ETH

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+0.114%

7d average−0.033%if it closes, per $10,000$11funding while held, a day+$10.22

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,740	0.0050	pay 0.0006% / 1h	18m 31s	$1.4M	$2.4M	25x
Short	Derive ETH-PERP	2,743.1	0.0390	get 0.0049% / 1h	18m 31s	$42.7M	$27.2M	15x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee PhoenixbpFee DerivebpOrdersClose when spread is

Spread captured: $11.37
Funding while held: $10.22
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: $8.59
Spread needed to break even: 0.130%

Slippage unknown: Phoenix: live order book, 1 min ago; Derive: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0341%
Per $10,000 a day: +$10.22
Average in range /8h: —

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, 1 min ago	0.18 bp	4.3 bp −$4	8.4 bp −$84	21.9 bp −$2,192	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 price on every exchange

against the cheapest. Click to use as the short leg.

Bulk2,732cheapest Injective2,733.9+0.068%Variational Omni2,734.5+0.088%edgeX2,735.4+0.123%MEXC2,735.5+0.128%Reya2,735.6+0.130%Bullet2,735.6+0.131%OKX2,735.8+0.137%Bitget2,736+0.143%Binance2,736.5+0.164%BingX2,736.6+0.168%GMX2,736.7+0.171%KuCoin2,736.7+0.171%Bybit2,736.9+0.177%Nado2,736.9+0.179%Gate2,736.9+0.179%Perpl2,737+0.180%Ondo Perps2,737+0.182%Aevo2,737.2+0.190%gTrade (Gains Network)2,737.3+0.191%Vest2,737.3+0.193%Extended2,737.3+0.193%Aftermath Perps2,737.4+0.194%Polymarket Perps2,737.4+0.196%Katana Perps2,737.5+0.200%01 Exchange2,737.7+0.207%Lighter2,737.8+0.212%RISEx2,737.8+0.212%Aster2,737.9+0.213%SunX2,737.9+0.214%ApeX Omni2,738+0.217%Phemex2,738+0.218%Backpack2,738.1+0.220%Pacifica2,738.1+0.222%HTX2,738.2+0.224%BloFin2,738.5+0.235%SoDEX2,738.5+0.236%Arcus2,738.6+0.240%Hotstuff2,738.6+0.240%Lighter RH2,738.7+0.243%dYdX2,738.7+0.243%StandX2,739.5+0.273%

Phoenix2,740+0.291%

Hyperliquid2,740.1+0.295%Bluefin2,740.1+0.295%Kraken Futures2,740.1+0.297%Hibachi2,740.2+0.298%Kalshi2,740.2+0.299%Jupiter Perps2,740.3+0.303%Coinbase International2,740.6+0.313%Deribit2,740.8+0.319%Paradex2,741.1+0.330%Orderly2,741.6+0.351%

Derive2,743.1+0.405%

ETH on 54 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bulk ETH-USD	−0.291%	+0.0100%	1h	$150.8M	$273.0M	25x	as long as short
Injective ETH/USDC PERP	−0.223%	+0.0067%	1h	$117K	$22.5M	52x	as long as short
Variational Omni ETH	−0.202%	+0.0100%	8h	$151.5M	$301.6M	—	as long as short
edgeX ETHUSDC	−0.168%	+0.0100%	4h	$177.4M	$750.7M	100x	as long as short
MEXC ETH_USDT	−0.163%	+0.0090%	8h	$1.53B	$2.47B	500x	as long as short
Reya ETHRUSDPERP	−0.161%	+0.0160%	1h	$7.3M	$970K	25x	as long as short
Bullet ETH-USD	−0.160%	+0.0012%	1h	$191K	$1.9M	20x	as long as short
OKX ETH-USDT-SWAP	−0.154%	+0.0013%	8h	$1.71B	$11.02B	100x	as long as short
Bitget ETHUSDT	−0.147%	+0.0063%	8h	$2.13B	$3.09B	150x	as long as short
Binance ETHUSDT	−0.127%	+0.0091%	8h	$6.53B	$15.37B	150x	as long as short

