ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0204%/8h= +22.3% APRnext payment +$0.25 per $10,000 · paid last 24h +0.013%

Price spread now: Deribit against Phoenix+0.115%70s7-day average −0.034% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.170% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 3 days (all we have)−0.147%−$15 · spread now +0.115%, 7d avg −0.034%

Together, before fees−0.187%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.149% dearer against Phoenix than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.034%. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.040% in total (about -2.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,770.5	−0.0003	get 0.0000% / 1h	9m 59s	$872K	$3.7M	25x
Short	Deribit ETH-PERPETUAL	2,773.7	0.0201	get 0.0025% / 1h	9m 59s	$259.1M	$201.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.115%Rate

Funding earned: $42.82
Price spread: +0.115% → −0.034%: $14.92
Slippage, 4 orders: −$3.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $40.71
Costs to cover: 0.170%
Break-even: 0.3 days

Slippage from Phoenix: live order book, 4 min ago; Deribit: 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	4.3 bp −$4	8.5 bp −$85	22.0 bp −$2,202	doesn't fit
Sell Deribit live order book, 4 min ago	0.09 bp	4.3 bp −$4	5.3 bp −$53	13.2 bp −$1,317	31.1 bp −$15.5K

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	2,773.8	+0.119%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,773.5	+0.107%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,772.7	+0.079%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.9	+0.123%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,773.5	+0.108%	$170K	$1.1M	50x	as long as short
Phoenix ETHlong	−0.0003%	1h	2,770.5	long leg	$872K	$3.7M	25x
dYdX ETH-USD	0.0000%	1h	2,773	+0.090%	$12.3M	$42.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.1	+0.130%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,773.5	+0.108%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0030%	8h	2,773.8	+0.120%	$1.71B	$11.00B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0035%	8h	2,773.7	+0.117%	$269.9M	$65.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,773.9	+0.124%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0043%	1h	2,772	+0.054%	$55.2M	$187.7M	40x	as long as short
Aster ETHUSDT	+0.0049%	8h	2,774.4	+0.139%	$256.6M	$863.3M	200x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,774.2	+0.134%	$6.48B	$16.08B	150x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,773.7	+0.116%	$1.61B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,769.7	−0.028%	$5.0M	$156K	20x	as long as short
HTX ETH-USDT	+0.0076%	8h	2,772.6	+0.074%	$1.08B	$1.23B	200x	as long as short
Bitget ETHUSDT	+0.0078%	8h	2,774	+0.128%	$2.10B	$2.82B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.8	+0.010%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.9	+0.122%	$60.4M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0084%	1h	2,773.3	+0.101%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,774.1	+0.129%	$420.9M	$594.3M	100x	as long as short
Gate ETH_USDT	+0.0092%	8h	2,773.7	+0.116%	$3.39B	$9.10B	200x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	−0.043%	$8.6M	$32.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,772.7	+0.081%	$115.2M	$460.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.3	+0.138%	$25.6M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,777.8	+0.264%	$16.0M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.3	+0.101%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.4	+0.104%	$14.6M	$112.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.7	+0.188%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774	+0.128%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774.1	+0.129%	$2.52B	$4.28B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.4	+0.105%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.9	+0.122%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.251%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,774.2	+0.134%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.4	+0.104%	$15.2M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.2	−0.048%	$134.1M	$347.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.056%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.032%	$161.1M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.1	+0.022%	$21.4M	$64.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.119%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.5	+0.109%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.5	+0.145%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.3	+0.100%	$973K	$12.8M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.2	+0.098%	$30.9M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.9	−0.022%	—	$36.0M	500x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,773.4	+0.105%	$8.1M	$673.4M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.6	+0.113%	$98.0M	$314.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,775.6	+0.183%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,770.4	−0.005%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,769.1	−0.049%	$287.7M	$177.7M	150x	as long as short
Deribit ETH-PERPETUALshort	+0.0201%	1h	2,773.7	+0.115%	$259.1M	$201.7M	50x
Reya ETHRUSDPERP	+0.0214%	1h	2,773.8	+0.120%	$7.4M	$1.1M	25x	as long as short