Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.015%

Price spread now: Phemex against Vest−0.042%7-day average −0.022% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.042%, 7d avg −0.022%

Together, before fees−0.014%+ Points / potential airdropVest: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.020% cheaper against Vest than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,729.6	0.0100	pay 0.0013% / 1h	22m 58s	—	$844K	50x
Short	Phemex ETHUSDT	2,728.4	0.0086	get 0.0086% / 8h	3h 22m	$264.5M	$65.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$3.03
Price spread: −0.042% → −0.022%: −$2.01
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$19.04
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 6 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	1.52 bp	7.5 bp −$8	8.2 bp −$82	10.6 bp −$1,062	15.8 bp −$7,881

Vest: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0335%	43m	2,728.4	−0.042%	$296K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.5	−0.003%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0017%	8h	2,728	−0.058%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	−0.030%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,730.2	+0.023%	$816K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.8	−0.028%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,729.7	+0.005%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,728.1	−0.054%	$178K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,726.3	−0.119%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0038%	8h	2,726.9	−0.099%	$2.36B	$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	2,728.9	−0.025%	$186K	$815K	50x	as long as short
SunX ETH-USDT	+0.0065%	8h	2,728.4	−0.045%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,728.1	−0.053%	$378.9M	$574.0M	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,732.1	+0.091%	$8.6M	$31.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,727.1	−0.090%	$1.67B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,727	−0.093%	$250.4M	$841.1M	200x	as long as short
Phemex ETHUSDTshort	+0.0086%	8h	2,728.4	−0.042%	$264.5M	$65.1M	150x
SoDEX ETH-USD	+0.0087%	1h	2,728.2	−0.050%	$54.3M	$187.7M	40x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,727	−0.093%	$6.33B	$15.93B	150x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,727.5	−0.075%	$1.55B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.8	−0.101%	$4.9M	$155K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,728.6	−0.035%	$112.3M	$434.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.7	+0.005%	$23.4M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729.2	−0.014%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.129%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.2	−0.050%	$497K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.2	+0.021%	$15.6M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.2	−0.013%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730	+0.015%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.5	−0.003%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.5	−0.039%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.3	−0.012%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.050%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.3	−0.084%	$3.33B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.8	−0.064%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.3	−0.049%	$14.9M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.6	+0.002%	$133.3M	$321.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.8	+0.082%	$183.8M	$670.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.6	+0.001%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.6	+0.001%	$21.0M	$69.7M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,729.6	long leg	—	$844K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.8	+0.008%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.4	−0.008%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.4	+0.028%	$41.2M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.6	−0.108%	$30.6M	$73.3M	50x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,729.4	−0.006%	$6.5M	$684.1M	4.9x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,728.9	−0.023%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,732.7	+0.116%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,729	−0.021%	$50.9M	$4.27B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0149%	1h	2,729.9	+0.013%	$259.2M	$200.6M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,728.9	−0.026%	$83.1M	$315.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,730.9	+0.050%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,727.4	−0.078%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,730.4	+0.030%	$242K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0350%	8h	2,728	−0.058%	$282.6M	$174.7M	150x	as long as short