Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h −0.002%

Price spread now: OKX against Phoenix−0.201%56s7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as 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−$190.185% of the position

Long on Phoenix Short on OKX

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+0.126%+$13 · spread now −0.201%, 7d avg −0.097%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.103% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.201% now, against its 7-day average of −0.097%). If the spread goes back, that is −$10 on $10k: about 4.2 days of funding at the current rate (+$2 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 56 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	2,739	−0.0006	get 0.0001% / 1h	28m 29s	$821K	$2.9M	25x
Short	OKX ETH-USDT-SWAP	2,733.5	0.0076	get 0.0076% / 8h	3h 28m	$1.67B	$10.73B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.201%Rate

Funding earned: $17.24
Price spread: −0.201% → −0.097%: −$10.35
Slippage, 4 orders: −$1.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$11.63
Costs to cover: 0.185%
Break-even: 11.7 days

Slippage from Phoenix: live order book, 5 min ago; OKX: live order book, 6 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, 5 min ago	0.18 bp	4.3 bp −$4	7.8 bp −$78	20.3 bp −$2,027	doesn't fit
Sell OKX live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$612	8.2 bp −$4,095

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
Perpl ETH	−0.0335%	43m	2,733.9	−0.188%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.6	−0.161%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.5	−0.165%	$11.9M	—	200x	as long as short
Phoenix ETHlong	−0.0006%	1h	2,739	long leg	$821K	$2.9M	25x
HTX ETH-USDT	−0.0005%	8h	2,733	−0.220%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,734.2	−0.174%	$10.7M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.5	−0.163%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0025%	1h	2,732.5	−0.236%	$179K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,733.9	−0.188%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0041%	8h	2,733.4	−0.204%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,734.2	−0.175%	$187K	$816K	50x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,734.2	−0.175%	$379.8M	$573.5M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0068%	1h	2,735.4	−0.132%	$259.5M	$200.2M	50x	as long as short
OKX ETH-USDT-SWAPshort	+0.0076%	8h	2,733.5	−0.201%	$1.67B	$10.73B	100x
SunX ETH-USDT	+0.0080%	8h	2,734.2	−0.175%	$959K	$11.2M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,734.2	−0.176%	$251.1M	$841.9M	200x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,737.8	−0.045%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,734.3	−0.172%	$265.1M	$65.1M	150x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,733.1	−0.217%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,733.8	−0.188%	$6.35B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.2	−0.174%	$112.8M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.6	−0.126%	$23.4M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,736.1	−0.107%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.7	−0.267%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,735.8	−0.117%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0097%	1h	2,734.2	−0.175%	$54.4M	$187.7M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.4	−0.204%	$505K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.9	−0.075%	$15.6M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.1	−0.178%	$13.8M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.9	−0.113%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.6	−0.161%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.4	−0.204%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.9	−0.149%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	−0.094%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734	−0.183%	$3.33B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.4	−0.204%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.4	−0.205%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.4	−0.058%	$133.6M	$321.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.2	−0.104%	$184.1M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	−0.033%	$159.3M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735.7	−0.120%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,734.7	−0.156%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734.9	−0.150%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.6	−0.160%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.7	−0.122%	$41.3M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.7	−0.230%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,734.7	−0.159%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,736.5	−0.091%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,735	−0.145%	$50.9M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,735.7	−0.120%	$6.5M	$684.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,734.9	−0.149%	$83.3M	$315.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0196%	8h	2,736.2	−0.102%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,732.3	−0.246%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,735.5	−0.127%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0370%	8h	2,734.2	−0.175%	$283.1M	$175.1M	150x	as long as short