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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 16:00 UTC−0.0006%/8h= −0.6% APRnext payment −$0.06 per $10,000 · paid last 24h +0.009%
Price spread now: Binance against Phemex+0.052%7-day average +0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$220.221% of the position
Long on PhemexShort on Binance
What this pair did over the last
the charts below follow
Funding, last 7 days+0.011%+$1 on $10k
Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.052%, 7d avg +0.003%
Together, before fees−0.018%−$2 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.049% dearer against Phemex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.003%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,742.40.0100pay 0.0100% / 8h4h 10m$262.9M$56.9M150x
ShortBinance ETHUSDT2,743.80.0094get 0.0094% / 8h4h 10m$6.42B$13.51B150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Binance against Phemex. 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
−$1.19
Price spread: +0.052% → +0.003%
$4.89
Slippage, 4 orders
−$0.07
Fee Phemex: 6 bp × 2 orders
−$12
Fee Binance: 5 bp × 2 orders
−$10
Net
−$18.38
Costs to cover
0.221%
Break-even
never at this rate
Slippage from Phemex: live order book, 2 min ago; Binance: live order book, 12 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 2 min ago0.02 bp6.0 bp −$66.3 bp −$638.9 bp −$88913.5 bp −$6,734
Sell Binance live order book, 12 min ago0.02 bp5.0 bp −$55.0 bp −$506.2 bp −$6208.5 bp −$4,225

ETH on 55 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff ETH-PERP−0.0080%1h2,743.5+0.041%$5K$1K50xas long as short
Hibachi ETH/USDT-P−0.0056%1h2,743.1+0.026%$228K$1.2M20xas long as short
GMX ETH/USD [ETH-USDC]L −0.0009% / S +0.0043%1h2,742.4+0.001%$12.2M—200xas long as short
Phoenix ETH−0.0009%1h2,744.9+0.092%$818K$2.8M25xas long as short
Kalshi KXETHPERP0.0000%8h2,743.3+0.034%$7.1M$659.5M4.9xas long as short
Perpl ETH0.0000%43m2,742.8+0.015%$264K$4.9M8.3xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,742.5+0.004%$33.1M—200xas long as short
01 Exchange ETHUSD+0.0032%1h2,742.9+0.019%$183K$916K50xas long as short
Bybit ETHUSDT+0.0054%8h2,743.8+0.051%$2.37B$3.74B150xas long as short
Deribit ETH-PERPETUAL+0.0056%1h2,743.5+0.042%$267.5M$179.8M50xas long as short
Show all 55 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
ApeX Omni ETHUSDT+0.0066%1h2,745.7+0.121%$8.2M$24.0M100xas long as short
OKX ETH-USDT-SWAP+0.0080%8h2,743.8+0.053%$1.67B$8.91B100xas long as short
SoDEX ETH-USD+0.0091%1h2,742.3−0.003%$61.7M$121.5M40xas long as short
dYdX ETH-USD+0.0092%1h2,742.4+0.002%$15.2M$42.2M50xas long as short
Binance ETHUSDTshort+0.0094%8h2,743.8+0.052%$6.42B$13.51B150x
MEXC ETH_USDT+0.0095%8h2,742.3−0.002%$1.59B$2.33B500xas long as short
KuCoin ETHUSDTM+0.0095%8h2,742.40.000%$378.5M$427.3M100xas long as short
Lighter ETH+0.0096%1h2,743+0.023%$113.5M$388.5M50xas long as short
Lighter RH ETH+0.0096%1h2,744.3+0.069%$23.7M$95.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,743+0.021%—$23.4M500xas long as short
Aevo ETH-PERP+0.0096%1h2,739.6−0.102%$4.9M$270K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,742.4+0.001%$467K$3.6M50xas long as short
Nado ETH-PERP+0.0100%1h2,742.3−0.003%$14.9M$93.1M50xas long as short
Aster ETHUSDT+0.0100%8h2,743.6+0.043%$253.2M$695.2M200xas long as short
Pacifica ETH+0.0100%1h2,743.9+0.055%$32.0M$319.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,742.1−0.010%$2.8M$14.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,743.8+0.050%$1.6M$14.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,745.1+0.099%$164.8M$316.4M25xas long as short
Gate ETH_USDT+0.0100%8h2,742.4+0.002%$3.26B$7.69B200xas long as short
Bitget ETHUSDT+0.0100%8h2,742.3−0.002%$2.11B$2.24B150xas long as short
BingX ETH-USDT+0.0100%8h2,742.4+0.001%—$937.1M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,742.1−0.009%$15.1M$34.9M50xas long as short
Variational Omni ETH+0.0100%8h2,741.7−0.024%$134.2M$272.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,744+0.057%$184.6M$546.5M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,744.2+0.065%$159.5M$70.2M50xas long as short
StandX ETH-USD+0.0100%1h2,743.8+0.052%$21.0M$78.4M40xas long as short
Vest ETH-PERP+0.0100%1h2,743.7+0.049%—$319K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,743.5+0.041%$11.2M$8.5M50xas long as short
Bullet ETH-USD+0.0100%1h2,742.2−0.006%$176K$1.6M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,742.9+0.018%$20K$7K25xas long as short
Derive ETH-PERP+0.0100%1h2,743.7+0.049%$40.9M$24.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,742.8+0.014%$945K$7.9M100xas long as short
HTX ETH-USDT+0.0100%8h2,742.3−0.001%$1.05B$970.8M200xas long as short
Phemex ETHUSDTlong+0.0100%8h2,742.4long leg$262.9M$56.9M150x
Extended ETH-USD+0.0104%1h2,741.3−0.038%$30.2M$63.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,743.5+0.040%$48.1M$3.86B50xas long as short
Aftermath Perps ETHUSD+0.0118%1h2,743.9+0.054%$30K$8K20xas long as short
Kraken Futures PF_ETHUSD+0.0120%1h2,742.9+0.020%$82.6M$263.0M100xas long as short
Reya ETHRUSDPERP+0.0138%1h2,741.2−0.043%$7.3M$854K25xas long as short
Hyperliquid ETH+0.0143%1h2,745.7+0.121%$3.16B$1.63B25xas long as short
Orderly PERP_ETH_USDC+0.0194%8h2,744.5+0.077%$32.4M$9.8M100xas long as short
RISEx ETH/USDC+0.0342%1h2,743.4+0.036%$5.7M$10.5M25xas long as short
BloFin ETH-USDT+0.0382%8h2,743+0.023%$284.7M$144.6M150xas long as short
Paradex ETH-USD-PERP+0.0389%8h2,745.8+0.126%$15.8M$6.0M50xas long as short
Injective ETH/USDC PERP+0.0477%1h2,741.8−0.021%$118K$25.4M52xas long as short