Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.005%

Price spread now: Gate against Phoenix+0.007%107s7-day average −0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as 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−$240.235% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 7 days−0.098%−$10 · spread now +0.007%, 7d avg −0.095%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.102% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.095%. Mind the row above: over the last 7 days funding on this pair cost −0.108%, so the current rate has only just turned in your favour. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,748.5	−0.0023	get 0.0003% / 1h	57m 37s	$808K	$2.8M	25x
Short	Gate ETH_USDT	2,748.7	0.0081	get 0.0081% / 8h	5h 57m	$3.27B	$7.67B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.007%Rate

Funding earned: $21.9
Price spread: +0.007% → −0.095%: $10.21
Slippage, 4 orders: −$1.52
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $8.59
Costs to cover: 0.235%
Break-even: 4.3 days

Slippage from Phoenix: live order book, 4 min ago; Gate: live order book, 5 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	7.8 bp −$78	21.2 bp −$2,115	doesn't fit
Sell Gate live order book, 5 min ago	0.02 bp	7.5 bp −$8	7.6 bp −$76	10.7 bp −$1,069	18.6 bp −$9,293

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0120%	1h	2,750.1	+0.057%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.033%	$5K	$1K	50x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,748.5	long leg	$808K	$2.8M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.4	+0.031%	$12.0M	—	200x	as long as short
Bybit ETHUSDT	0.0000%	8h	2,749.1	+0.021%	$2.37B	$3.83B	150x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,750.2	+0.062%	$7.2M	$661.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,749.9	+0.051%	$269K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.9	+0.051%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0024%	1h	2,748.5	0.000%	$8.3M	$25.3M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,748.5	0.000%	$1.67B	$9.26B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,749.3	+0.029%	$182K	$951K	50x	as long as short
Gate ETH_USDTshort	+0.0081%	8h	2,748.7	+0.007%	$3.27B	$7.67B	200x
Aster ETHUSDT	+0.0084%	8h	2,748.8	+0.013%	$257.5M	$723.2M	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,748.8	+0.009%	$365.2M	$443.0M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,748.9	+0.014%	$4.9M	$213K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,749	+0.018%	$1.61B	$2.34B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,748.6	+0.004%	$6.41B	$14.10B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,749.1	+0.020%	$114.1M	$382.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.3	+0.064%	$23.7M	$93.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.7	+0.045%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,750.6	+0.077%	$46.2M	$3.91B	50x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,748.7	+0.009%	$30K	$8K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.3	−0.007%	$507K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.4	+0.069%	$14.6M	$96.2M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.7	+0.042%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.7	+0.007%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.6	+0.039%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,748.6	+0.003%	$165.1M	$334.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748.4	−0.003%	$2.11B	$2.31B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,747.7	−0.028%	—	$18.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749	+0.019%	$14.9M	$36.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.039%	$132.5M	$292.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.4	−0.041%	$185.1M	$624.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,750.1	+0.059%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749.9	+0.051%	$21.1M	$75.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,751	+0.092%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.9	+0.087%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.6	+0.040%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.2	+0.061%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749.2	+0.027%	$948K	$8.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.7	+0.044%	$61.9M	$121.9M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,749.8	+0.047%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.6	+0.038%	$264.3M	$57.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.6	−0.033%	$30.5M	$65.3M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,750	+0.053%	$82.5M	$275.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0106%	1h	2,750.8	+0.082%	$266.7M	$186.1M	50x	as long as short
Reya ETHRUSDPERP	+0.0157%	1h	2,748.1	−0.016%	$7.3M	$837K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,752.2	+0.135%	$32.5M	$10.0M	100x	as long as short
dYdX ETH-USD	+0.0189%	1h	2,749.3	+0.028%	$15.3M	$42.8M	50x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,750.3	+0.067%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0237%	1h	2,751.7	+0.116%	$3.16B	$1.75B	25x	as long as short
BloFin ETH-USDT	+0.0361%	8h	2,749.6	+0.040%	$283.3M	$150.4M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.109%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERP	+0.0508%	8h	2,754	+0.200%	$15.9M	$6.2M	50x	as long as short