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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 06:00 UTC−0.0193%/8h= −21.1% APRnext payment −$0.24 per $10,000 · paid last 24h −0.041%
Price spread now: Phoenix against Reya+0.099%7-day average +0.121% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on ReyaShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.070%−$7 on $10k
Price spread, last 7 days+0.026%+$3 · spread now +0.099%, 7d avg +0.121%
Together, before fees−0.045%+ Points / potential airdropReya: Active · farm board−$4 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.021% cheaper against Reya than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.121%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongReya ETHRUSDPERP2,731.70.0187pay 0.0023% / 1h5m 24s$7.3M$975K25x
ShortPhoenix ETH2,734.4−0.0006pay 0.0001% / 1h5m 24s$814K$3.0M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. 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
−$40.49
Price spread: +0.099% → +0.121%
−$2.15
Slippage, 4 orders
no order book: not counted
Fee Reya: 3 bp × 2 orders
−$6
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$55.64
Costs to cover
0.130%
Break-even
never at this rate
Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Reya no order-book sample—————
Sell Phoenix live order book, 3 min ago0.18 bp4.0 bp −$47.3 bp −$7316.7 bp −$1,668doesn't fit
Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff ETH-PERP−0.0080%1h2,734.8+0.114%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,734.2+0.092%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,732.6+0.034%$11.9M—200xas long as short
Phoenix ETHshort−0.0006%1h2,734.4+0.099%$814K$3.0M25x
dYdX ETH-USD0.0000%1h2,734.1+0.087%$10.5M$42.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,734.6+0.107%$6.6M$682.7M4.9xas long as short
Perpl ETH0.0000%43m2,732+0.012%$288K$5.8M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,734.1+0.087%$262.5M$213.3M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,732.7+0.038%$33.0M—200xas long as short
01 Exchange ETHUSD+0.0016%1h2,733.2+0.056%$191K$890K50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0022%8h2,732.1+0.016%—$1.10B—as long as short
ApeX Omni ETHUSDT+0.0025%1h2,731.9+0.009%$8.6M$31.5M100xas long as short
Bybit ETHUSDT+0.0027%8h2,732.1+0.014%$2.34B$4.38B150xas long as short
HTX ETH-USDT+0.0029%8h2,732.9+0.043%$1.05B$1.22B200xas long as short
KuCoin ETHUSDTM+0.0067%8h2,732.4+0.024%$380.7M$576.9M100xas long as short
SoDEX ETH-USD+0.0073%1h2,732.9+0.045%$54.4M$187.2M40xas long as short
OKX ETH-USDT-SWAP+0.0080%8h2,732+0.012%$1.65B$10.86B100xas long as short
Aster ETHUSDT+0.0083%8h2,732.4+0.027%$253.1M$846.7M200xas long as short
Phemex ETHUSDT+0.0091%8h2,733.1+0.051%$263.1M$64.6M150xas long as short
Bullet ETH-USD+0.0091%1h2,732.3+0.023%$188K$1.7M20xas long as short
MEXC ETH_USDT+0.0095%8h2,732.2+0.019%$1.54B$2.61B500xas long as short
Binance ETHUSDT+0.0095%8h2,732.2+0.018%$6.33B$16.11B150xas long as short
Lighter ETH+0.0096%1h2,733.9+0.080%$112.8M$439.0M50xas long as short
Lighter RH ETH+0.0096%1h2,735+0.120%$23.5M$103.5M50xas long as short
Aevo ETH-PERP+0.0096%1h2,729.6−0.074%$4.9M$171K20xas long as short
Aftermath Perps ETHUSD+0.0100%1h2,733.7+0.074%$30K$20K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.9+0.008%$502K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,737.7+0.221%$15.4M$7.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,733+0.047%$14.2M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,734.8+0.114%$3.11B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,734.1+0.087%$32.0M$332.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,733.1+0.052%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,733.2+0.056%$1.5M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,731.8+0.004%$164.2M$349.6M25xas long as short
Gate ETH_USDT+0.0100%8h2,732.4+0.027%$3.31B$9.05B200xas long as short
Bitget ETHUSDT+0.0100%8h2,732.6+0.032%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,733.1+0.052%$15.1M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,732.5+0.031%$134.3M$320.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,731.3−0.013%$185.7M$682.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,732.6+0.035%$158.8M$84.8M50xas long as short
StandX ETH-USD+0.0100%1h2,734.1+0.088%$21.0M$70.4M40xas long as short
Vest ETH-PERP+0.0100%1h2,734.3+0.096%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.8+0.077%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,733.2+0.056%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,735.9+0.154%$41.0M$30.1M15xas long as short
SunX ETH-USDT+0.0100%8h2,733.4+0.064%$959K$10.9M100xas long as short
Extended ETH-USD+0.0104%1h2,731.8+0.005%$30.4M$72.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,733.6+0.070%—$30.5M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,734.3+0.097%$46.6M$4.31B50xas long as short
RISEx ETH/USDC+0.0115%1h2,733.2+0.056%$5.6M$11.6M25xas long as short
Hibachi ETH/USDT-P+0.0128%1h2,734.7+0.109%$243K$1.4M20xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,734.5+0.104%$32.2M$11.3M100xas long as short
Reya ETHRUSDPERPlong+0.0187%1h2,731.7long leg$7.3M$975K25x
Kraken Futures PF_ETHUSD+0.0210%1h2,733.5+0.068%$82.2M$309.8M100xas long as short
BloFin ETH-USDT+0.0380%8h2,734.4+0.099%$281.2M$175.8M150xas long as short