Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.007%

Price spread now: Binance against Backpack+0.102%7-day average −0.001% · 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−$10as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 7 days+0.586%+$59 · spread now +0.102%, 7d avg −0.001%

Together, before fees+0.483%+$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.102% dearer against Backpack than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of −0.001%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,748.3	0.0100	pay 0.0013% / 1h	52m 27s	$14.9M	$42.5M	50x
Short	Binance ETHUSDT	2,751.1	0.0055	get 0.0055% / 8h	6h 52m	$6.37B	$16.31B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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

Position, each leg$Hold fordaysFee BackpackbpFee BinancebpOrdersPrice spread, now +0.102%Rate

Funding earned: −$9.41
Price spread: +0.102% → −0.001%: $10.23
Slippage, 4 orders: −$0.09
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$19.27
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Binance: live order book, 7 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, 2 min ago	0.02 bp	5.0 bp −$5	7.8 bp −$78	30.1 bp −$3,005	doesn't fit
Sell Binance live order book, 7 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$620	9.1 bp −$4,543

ETH on 55 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
ApeX Omni ETHUSDT	−0.0865%	1h	2,751.3	+0.111%	$8.8M	$31.4M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,750	+0.062%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,750.6	+0.085%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.7	+0.089%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.1	−0.042%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,756.1	+0.285%	$865K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.6	+0.083%	$10.9M	$41.8M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,751	+0.099%	$181K	$1.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.4	−0.030%	$22.2M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,749.9	+0.060%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0033%	8h	2,746.7	−0.059%	$1.07B	$1.23B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0035%	8h	2,749.8	+0.055%	$1.67B	$11.08B	100x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,749.9	+0.059%	$255.8M	$854.6M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,750	+0.064%	$1.58B	$2.52B	500x	as long as short
Binance ETHUSDTshort	+0.0055%	8h	2,751.1	+0.102%	$6.37B	$16.31B	150x
Aevo ETH-PERP	+0.0056%	1h	2,745.5	−0.102%	$4.9M	$163K	20x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,750.4	+0.077%	$3.33B	$8.70B	200x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,749.5	+0.044%	$384.4M	$607.0M	100x	as long as short
Bitget ETHUSDT	+0.0083%	8h	2,749.6	+0.049%	$2.07B	$2.86B	150x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,750.1	+0.065%	$30K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.6	+0.012%	$59.5M	$4.39B	50x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.244%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,749.7	+0.053%	$113.3M	$438.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,751.1	+0.104%	$25.1M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.9	−0.160%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753.4	+0.186%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.6	+0.048%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.1	+0.066%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,751.8	+0.128%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.3	+0.074%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,750.8	+0.091%	$2.46B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.2	+0.034%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,751.2	+0.105%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.159%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,748.3	long leg	$14.9M	$42.5M	50x
edgeX ETHUSDC	+0.0100%	4h	2,751.5	+0.117%	$183.7M	$729.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.9	−0.303%	$159.3M	$81.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.9	−0.086%	$21.2M	$65.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.8	+0.056%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.9	+0.059%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.9	−0.050%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.1	−0.041%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749.1	+0.029%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747	−0.046%	$963K	$12.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.2	−0.039%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.8	−0.019%	$267.2M	$66.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750	+0.061%	$30.5M	$74.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0125%	1h	2,748.4	+0.004%	$258.8M	$202.3M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,745	−0.119%	$7.7M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0159%	8h	2,750.2	+0.069%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,748.1	−0.007%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,747.3	−0.034%	$286.1M	$178.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.5	−0.137%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.3	+0.036%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.3	+0.002%	$93.0M	$319.6M	100x	as long as short