Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.006%

Price spread now: Aster against Phoenix−0.002%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

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

costs, in and out, $10k−$160.157% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days−0.088%−$9 · spread now −0.002%, 7d avg −0.090%

Together, before fees−0.150%+ Points / potential airdropAster: Stage 5 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Aster is 0.088% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.090%. Mind the row above: over the last 7 days funding on this pair cost −0.062%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,770.2	−0.0003	get 0.0000% / 1h	15m 10s	$874K	$3.7M	25x
Short	Aster ETHUSDT	2,770.2	0.0048	get 0.0048% / 8h	7h 15m	$256.5M	$886.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.002%Rate

Funding earned: $10.78
Price spread: −0.002% → −0.090%: $8.79
Slippage, 4 orders: −$0.74
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $3.83
Costs to cover: 0.157%
Break-even: 4.5 days

Slippage from Phoenix: live order book, 4 min ago; Aster: live order book, 4 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 Phoenix live order book, 4 min ago	0.18 bp	3.8 bp −$4	9.5 bp −$95	23.4 bp −$2,340	doesn't fit
Sell Aster live order book, 4 min ago	0.07 bp	4.2 bp −$4	5.0 bp −$50	6.2 bp −$623	13.5 bp −$6,740

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
Injective ETH/USDC PERP	−0.0752%	1h	2,765.8	−0.159%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.5	−0.026%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,769.4	−0.028%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.1	−0.004%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.9	−0.011%	$169K	$1.1M	50x	as long as short
Phoenix ETHlong	−0.0003%	1h	2,770.2	long leg	$874K	$3.7M	25x
dYdX ETH-USD	0.0000%	1h	2,769.9	−0.011%	$12.3M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.9	+0.025%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0017%	1h	2,770.1	−0.005%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,770.2	−0.001%	$1.71B	$11.13B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0033%	1h	2,770.2	0.000%	$55.2M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,770.7	+0.019%	$12.7M	—	200x	as long as short
Aster ETHUSDTshort	+0.0048%	8h	2,770.2	−0.002%	$256.5M	$886.0M	200x
Aevo ETH-PERP	+0.0056%	1h	2,767.7	−0.090%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.9	−0.009%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,770	−0.009%	$6.48B	$16.26B	150x	as long as short
Phemex ETHUSDT	+0.0060%	8h	2,770.1	−0.005%	$269.6M	$67.1M	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,770.2	0.000%	$3.38B	$9.07B	200x	as long as short
Bitget ETHUSDT	+0.0077%	8h	2,770.1	−0.005%	$2.10B	$2.86B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.1	−0.003%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.6	+0.052%	$60.4M	$4.43B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,769.9	−0.011%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,770.4	+0.007%	$420.8M	$604.1M	100x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,769.6	−0.022%	$1.08B	$1.24B	200x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,768.5	−0.062%	$8.6M	$32.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,770.6	+0.015%	$115.0M	$459.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772	+0.064%	$25.6M	$111.8M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.3	+0.110%	$15.9M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.6	−0.022%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.3	−0.034%	$14.6M	$113.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.7	+0.090%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	0.000%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.5	+0.011%	$2.51B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.2	−0.036%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.2	+0.001%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.241%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.1	−0.003%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.1	−0.005%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.064%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.7	−0.126%	$181.6M	$786.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,766.3	−0.142%	$161.0M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.2	−0.036%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770	−0.007%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	+0.008%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.1	+0.068%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.6	−0.022%	$970K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.6	−0.023%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.7	+0.017%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,771	+0.029%	$8.2M	$677.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.8	+0.056%	$97.9M	$320.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,770.3	+0.003%	$253K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,772.7	+0.092%	$32.7M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,769.8	−0.014%	$288.0M	$178.8M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,771.7	+0.056%	$259.1M	$203.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,769.9	−0.009%	$7.3M	$1.1M	25x	as long as short