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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.8% APRnext payment +$0.06 per $10,000 · paid last 24h +0.005%
Price spread now: Backpack against Aevo+0.071%7-day average +0.054% · you sell dearer than you buy
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs−$39as in the Price arb table
costs, in and out, $10k−$410.409% of the position
Long on AevoShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.106%+$11 on $10k
Price spread, last 3 days (all we have)+0.033%+$3 · spread now +0.071%, 7d avg +0.054%
Together, before fees+0.139%+$14 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongAevo ETH-PERP2,774.50.0056pay 0.0007% / 1h2m 53s$5.0M$636K20x
ShortBackpack ETH_USDC_PERP2,776.40.0100get 0.0013% / 1h2m 53s$15.1M$44.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Aevo. 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

Funding earned
$9.24
Price spread: +0.071% → +0.054%
$1.7
Slippage, 4 orders
−$14.89
Fee Aevo: 8 bp × 2 orders
−$16
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$29.96
Costs to cover
0.409%
Break-even
29.7 days
Slippage from Aevo: live order book, 1 min ago; Backpack: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Aevo live order book, 1 min ago3.33 bp11.7 bp −$1232.3 bp −$32351.2 bp −$5,121doesn't fit
Sell Backpack live order book, 1 min ago0.02 bp5.4 bp −$57.1 bp −$7128.9 bp −$2,892doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,777.3+0.104%$288K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,777.6+0.112%$5.7M$11.9M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,777.3+0.102%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,771.7−0.100%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,777.4+0.106%$169K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,778.6+0.148%$12.7M$45.7M50xas long as short
Phoenix ETH0.0000%1h2,775.6+0.041%$885K$3.7M25xas long as short
Aftermath Perps ETHUSD+0.0003%1h2,775.3+0.031%$29K$22K20xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,777.4+0.104%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0017%8h2,776.4+0.071%$1.70B$11.87B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0022%8h2,776.9+0.086%$270.5M$68.8M150xas long as short
Bullet ETH-USD+0.0023%1h2,776.4+0.070%$183K$1.7M20xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,777.2+0.100%$12.9M—200xas long as short
Aster ETHUSDT+0.0032%8h2,776.4+0.070%$255.9M$995.2M200xas long as short
ApeX Omni ETHUSDT+0.0047%1h2,770.8−0.132%$8.7M$32.6M100xas long as short
Nado ETH-PERP+0.0055%1h2,776.9+0.089%$14.3M$118.2M50xas long as short
Aevo ETH-PERPlong+0.0056%1h2,774.5long leg$5.0M$636K20x
MEXC ETH_USDT+0.0059%8h2,776.4+0.071%$1.60B$2.68B500xas long as short
Binance ETHUSDT+0.0060%8h2,776.3+0.065%$6.44B$17.23B150xas long as short
SoDEX ETH-USD+0.0062%1h2,776.5+0.073%$55.3M$229.0M40xas long as short
Bitget ETHUSDT+0.0066%8h2,776.3+0.065%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0073%8h2,776.3+0.067%$3.30B$9.69B200xas long as short
HTX ETH-USDT+0.0088%8h2,776.6+0.076%$1.08B$1.32B200xas long as short
Bybit ETHUSDT+0.0092%8h2,776.5+0.074%$2.52B$4.62B150xas long as short
BingX ETH-USDC+0.0092%8h2,776.1+0.058%—$17.4M—as long as short
Deribit ETH-PERPETUAL+0.0092%1h2,778.3+0.139%$258.7M$222.7M50xas long as short
KuCoin ETHUSDTM+0.0095%8h2,776.3+0.066%$422.2M$739.3M100xas long as short
Lighter ETH+0.0096%1h2,776.7+0.081%$115.2M$503.5M50xas long as short
Lighter RH ETH+0.0096%1h2,778.3+0.138%$25.5M$122.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,777.8+0.119%—$41.6M500xas long as short
Vest ETH-PERP+0.0098%1h2,777.2+0.100%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,778+0.127%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,777.4+0.106%$477K$2.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,779.1+0.167%$3.19B$2.35B25xas long as short
Pacifica ETH+0.0100%1h2,778.1+0.132%$31.2M$303.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777.2+0.099%$2.8M$17.1M25xas long as short
Arcus ETH-USD+0.0100%1h2,779.2+0.171%$2.7M$17.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,770.8−0.131%$166.1M$253.0M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,776.4+0.071%$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,773.7−0.027%$147.3M$337.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,774.2−0.009%$181.6M$781.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,775.7+0.044%$161.4M$90.8M50xas long as short
StandX ETH-USD+0.0100%1h2,776.9+0.088%$21.4M$58.2M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,777.8+0.120%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,777.3+0.102%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,778.9+0.159%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,776.6+0.077%$973K$14.0M100xas long as short
Extended ETH-USD+0.0104%1h2,775.9+0.052%$32.6M$77.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,778+0.126%$59.9M$4.61B50xas long as short
Kalshi KXETHPERP+0.0127%8h2,778+0.128%$8.4M$681.5M4.9xas long as short
Orderly PERP_ETH_USDC+0.0135%8h2,779.4+0.178%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,777.8+0.122%$86.4M$332.5M100xas long as short
BloFin ETH-USDT+0.0180%8h2,776.5+0.075%$284.8M$194.9M150xas long as short
Reya ETHRUSDPERP+0.0195%1h2,776.5+0.074%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0280%1h2,778.1+0.131%$270K$1.5M20xas long as short