Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.015%

Price spread now: Phoenix against Variational Omni+0.230%84s7-day average +0.089% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days−0.128%−$13 · spread now +0.230%, 7d avg +0.089%

Together, before fees−0.141%+ Points / potential airdropVariational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.141% dearer against Variational Omni than usual: you sell high and buy low (spread +0.230% now, against its 7-day average of +0.089%): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.7 days. At the pace of the last 3 days (−0.013% in total) that is about 37 days. The two prices were read 84 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	Variational Omni ETH	2,734.9	0.0100	pay 0.0100% / 8h	4h 50m	$133.1M	$324.8M	—
Short	Phoenix ETH	2,741.2	0	get 0.0000% / 1h	50m 00s	$832K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now +0.230%Rate

Funding earned: −$21
Price spread: +0.230% → +0.089%: $14.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.9
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phoenix: live order book, 9 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 4 min ago	0.55 bp	doesn't fit	0.5 bp −$5	2.5 bp −$248	doesn't fit
Sell Phoenix live order book, 9 min ago	0.18 bp	4.2 bp −$4	7.6 bp −$76	16.7 bp −$1,672	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	2,734.7	−0.009%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,739.3	+0.161%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	+0.117%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735	+0.005%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.9	+0.001%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735	+0.004%	$181K	$833K	50x	as long as short
Phoenix ETHshort	0.0000%	1h	2,741.2	+0.230%	$832K	$2.9M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735	+0.005%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,734.5	−0.014%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0050%	1h	2,734.3	−0.022%	$54.5M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0055%	8h	2,733.6	−0.048%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,732.6	−0.085%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,734.5	−0.014%	$380.7M	$573.6M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,734.4	−0.018%	$252.8M	$841.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,732.1	−0.104%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,734	−0.033%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,733.6	−0.047%	$6.35B	$15.72B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.8	−0.002%	$112.5M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.9	+0.036%	$24.1M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,735.6	+0.027%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.3	+0.015%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.9	+0.183%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734	−0.033%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.5	−0.014%	$13.9M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.2	+0.048%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736	+0.040%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,732.7	−0.082%	$2.43B	$4.21B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.3	−0.022%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.1	+0.006%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.214%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.5	−0.014%	$3.38B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.2	−0.027%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733.8	−0.039%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,734.9	long leg	$133.1M	$324.8M	—
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.113%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.149%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738	+0.112%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	+0.040%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.9	+0.036%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736	+0.040%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.9	+0.038%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.1	−0.028%	$959K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,734.2	−0.025%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,734.4	−0.017%	$265.7M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.5	−0.051%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,735.7	+0.031%	$51.2M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,738.6	+0.135%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,735.5	+0.022%	$7.7M	$673.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0185%	1h	2,736	+0.040%	$260.0M	$194.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,736.6	+0.061%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,735.5	+0.023%	$285.2M	$172.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.1	+0.008%	$85.4M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,733.9	−0.037%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736.9	+0.072%	$251K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1204%	1h	2,735	+0.005%	$21K	$20K	25x	as long as short