Show all 54 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
BingX ETH-USDT	−0.123%	+0.0100%	8h	—	$1.10B	—	as long as short
GMX ETH/USD [ETH-USDC]	−0.120%	L +0.0019% / S +0.0013%	1h	$11.9M	—	200x	as long as short
KuCoin ETHUSDTM	−0.120%	+0.0100%	8h	$440.7M	$664.0M	100x	as long as short
Bybit ETHUSDT	−0.114%	+0.0100%	8h	$2.47B	$4.40B	150x	as long as short
Nado ETH-PERP	−0.112%	+0.0100%	1h	$17.7M	$113.2M	50x	as long as short
Gate ETH_USDT	−0.112%	−0.0048%	8h	$3.72B	$8.70B	200x	as long as short
Perpl ETH	−0.111%	−0.0447%	43m	$407K	$5.9M	8.3x	as long as short
Ondo Perps ETH-USD.P	−0.109%	+0.0100%	1h	$3.0M	$13.6M	25x	as long as short
Aevo ETH-PERP	−0.101%	+0.0096%	1h	$5.0M	$735K	20x	as long as short
gTrade (Gains Network) ETH/USD	−0.100%	L +0.0006% / S −0.0006%	1h	$22.2M	—	200x	as long as short
Vest ETH-PERP	−0.098%	+0.0100%	1h	—	$1.2M	50x	as long as short
Extended ETH-USD	−0.098%	+0.0104%	1h	$32.4M	$75.0M	50x	as long as short
Aftermath Perps ETHUSD	−0.097%	+0.0283%	1h	$29K	$27K	20x	as long as short
Polymarket Perps ETH-USD	−0.095%	+0.0100%	1h	$10.7M	$5.3M	50x	as long as short
Katana Perps ETH-USD	−0.091%	+0.0100%	8h	$473K	$2.0M	50x	as long as short
01 Exchange ETHUSD	−0.084%	+0.0016%	1h	$188K	$1.1M	50x	as long as short
Lighter ETH	−0.080%	+0.0096%	1h	$118.3M	$499.0M	50x	as long as short
RISEx ETH/USDC	−0.079%	+0.0171%	1h	$5.8M	$13.3M	25x	as long as short
Aster ETHUSDT	−0.078%	+0.0100%	8h	$272.9M	$843.3M	200x	as long as short
SunX ETH-USDT	−0.077%	+0.0100%	8h	$944K	$14.6M	100x	as long as short
ApeX Omni ETHUSDT	−0.074%	−0.0040%	1h	$7.7M	$27.6M	100x	as long as short
Phemex ETHUSDT	−0.073%	+0.0044%	8h	$264.9M	$66.4M	150x	as long as short
Backpack ETH_USDC_PERP	−0.071%	+0.0100%	1h	$14.9M	$39.7M	50x	as long as short
Pacifica ETH	−0.069%	+0.0100%	1h	$30.9M	$209.4M	50x	as long as short
HTX ETH-USDT	−0.067%	+0.0084%	8h	$1.08B	$1.18B	200x	as long as short
BloFin ETH-USDT	−0.056%	+0.0211%	8h	$296.1M	$177.5M	150x	as long as short
SoDEX ETH-USD	−0.055%	−0.0019%	1h	$55.3M	$161.6M	40x	as long as short
Arcus ETH-USD	−0.051%	+0.0100%	1h	$2.5M	$15.6M	25x	as long as short
Hotstuff ETH-PERP	−0.051%	−0.0080%	1h	$5K	$2K	50x	as long as short
Lighter RH ETH	−0.049%	+0.0096%	1h	$25.5M	$119.0M	50x	as long as short
dYdX ETH-USD	−0.048%	+0.0096%	1h	$16.1M	$33.0M	50x	as long as short
StandX ETH-USD	−0.018%	+0.0100%	1h	$21.0M	$51.6M	40x	as long as short
Phoenix ETHlong	0.000%	+0.0050%	1h	$1.4M	$2.4M	25x
Hyperliquid ETH	+0.004%	+0.0345%	1h	$3.27B	$2.17B	25x	as long as short
Bluefin ETH-PERP	+0.004%	+0.0100%	1h	$21K	$25K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.005%	+0.0350%	1h	$87.7M	$313.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.007%	+0.0104%	1h	$288K	$1.3M	20x	as long as short
Kalshi KXETHPERP	+0.007%	0.0000%	8h	$7.1M	$536.2M	4.9x	as long as short
Jupiter Perps ETH-PERP	+0.011%	L +0.0096% / S +0.0048%	1h	—	$44.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.022%	+0.0088%	1h	$60.3M	$4.78B	50x	as long as short
Deribit ETH-PERPETUAL	+0.028%	+0.0137%	1h	$260.4M	$214.8M	50x	as long as short
Paradex ETH-USD-PERP	+0.038%	+0.0100%	8h	$14.3M	$11.5M	50x	as long as short
Orderly PERP_ETH_USDC	+0.059%	+0.0208%	8h	$32.2M	$10.7M	100x	as long as short
Derive ETH-PERPshort	+0.114%	+0.0390%	1h	$42.7M	$27.2M	15x