Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.007%

Price spread now: MEXC against Phoenix−0.241%62s7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$100.102% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 7 days+0.155%+$15 · spread now −0.241%, 7d avg −0.097%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.144% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.241% now, against its 7-day average of −0.097%). If the spread goes back, that is −$14 on $10k: about 5.5 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.084%, so the current rate has only just turned in your favour. The two prices were read 62 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	2,752.8	−0.0006	get 0.0001% / 1h	20m 29s	$849K	$3.1M	25x
Short	MEXC ETH_USDT	2,746.2	0.0081	get 0.0081% / 8h	6h 20m	$1.56B	$2.57B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.241%Rate

Funding earned: $18.23
Price spread: −0.241% → −0.097%: −$14.39
Slippage, 4 orders: −$1.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$6.36
Costs to cover: 0.102%
Break-even: 9.4 days

Slippage from Phoenix: live order book, 3 min ago; MEXC: 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, 3 min ago	0.18 bp	4.3 bp −$4	8.6 bp −$86	22.1 bp −$2,206	doesn't fit
Sell MEXC live order book, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	1.6 bp −$792

ETH on 54 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
Perpl ETH	−0.0112%	43m	2,747.6	−0.187%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,750	−0.102%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.6	−0.224%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,749.6	−0.116%	$12.2M	—	200x	as long as short
Phoenix ETHlong	−0.0006%	1h	2,752.8	long leg	$849K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,747	−0.210%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.7	−0.112%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,747.1	−0.207%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0028%	1h	2,751.6	−0.043%	$8.7M	$31.5M	100x	as long as short
BingX ETH-USDT	+0.0037%	8h	2,745.9	−0.249%	—	$1.18B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0047%	8h	2,746.2	−0.240%	$1.69B	$10.95B	100x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,748.3	−0.163%	$1.06B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,746.9	−0.213%	$253.0M	$857.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,746.4	−0.232%	$372.5M	$609.7M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,746.6	−0.227%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDTshort	+0.0081%	8h	2,746.2	−0.241%	$1.56B	$2.57B	500x
Binance ETHUSDT	+0.0081%	8h	2,746.3	−0.235%	$6.38B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.3	−0.127%	$59.1M	$4.34B	50x	as long as short
Gate ETH_USDT	+0.0091%	8h	2,746.4	−0.234%	$3.39B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0094%	8h	2,746.4	−0.233%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747	−0.211%	$112.9M	$443.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748	−0.175%	$24.8M	$107.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.9	−0.106%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,750.7	−0.076%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746	−0.247%	$478K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.2	−0.238%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.5	−0.156%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.3	−0.201%	$31.5M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.2	−0.239%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.1	−0.243%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747	−0.211%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.2	−0.166%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	−0.148%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.9	−0.069%	$181.9M	$703.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,752	−0.030%	$160.0M	$83.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.7	−0.004%	$21.3M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	−0.174%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.8	−0.218%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746	−0.246%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.1	−0.099%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.7	−0.076%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.8	−0.183%	$963K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.6	−0.153%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.6	−0.154%	$267.3M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.036%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,750.5	−0.083%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0103%	1h	2,750	−0.103%	$258.5M	$199.9M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.5	−0.265%	$30.5M	$73.5M	50x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,750.4	−0.087%	$7.7M	$674.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0172%	8h	2,751.6	−0.044%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,750.9	−0.068%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.8	−0.073%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,746	−0.248%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.3	−0.128%	$89.4M	$316.7M	100x	as long as short