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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:00 UTC+0.0017%/8h= +1.9% APRnext payment +$0.02 per $10,000 · paid last 24h −0.016%
Price spread now: Injective against Phoenix+0.198%7-day average −0.002% · you sell dearer than you buy
Net, funding: paid 7d − costs−$58as in the Funding arb table
Net, price: spread back to 7d avg − costs−$49as in the Price arb table
costs, in and out, $10k−$690.690% of the position
Long on PhoenixShort on Injective
What this pair did over the last
the charts below follow
Funding, last 7 days+0.110%+$11 on $10k
Price spread, last 4 days (all we have)−0.395%−$40 · spread now +0.198%, 7d avg −0.002%
Together, before fees−0.285%−$29 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.200% dearer against Phoenix than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.002%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ETH2,725.4−0.0009get 0.0001% / 1h16m 19s$815K$3.0M25x
ShortInjective ETH/USDC PERP2,730.80.0009get 0.0001% / 1h16m 19s$117K$22.5M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective 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

Funding earned
$3.66
Price spread: +0.198% → −0.002%
$20.02
Slippage, 4 orders
−$61.96
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
−$45.3
Costs to cover
0.690%
Break-even
93.6 days
Slippage from Phoenix: live order book, 2 min ago; Injective: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 2 min ago0.18 bp4.3 bp −$48.1 bp −$8120.9 bp −$2,091doesn't fit
Sell Injective live order book, 3 min ago12.79 bp48.0 bp −$4849.2 bp −$49249.3 bp −$4,933doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,731.5+0.224%$281K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,731.3+0.216%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,732.5+0.259%$12.0M—200xas long as short
Phoenix ETHlong−0.0009%1h2,725.4long leg$815K$3.0M25x
HTX ETH-USDT−0.0001%8h2,732.3+0.252%$1.05B$1.22B200xas long as short
dYdX ETH-USD+0.0007%1h2,732.3+0.253%$10.4M$42.6M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,732.7+0.269%$33.0M—200xas long as short
Injective ETH/USDC PERPshort+0.0009%1h2,730.8+0.198%$117K$22.5M52x
BingX ETH-USDT+0.0034%8h2,732.4+0.256%—$1.12B—as long as short
01 Exchange ETHUSD+0.0040%1h2,732.6+0.264%$191K$847K50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0043%8h2,731.8+0.235%$2.35B$4.41B150xas long as short
Aftermath Perps ETHUSD+0.0077%1h2,727.9+0.092%$30K$20K20xas long as short
KuCoin ETHUSDTM+0.0079%8h2,732.4+0.258%$375.2M$578.0M100xas long as short
SunX ETH-USDT+0.0080%8h2,731.4+0.220%$957K$11.1M100xas long as short
Bullet ETH-USD+0.0081%1h2,732.3+0.255%$181K$1.7M20xas long as short
Aster ETHUSDT+0.0091%8h2,732.6+0.266%$252.4M$846.2M200xas long as short
Phemex ETHUSDT+0.0093%8h2,732.2+0.248%$263.4M$65.0M150xas long as short
MEXC ETH_USDT+0.0095%8h2,732.8+0.273%$1.54B$2.60B500xas long as short
Lighter ETH+0.0096%1h2,732.6+0.263%$112.7M$436.2M50xas long as short
Lighter RH ETH+0.0096%1h2,733.6+0.299%$23.5M$104.0M50xas long as short
Aevo ETH-PERP+0.0096%1h2,729.7+0.160%$4.9M$155K20xas long as short
Binance ETHUSDT+0.0097%8h2,732.4+0.259%$6.34B$16.12B150xas long as short
OKX ETH-USDT-SWAP+0.0097%8h2,731.7+0.231%$1.66B$10.88B100xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.7+0.231%$505K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,736+0.389%$15.2M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,732.6+0.266%$14.1M$105.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,734.9+0.349%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,732.9+0.274%$32.0M$333.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,730.5+0.187%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.6+0.265%$1.5M$16.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,722.5−0.106%$160.0M$319.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,732.4+0.255%$3.29B$9.04B200xas long as short
Bitget ETHUSDT+0.0100%8h2,732.1+0.245%$2.09B$2.79B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,731.3+0.217%$14.9M$42.2M50xas long as short
Variational Omni ETH+0.0100%8h2,724.5−0.033%$133.3M$327.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.3−0.002%$184.6M$678.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,731.6+0.227%$158.9M$87.4M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,729.9+0.165%$8.7M$31.4M100xas long as short
StandX ETH-USD+0.0100%1h2,732.2+0.250%$21.0M$70.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.8+0.307%—$875K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,734+0.316%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,732.3+0.254%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,733.4+0.295%$41.0M$30.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,731.9+0.238%$54.4M$187.7M40xas long as short
Extended ETH-USD+0.0104%1h2,731+0.207%$30.4M$74.2M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,732.8+0.271%—$31.3M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,733.3+0.289%$49.7M$4.32B50xas long as short
RISEx ETH/USDC+0.0108%1h2,732.8+0.272%$5.6M$11.8M25xas long as short
Deribit ETH-PERPETUAL+0.0138%1h2,733.1+0.282%$259.3M$207.7M50xas long as short
Kalshi KXETHPERP+0.0148%8h2,731.9+0.238%$6.9M$692.3M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,732.6+0.264%$83.2M$311.6M100xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,734.4+0.330%$32.1M$11.5M100xas long as short
Reya ETHRUSDPERP+0.0198%1h2,732+0.242%$7.3M$1.3M25xas long as short
Hibachi ETH/USDT-P+0.0280%1h2,733+0.279%$250K$1.4M20xas long as short
BloFin ETH-USDT+0.0382%8h2,731.9+0.237%$281.6M$174.8M150xas long as short