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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 02:00 UTC+0.0549%/8h= +60.2% APRnext payment +$0.69 per $10,000 · paid last 24h +0.018%
Price spread now: Backpack against ApeX Omni+0.143%7-day average −0.008% · you sell dearer than you buy
Net, funding: paid 7d − costs−$2as in the Funding arb table
Net, price: spread back to 7d avg − costs−$6as in the Price arb table
costs, in and out, $10k−$210.206% of the position
Long on ApeX OmniShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.183%+$18 on $10k
Price spread, last 7 days−0.830%−$83 · spread now +0.143%, 7d avg −0.008%
Together, before fees−0.647%−$65 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Backpack is 0.150% dearer against ApeX Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.008%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.183% in total (about 9.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.69 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongApeX Omni ETHUSDT2,745.8−0.0449get 0.0056% / 1h51m 11s$8.7M$31.5M100x
ShortBackpack ETH_USDC_PERP2,749.70.0100get 0.0013% / 1h51m 11s$14.9M$42.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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
$115.38
Price spread: +0.143% → −0.008%
$15.03
Slippage, 4 orders
−$0.59
Fee ApeX Omni: 5 bp × 2 orders
−$10
Fee Backpack: 5 bp × 2 orders
−$10
Net
$109.82
Costs to cover
0.206%
Break-even
0.3 days
Slippage from ApeX Omni: 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
LegHalf-spread$10k$100k$1M$5M
Buy ApeX Omni live order book, 3 min ago0.25 bp5.3 bp −$55.3 bp −$5318.6 bp −$1,86539.6 bp −$19.8K
Sell Backpack live order book, 3 min ago0.02 bp5.0 bp −$56.8 bp −$6831.1 bp −$3,110doesn'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
ApeX Omni ETHUSDTlong−0.0449%1h2,745.8long leg$8.7M$31.5M100x
Perpl ETH−0.0447%43m2,749+0.118%$320K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,749.7+0.142%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,750.2+0.159%$5.5M$11.3M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,751+0.189%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,749.5+0.134%$863K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,750.6+0.173%$10.9M$41.9M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,751.1+0.194%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0008%1h2,750.2+0.160%$181K$1.1M50xas long as short
BingX ETH-USDC+0.0027%8h2,750.3+0.164%—$17.3M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0035%8h2,751.2+0.196%$1.68B$11.09B100xas long as short
HTX ETH-USDT+0.0043%8h2,750.6+0.173%$1.07B$1.23B200xas long as short
Aster ETHUSDT+0.0046%8h2,750.2+0.158%$255.9M$854.8M200xas long as short
MEXC ETH_USDT+0.0055%8h2,750+0.151%$1.58B$2.53B500xas long as short
Aevo ETH-PERP+0.0056%1h2,749.3+0.126%$4.9M$163K20xas long as short
Binance ETHUSDT+0.0058%8h2,751+0.188%$6.37B$16.32B150xas long as short
Gate ETH_USDT+0.0058%8h2,751.3+0.200%$3.33B$8.72B200xas long as short
KuCoin ETHUSDTM+0.0081%8h2,749.6+0.138%$384.9M$607.1M100xas long as short
Bitget ETHUSDT+0.0083%8h2,750.9+0.184%$2.07B$2.86B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,752.5+0.242%$59.6M$4.40B50xas long as short
Aftermath Perps ETHUSD+0.0096%1h2,750.4+0.166%$30K$21K20xas long as short
Lighter ETH+0.0096%1h2,751.3+0.199%$113.3M$439.0M50xas long as short
Lighter RH ETH+0.0096%1h2,752.8+0.255%$25.1M$105.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,751.1+0.191%—$35.7M500xas long as short
Variational Omni ETH+0.0097%8h2,750.3+0.163%$133.4M$346.5M—as long as short
Deribit ETH-PERPETUAL+0.0099%1h2,752.1+0.230%$258.7M$202.4M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,751.7+0.215%$15.9M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,749.3+0.127%$469K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,748.9+0.111%$14.0M$113.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,752+0.225%$3.13B$2.14B25xas long as short
Pacifica ETH+0.0100%1h2,749.3+0.129%$31.2M$332.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,751.5+0.205%$2.46B$4.36B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,749.1+0.120%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,750.7+0.177%$2.8M$16.8M25xas long as short
Bulk ETH-USD+0.0100%1h2,752.6+0.249%$169.2M$297.0M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,749.7+0.143%$14.9M$42.5M50x
edgeX ETHUSDC+0.0100%4h2,743.2−0.093%$183.8M$733.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,747.1+0.047%$159.8M$82.0M50xas long as short
StandX ETH-USD+0.0100%1h2,745.9+0.003%$21.2M$65.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,750.3+0.163%—$871K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,749.4+0.131%$10.4M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,750.5+0.172%$183K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,751.2+0.197%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,752.8+0.256%$42.0M$29.0M15xas long as short
SunX ETH-USDT+0.0100%8h2,750.7+0.179%$965K$12.7M100xas long as short
SoDEX ETH-USD+0.0100%1h2,750.8+0.182%$54.8M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,751.4+0.203%$267.5M$66.2M150xas long as short
Extended ETH-USD+0.0104%1h2,750.5+0.172%$30.5M$74.2M50xas long as short
Kalshi KXETHPERP+0.0132%8h2,750.6+0.174%$7.7M$671.3M4.9xas long as short
Orderly PERP_ETH_USDC+0.0160%8h2,753.9+0.294%$32.4M$11.2M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,750+0.154%$250K$1.5M20xas long as short
BloFin ETH-USDT+0.0178%8h2,751.2+0.197%$286.2M$179.0M150xas long as short
Injective ETH/USDC PERP+0.0209%1h2,749.9+0.149%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0217%1h2,749.4+0.132%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,752.3+0.237%$93.2M$316.3M100xas long as short