Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h −0.014%

Price spread now: Phemex against RISEx−0.029%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.029%, 7d avg −0.021%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ETH/USDC	2,776.6	−0.0085	get 0.0011% / 1h	4m 37s	$5.7M	$11.9M	25x
Short	Phemex ETHUSDT	2,775.8	0.0023	get 0.0023% / 8h	1h 04m	$270.3M	$68.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now −0.029%Rate

Funding earned: $22.71
Price spread: −0.029% → −0.021%: −$0.8
Slippage, 4 orders: −$0.29
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $3.62
Costs to cover: 0.183%
Break-even: 5.9 days

Slippage from RISEx: live order book, 5 min ago; Phemex: live order book, 5 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 RISEx live order book, 5 min ago	0.02 bp	3.0 bp −$3	4.6 bp −$46	273.7 bp −$27.4K	doesn't fit
Sell Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.5 bp −$65	10.7 bp −$1,073	14.6 bp −$7,291

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	2,774.9	−0.061%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDClong	−0.0085%	1h	2,776.6	long leg	$5.7M	$11.9M	25x
Hotstuff ETH-PERP	−0.0080%	1h	2,777.3	+0.025%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.177%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.1	+0.018%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777	+0.014%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.036%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.2	−0.014%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0009%	1h	2,774.4	−0.081%	$29K	$22K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0017%	8h	2,776.8	+0.008%	$1.70B	$11.87B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDTshort	+0.0023%	8h	2,775.8	−0.029%	$270.3M	$68.8M	150x
Bullet ETH-USD	+0.0025%	1h	2,775.5	−0.041%	$182K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.1	−0.018%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,776.7	+0.003%	$256.0M	$994.9M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.209%	$8.7M	$32.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0049%	1h	2,777.3	+0.024%	$258.6M	$222.5M	50x	as long as short
Nado ETH-PERP	+0.0056%	1h	2,776.7	+0.005%	$14.2M	$118.1M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.8	−0.136%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,776.6	+0.001%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,776.9	+0.011%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0063%	1h	2,775.6	−0.036%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.8	+0.008%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,776.7	+0.002%	$3.29B	$9.68B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,775.3	−0.047%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,777	+0.014%	$2.52B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0092%	8h	2,776.6	−0.001%	—	$1.20B	—	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,776.9	+0.009%	$422.1M	$739.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,777.4	+0.027%	$115.2M	$503.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.8	+0.079%	$25.5M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.8	−0.029%	—	$41.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.5	−0.002%	$16.0M	$10.5M	50x	as long as short
Vest ETH-PERP	+0.0099%	1h	2,776.9	+0.011%	—	$1.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.8	+0.007%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.5	+0.104%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.2	+0.021%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.6	0.000%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.9	+0.048%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.208%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.4	−0.043%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.104%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.4	−0.225%	$181.4M	$780.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773.3	−0.118%	$161.3M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.3	−0.047%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.2	+0.057%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.8	−0.028%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.1	+0.054%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.2	−0.088%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.1	−0.020%	$32.6M	$77.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.1	+0.017%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,775.5	−0.040%	$8.4M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,778.5	+0.069%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,777	+0.013%	$86.4M	$332.4M	100x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,775.4	−0.042%	$285.1M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,776.7	+0.002%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,773.3	−0.119%	$270K	$1.5M	20x	as long as short