Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h +0.011%

Price spread now: Deribit against Phemex+0.053%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now +0.053%, 7d avg +0.045%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,770.7	0.0025	pay 0.0025% / 8h	2h 11m	$266.9M	$66.1M	150x
Short	Deribit ETH-PERPETUAL	2,772.1	0.0021	get 0.0003% / 1h	11m 59s	$258.5M	$225.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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

Position, each leg$Hold fordaysFee PhemexbpFee DeribitbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$0.94
Price spread: +0.053% → +0.045%: $0.86
Slippage, 4 orders: −$1.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$20.96
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 2 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 Phemex live order book, 2 min ago	0.02 bp	6.0 bp −$6	7.2 bp −$72	11.6 bp −$1,164	14.5 bp −$7,236
Sell Deribit live order book, 2 min ago	0.09 bp	4.1 bp −$4	4.8 bp −$48	8.3 bp −$831	17.5 bp −$8,771

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	−0.0112%	43m	2,770.9	+0.010%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.200%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.2	+0.056%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.4	+0.027%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.9	+0.189%	$886K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.3	+0.024%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.095%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,775.9	+0.190%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.4	+0.027%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUALshort	+0.0021%	1h	2,772.1	+0.053%	$258.5M	$225.1M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.1	−0.019%	$1.71B	$11.89B	100x	as long as short
Phemex ETHUSDTlong	+0.0025%	8h	2,770.7	long leg	$266.9M	$66.1M	150x
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.3	+0.025%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,770	−0.022%	$256.2M	$995.6M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,775.9	+0.188%	$8.8M	$32.7M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.6	−0.074%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,770.2	−0.016%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,770.2	−0.015%	$6.44B	$17.23B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,770.3	−0.012%	$3.28B	$9.69B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,770.1	−0.018%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,770.7	+0.001%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	+0.019%	$114.7M	$515.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.4	+0.062%	$25.4M	$123.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.1	+0.089%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,776.8	+0.223%	$141.1M	$320.7M	—	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.5	−0.004%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.2	+0.020%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.5	+0.031%	$486K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	+0.030%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.1	+0.088%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.1	+0.052%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.1	−0.020%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.5	−0.005%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.3	+0.095%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.269%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.7	+0.001%	$422.0M	$742.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.1	−0.022%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	−0.003%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.1	+0.196%	$179.9M	$795.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,779.2	+0.309%	$161.6M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.5	+0.175%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.5	+0.067%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.3	+0.060%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.9	+0.044%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.083%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770	−0.024%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.5	−0.005%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.9	−0.028%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.9	+0.046%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,772.4	+0.063%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,773.2	+0.093%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,772.3	+0.058%	$285.5M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,771	+0.014%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.7	+0.039%	$86.8M	$330.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,774.7	+0.147%	$280K	$1.5M	20x	as long as short