Funding you earn now, next payment 00:00 UTC−0.0379%/8h= −41.5% APRpaid last 24h −0.090%
Price spread now: Phemex against Backpack−0.228%7-day average −0.059% · you buy dearer than you sell
Net, funding: paid 7d − costs−$71as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$470.473% of the position
Funding, last 7 days−0.235%−$24 on $10k
+Price spread, last 3 days (all we have)+0.894%+$89 · spread now −0.228%, 7d avg −0.059%
=Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.169% cheaper against Backpack than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.059%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.235% in total (about -12.3% a year). A funding rate is set anew for every payment. 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 | 0.2282 | 0.0479 | pay 0.0060% / 1h | 34m 06s | $928K | $2.8M | 20x |
| Short | Phemex ARBUSDT | 0.2277 | 0.0100 | get 0.0100% / 8h | 34m 06s | $5.2M | $13.1M | 50x |
Backpack ARB_USDC_PERP
Phemex ARBUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$79.58
- Price spread: −0.228% → −0.059%
- −$16.88
- Slippage, 4 orders
- −$25.28
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$143.74
- Costs to cover
- 0.473%
- Break-even
- never at this rate
Slippage from Backpack: 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 Backpack live order book, 5 min ago | 1.98 bp | 10.7 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 6.60 bp | 15.9 bp −$16 | 29.8 bp −$298 | 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 | −0.1785% | 1h | 0.2264 | −0.797% | $41K | $372K | 12x | as long as short |
| Polymarket Perps ARB-USD | −0.0283% | 1h | 0.2279 | −0.153% | $75K | $2.0M | 10x | as long as short |
| Variational Omni ARB | −0.0182% | 8h | 0.2273 | −0.390% | $2.0M | $2.8M | — | as long as short |
| Bybit ARBUSDT | −0.0163% | 8h | 0.2278 | −0.167% | $58.6M | $128.9M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0160% | 1h | 0.2279 | −0.149% | $7K | $2K | 10x | as long as short |
| OKX ARB-USDT-SWAP | −0.0110% | 8h | 0.2280 | −0.092% | $23.0M | $161.0M | 50x | as long as short |
| MEXC ARB_USDT | −0.0109% | 8h | 0.2279 | −0.145% | $38.2M | $59.6M | 200x | as long as short |
| SoDEX ARB-USD | −0.0067% | 1h | 0.2279 | −0.153% | $4K | $2.6M | 5x | as long as short |
| Orderly PERP_ARB_USDC | −0.0041% | 8h | 0.2279 | −0.140% | $13K | $395K | 10x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0013% | 1h | 0.2280 | −0.105% | $26K | $32K | 25x | as long as short |
Injective ARB/USDC PERP
Polymarket Perps ARB-USD
Variational Omni ARB
Bybit ARBUSDT
01 Exchange ARBUSD
OKX ARB-USDT-SWAP
MEXC ARB_USDT
SoDEX ARB-USD
Orderly PERP_ARB_USDC
Deribit ARB_USDC-PERPETUALShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX ARB-USD | 0.0000% | 1h | 0.2276 | −0.285% | $67K | $4K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0005% | 1h | 0.2280 | −0.106% | $55K | — | 150x | as long as short |
| Extended ARB-USD | +0.0008% | 1h | 0.2279 | −0.147% | $363K | $2.3M | 25x | as long as short |
| Binance ARBUSDT | +0.0010% | 8h | 0.2279 | −0.136% | $66.7M | $314.1M | 75x | as long as short |
| Gate ARB_USDT | +0.0011% | 8h | 0.2278 | −0.175% | $5.5M | $20.2M | 60x | as long as short |
| BloFin ARB-USDT | +0.0038% | 8h | 0.2273 | −0.399% | $3.1M | $2.8M | 75x | as long as short |
| Bitget ARBUSDT | +0.0067% | 8h | 0.2278 | −0.184% | $21.5M | $36.1M | 50x | as long as short |
| BingX ARB-USDC | +0.0067% | 8h | 0.2276 | −0.280% | — | $6.5M | — | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2281 | −0.072% | $149K | $12K | 3x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2280 | −0.092% | $1.4M | $7.4M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2281 | −0.031% | $41.5M | $47.3M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2278 | −0.163% | $710K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2275 | −0.311% | $48K | $185K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2279 | −0.145% | $19.8M | $16.2M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2274 | −0.350% | $40K | $462K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2275 | −0.331% | $485K | $3.7M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2274 | −0.359% | $123K | $295K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2277 | −0.228% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2280 | −0.092% | $291K | $1.1M | 50x | as long as short |
| Phemex ARBUSDTshort | +0.0100% | 8h | 0.2277 | −0.228% | $5.2M | $13.1M | 50x | |
| Coinbase International ARB-PERP-INTX | +0.0216% | 1h | 0.2278 | −0.184% | $513K | $2.3M | 50x | as long as short |
| Kraken Futures PF_ARBUSD | +0.0235% | 1h | 0.2280 | −0.090% | $1.2M | $4.9M | 50x | as long as short |
| Reya ARBRUSDPERP | +0.0290% | 1h | 0.2278 | −0.183% | $2K | $695 | 20x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0296% / S −0.0186% | 1h | 0.2280 | −0.116% | $932K | — | 150x | as long as short |
| RISEx ARB/USDC | +0.0330% | 1h | 0.2281 | −0.035% | $504K | $2.7M | 10x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0479% | 1h | 0.2282 | long leg | $928K | $2.8M | 20x |
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Extended ARB-USD
Binance ARBUSDT
Gate ARB_USDT
BloFin ARB-USDT
Bitget ARBUSDT
BingX ARB-USDC
Aevo ARB-PERP
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
Coinbase International ARB-PERP-INTX
Kraken Futures PF_ARBUSD
Reya ARBRUSDPERP
GMX ARB/USD [ARB-USDC]
RISEx ARB/USDC