ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.010%

Price spread now: Polymarket Perps against Phoenix−0.255%59s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as 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−$180.184% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days+0.181%+$18 · spread now −0.255%, 7d avg −0.083%

Together, before fees+0.184%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.172% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.255% now, against its 7-day average of −0.083%). If the spread goes back, that is −$17 on $10k: about 5.7 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.003% in total) that is about 12 months. The two prices were read 59 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	2,779.8	0	get 0.0000% / 1h	32m 25s	$885K	$3.7M	25x
Short	Polymarket Perps ETH-USD	2,772.7	0.0100	get 0.0013% / 1h	32m 25s	$10.8M	$7.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.255%Rate

Funding earned: $21
Price spread: −0.255% → −0.083%: −$17.19
Slippage, 4 orders: −$3.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$14.59
Costs to cover: 0.184%
Break-even: 11.9 days

Slippage from Phoenix: live order book, 1 min ago; Polymarket Perps: live order book, 2 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, 1 min ago	0.18 bp	4.3 bp −$4	8.5 bp −$85	21.2 bp −$2,117	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	0.18 bp	5.5 bp −$6	6.7 bp −$67	15.8 bp −$1,579	doesn't fit

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	−0.0447%	43m	2,773.9	−0.213%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773.2	−0.239%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.8	−0.216%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.4	−0.158%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.4	−0.230%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,776.9	−0.104%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.8	−0.216%	$12.7M	$45.5M	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,779.8	long leg	$885K	$3.7M	25x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	−0.261%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,771.7	−0.292%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0016%	8h	2,775.5	−0.155%	$270.0M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,771.8	−0.287%	$1.70B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.4	−0.266%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,771.5	−0.298%	$255.9M	$990.2M	200x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771.6	−0.297%	$180K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,771.7	−0.293%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,771.6	−0.295%	$6.43B	$17.13B	150x	as long as short
Nado ETH-PERP	+0.0062%	1h	2,773.1	−0.240%	$14.3M	$118.0M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.6	−0.332%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,771.5	−0.297%	$3.28B	$9.59B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,771.7	−0.291%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0075%	1h	2,773.4	−0.230%	$258.3M	$222.2M	50x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,771.8	−0.288%	$55.2M	$228.8M	40x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,775.4	−0.158%	$8.7M	$32.5M	100x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.2	−0.130%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,771.7	−0.291%	$2.51B	$4.60B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,773.8	−0.217%	$114.9M	$499.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775	−0.174%	$25.4M	$121.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.6	−0.222%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,771.8	−0.288%	$425.0M	$738.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.3	−0.233%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774	−0.209%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.8	−0.216%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.2	−0.201%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.8	−0.252%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.1	−0.170%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.055%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.6	−0.153%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.188%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.9	−0.177%	$179.9M	$780.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	−0.100%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.4	−0.086%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.4	−0.231%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,772.7	−0.255%	$10.8M	$7.6M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	−0.266%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	−0.204%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	−0.315%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.2	−0.308%	$31.6M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.8	−0.215%	$60.1M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,778.1	−0.061%	$8.5M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,774.3	−0.198%	$32.5M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,778.5	−0.045%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.7	−0.219%	$86.3M	$331.1M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,775.4	−0.157%	$285.0M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,771.4	−0.303%	$7.4M	$1.2M	25x	as long as short