Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.021%

Price spread now: Derive against Phemex+0.058%7-day average +0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$16 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now +0.058%, 7d avg +0.060%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.060%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,772.1	0.0023	pay 0.0023% / 8h	1h 27m	$269.5M	$68.9M	150x
Short	Derive ETH-PERP	2,773.6	0.0100	get 0.0013% / 1h	27m 53s	$42.7M	$29.3M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.058%Rate

Funding earned: $16.13
Price spread: +0.058% → +0.060%: −$0.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$2.12
Costs to cover: 0.180%
Break-even: 7.9 days

Slippage unknown: Phemex: live order book, 6 min ago; Derive: no order-book sample. Net counts fees only.

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, 6 min ago	2.18 bp	8.2 bp −$8	12.7 bp −$127	16.9 bp −$1,695	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,773.7	+0.058%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773.3	+0.047%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.8	+0.063%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.063%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.3	+0.045%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0018%	1h	2,774.1	+0.072%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.4	+0.049%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,769.6	−0.088%	$883K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.9	+0.030%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,771.7	−0.011%	—	$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	2,771.9	−0.006%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDTlong	+0.0023%	8h	2,772.1	long leg	$269.5M	$68.9M	150x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.8	+0.029%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,771.7	−0.013%	$255.8M	$990.9M	200x	as long as short
Bullet ETH-USD	+0.0035%	1h	2,771.9	−0.005%	$181K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,772.5	+0.018%	$258.3M	$222.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.083%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,771.2	−0.031%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,772.1	+0.002%	$6.42B	$17.16B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,773.7	+0.058%	$14.3M	$118.0M	50x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,772.3	+0.009%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,772.1	0.000%	$3.29B	$9.62B	200x	as long as short
SoDEX ETH-USD	+0.0077%	1h	2,770.7	−0.049%	$55.2M	$228.8M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,772.3	+0.009%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,770.7	−0.047%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.023%	$114.8M	$500.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.6	+0.020%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	+0.079%	—	$41.6M	500x	as long as short
ApeX Omni ETHUSDT	+0.0097%	1h	2,777.8	+0.206%	$8.7M	$32.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,771	−0.039%	$423.2M	$739.4M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.6	+0.055%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.8	+0.063%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.9	+0.031%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774	+0.071%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	+0.009%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.3	+0.118%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.167%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.040%	$15.1M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.4	−0.094%	$135.0M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.1	+0.181%	$180.0M	$780.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	−0.093%	$161.1M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.7	−0.013%	$21.4M	$58.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.5	+0.088%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.6	+0.019%	$21K	$25K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,773.6	+0.058%	$42.7M	$29.3M	15x
SunX ETH-USDT	+0.0100%	8h	2,773	+0.035%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	+0.040%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.5	−0.057%	$31.4M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	−0.002%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0122%	8h	2,773.4	+0.049%	$8.6M	$676.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774.1	+0.075%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.4	−0.024%	$86.0M	$331.8M	100x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,773	+0.034%	$285.2M	$194.3M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,773.7	+0.060%	$278K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,772.3	+0.008%	$7.4M	$1.2M	25x	as long as short