Funding you earn now, next payment 03:00 UTC+0.0354%/8h= +38.8% APRnext payment +$0.44 per $10,000 · paid last 24h +0.028%
Price spread now: Backpack against Coinbase International+0.090%7-day average −0.082% · you sell dearer than you buy
Net, funding: paid 7d − costs−$73as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$620.621% of the position
Funding, last 7 days−0.107%−$11 on $10k
+Price spread, last 4 days (all we have)−2.742%−$274 · spread now +0.090%, 7d avg −0.082%
=Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Backpack is 0.173% dearer against Coinbase International than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.082%. Mind the row above: over the last 7 days funding on this pair cost −0.107%, so the current rate has only just turned in your favour.
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 +$0.44 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 | Coinbase International ARB-PERP-INTX | 0.2211 | 0.0224 | pay 0.0028% / 1h | 55m 35s | $495K | $2.0M | 50x |
| Short | Backpack ARB_USDC_PERP | 0.2213 | 0.0578 | get 0.0072% / 1h | 55m 35s | $997K | $2.8M | 20x |
Coinbase International ARB-PERP-INTX
Backpack ARB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Coinbase International. 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
- $74.41
- Price spread: +0.090% → −0.082%
- $17.28
- Slippage, 4 orders
- −$42.09
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $29.61
- Costs to cover
- 0.621%
- Break-even
- 4.2 days
Slippage from Coinbase International: live order book, 3 min ago; Backpack: live order book, 3 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 Coinbase International live order book, 3 min ago | 10.20 bp | 25.5 bp −$25 | 49.7 bp −$497 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.23 bp | 9.5 bp −$10 | 176.3 bp −$1,763 | 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 | −0.1649% | 1h | 0.2189 | −0.995% | $39K | $372K | 12x | as long as short |
| OKX ARB-USDT-SWAP | −0.0145% | 8h | 0.2207 | −0.172% | $22.2M | $148.6M | 50x | as long as short |
| MEXC ARB_USDT | −0.0144% | 8h | 0.2207 | −0.190% | $41.0M | $59.5M | 200x | as long as short |
| Variational Omni ARB | −0.0125% | 8h | 0.2208 | −0.150% | $1.8M | $2.9M | — | as long as short |
| Gate ARB_USDT | −0.0105% | 8h | 0.2208 | −0.158% | $5.4M | $18.6M | 60x | as long as short |
| 01 Exchange ARBUSD | −0.0104% | 1h | 0.2207 | −0.194% | $7K | $2K | 10x | as long as short |
| Orderly PERP_ARB_USDC | −0.0078% | 8h | 0.2209 | −0.090% | $13K | $388K | 10x | as long as short |
| Bybit ARBUSDT | −0.0054% | 8h | 0.2207 | −0.181% | $55.9M | $126.0M | 50x | as long as short |
| Polymarket Perps ARB-USD | −0.0023% | 1h | 0.2209 | −0.109% | $87K | $2.1M | 10x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0006% | 1h | 0.2210 | −0.035% | $1.1M | $4.4M | 50x | as long as short |
Injective ARB/USDC PERP
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Variational Omni ARB
Gate ARB_USDT
01 Exchange ARBUSD
Orderly PERP_ARB_USDC
Bybit ARBUSDT
Polymarket Perps ARB-USD
Kraken Futures PF_ARBUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX ARB-USD | 0.0000% | 1h | 0.2208 | −0.152% | $65K | $5K | 10x | as long as short |
| Deribit ARB_USDC-PERPETUAL | 0.0000% | 1h | 0.2210 | −0.059% | $24K | $34K | 25x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0012% | 1h | 0.2210 | −0.067% | $10K | — | 150x | as long as short |
| Extended ARB-USD | +0.0008% | 1h | 0.2207 | −0.194% | $351K | $2.5M | 25x | as long as short |
| Binance ARBUSDT | +0.0014% | 8h | 0.2207 | −0.188% | $64.4M | $306.7M | 75x | as long as short |
| SoDEX ARB-USD | +0.0015% | 1h | 0.2209 | −0.086% | $10K | $2.3M | 5x | as long as short |
| BloFin ARB-USDT | +0.0054% | 8h | 0.2200 | −0.502% | $3.1M | $2.6M | 75x | as long as short |
| Bitget ARBUSDT | +0.0068% | 8h | 0.2209 | −0.090% | $21.1M | $34.6M | 50x | as long as short |
| BingX ARB-USDC | +0.0070% | 8h | 0.2205 | −0.267% | — | $6.5M | — | as long as short |
| Phemex ARBUSDT | +0.0085% | 8h | 0.2208 | −0.136% | $4.9M | $12.9M | 50x | as long as short |
| Aevo ARB-PERP | +0.0088% | 1h | 0.2250 | +1.748% | $143K | $7K | 3x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2207 | −0.181% | $1.2M | $5.7M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2208 | −0.154% | $38.2M | $49.2M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2207 | −0.187% | $638K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2207 | −0.173% | $43K | $169K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2207 | −0.163% | $19.5M | $15.2M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2199 | −0.522% | $40K | $461K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2197 | −0.620% | $467K | $3.6M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2207 | −0.181% | $119K | $283K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2208 | −0.136% | $1K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2209 | −0.090% | $299K | $956K | 50x | as long as short |
| Coinbase International ARB-PERP-INTXlong | +0.0224% | 1h | 0.2211 | long leg | $495K | $2.0M | 50x | |
| RISEx ARB/USDC | +0.0225% | 1h | 0.2208 | −0.127% | $485K | $2.6M | 10x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0273% / S −0.0155% | 1h | 0.2210 | −0.058% | $824K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0289% | 1h | 0.2209 | −0.094% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPshort | +0.0578% | 1h | 0.2213 | +0.090% | $997K | $2.8M | 20x |
dYdX ARB-USD
Deribit ARB_USDC-PERPETUAL
gTrade (Gains Network) ARB/USD
Extended ARB-USD
Binance ARBUSDT
SoDEX ARB-USD
BloFin ARB-USDT
Bitget ARBUSDT
BingX ARB-USDC
Phemex ARBUSDT
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
RISEx ARB/USDC
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP