ARB

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0369%/8h= −40.4% APRnext payment −$0.46 per $10,000 · paid last 24h −0.028%

Price spread now: Coinbase International against Backpack+0.259%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$610.612% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)+2.392%+$239 · spread now +0.259%, 7d avg +0.082%

Together, before fees+2.500%+$250 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.177% dearer against Backpack than usual: you sell high and buy low (spread +0.259% now, against its 7-day average of +0.082%): +$18 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 38 hours. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.107% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ARB_USDC_PERP	0.2238	0.0593	pay 0.0074% / 1h	20m 06s	$1.0M	$2.8M	20x
Short	Coinbase International ARB-PERP-INTX	0.2244	0.0224	get 0.0028% / 1h	20m 06s	$511K	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now +0.259%Rate

Funding earned: −$77.56
Price spread: +0.259% → +0.082%: $17.68
Slippage, 4 orders: −$41.24
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$121.12
Costs to cover: 0.612%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Coinbase International: live order book, 4 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 Backpack live order book, 4 min ago	1.12 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	6.70 bp	23.8 bp −$24	39.1 bp −$391	doesn't fit	doesn't fit

ARB on 36 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
Injective ARB/USDC PERP	−0.1577%	1h	0.2227	−0.500%	$40K	$372K	12x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0197%	1h	0.2236	−0.116%	$25K	$34K	25x	as long as short
Variational Omni ARB	−0.0147%	8h	0.2240	+0.060%	$1.9M	$2.9M	—	as long as short
OKX ARB-USDT-SWAP	−0.0136%	8h	0.2234	−0.179%	$22.5M	$151.0M	50x	as long as short
MEXC ARB_USDT	−0.0135%	8h	0.2234	−0.170%	$38.3M	$59.2M	200x	as long as short
01 Exchange ARBUSD	−0.0120%	1h	0.2235	−0.165%	$7K	$2K	10x	as long as short
Gate ARB_USDT	−0.0117%	8h	0.2235	−0.143%	$5.4M	$19.2M	60x	as long as short
Polymarket Perps ARB-USD	−0.0100%	1h	0.2234	−0.179%	$93K	$2.1M	10x	as long as short
Kraken Futures PF_ARBUSD	−0.0097%	1h	0.2236	−0.112%	$1.1M	$4.4M	50x	as long as short
Bybit ARBUSDT	−0.0092%	8h	0.2235	−0.165%	$56.9M	$126.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ARB-USD	−0.0074%	1h	0.2235	−0.143%	$10K	$2.4M	5x	as long as short
Orderly PERP_ARB_USDC	−0.0072%	8h	0.2235	−0.143%	$13K	$386K	10x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2238	−0.001%	$66K	$5K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0013%	1h	0.2236	−0.098%	$11K	—	150x	as long as short
Binance ARBUSDT	+0.0023%	8h	0.2235	−0.143%	$65.2M	$306.9M	75x	as long as short
Extended ARB-USD	+0.0024%	1h	0.2234	−0.184%	$356K	$2.5M	25x	as long as short
Phemex ARBUSDT	+0.0071%	8h	0.2235	−0.143%	$5.0M	$12.9M	50x	as long as short
Bitget ARBUSDT	+0.0081%	8h	0.2234	−0.188%	$21.3M	$34.6M	50x	as long as short
BingX ARB-USDT	+0.0084%	8h	0.2235	−0.152%	—	$54.0M	—	as long as short
BloFin ARB-USDT	+0.0085%	8h	0.2240	+0.063%	$3.1M	$2.7M	75x	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2236	−0.092%	$142K	$7K	3x	as long as short
ApeX Omni ARBUSDT	+0.0089%	1h	0.2238	−0.009%	$121K	$283K	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2235	−0.139%	$1.2M	$6.4M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2236	−0.076%	$38.8M	$49.1M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2236	−0.081%	$655K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2238	−0.004%	$43K	$175K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2236	−0.107%	$19.7M	$15.3M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2224	−0.637%	$40K	$461K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2236	−0.098%	$484K	$3.6M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2237	−0.054%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2234	−0.188%	$299K	$930K	50x	as long as short
Coinbase International ARB-PERP-INTXshort	+0.0224%	1h	0.2244	+0.259%	$511K	$2.0M	50x
RISEx ARB/USDC	+0.0232%	1h	0.2236	−0.112%	$488K	$2.6M	10x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0273% / S −0.0155%	1h	0.2236	−0.113%	$834K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0290%	1h	0.2233	−0.217%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERPlong	+0.0593%	1h	0.2238	long leg	$1.0M	$2.8M	20x