$222.2M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,771.2	+0.008%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,771.2	+0.010%	$6.42B	$17.17B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772.1	+0.043%	$14.3M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,769.5	−0.053%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,771.2	+0.009%	$2.10B	$3.10B	150x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,771.2	+0.009%	$55.2M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,772.4	+0.054%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,771	+0.001%	$3.28B	$9.62B	200x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,771.2	+0.008%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,772.2	+0.046%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.7	+0.029%	$115.0M	$500.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.1	+0.078%	$25.3M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.2	+0.082%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,771.3	+0.012%	$423.1M	$739.3M	100x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,770.9	long leg	$15.9M	$10.5M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,771.9	+0.034%	$476K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.6	+0.095%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.053%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771	+0.002%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773	+0.074%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.127%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.2	+0.007%	$15.1M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.4	−0.054%	$135.0M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.7	−0.009%	$181.3M	$782.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.9	+0.072%	$161.3M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.1	+0.114%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773	+0.074%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.103%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,785.4	+0.521%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.6	+0.096%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.5	−0.016%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.7	−0.009%	$32.9M	$77.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.4	+0.052%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0123%	8h	2,773	+0.074%	$8.5M	$677.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,775.1	+0.148%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772	+0.037%	$85.9M	$331.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,773.1	+0.076%	$285.2M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,772.4	+0.052%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,775.1	+0.151%	$271K	$1.5M	20x	as long as short