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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 06:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.029%
Price spread now: BloFin against Backpack+0.002%7-day average +0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$220.223% of the position
Long on BackpackShort on BloFin
What this pair did over the last
the charts below follow
Funding, last 7 days+0.134%+$13 on $10k
Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.002%, 7d avg +0.003%
Together, before fees+0.065%+$7 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.134% in total (about 7.0% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,734.80.0100pay 0.0013% / 1h0m 49s$15.1M$42.6M50x
ShortBloFin ETH-USDT2,734.90.0400get 0.0400% / 8h2h 00m$281.7M$175.3M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

BloFin 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

Funding earned
$63
Price spread: +0.002% → +0.003%
−$0.09
Slippage, 4 orders
−$0.32
Fee Backpack: 5 bp × 2 orders
−$10
Fee BloFin: 6 bp × 2 orders
−$12
Net
$40.59
Costs to cover
0.223%
Break-even
2.5 days
Slippage from Backpack: live order book, 3 min ago; BloFin: 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 Backpack live order book, 3 min ago0.02 bp5.2 bp −$56.5 bp −$6528.1 bp −$2,809doesn't fit
Sell BloFin live order book, 3 min ago0.04 bp6.0 bp −$66.0 bp −$606.3 bp −$6347.8 bp −$3,885

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−0.0112%43m2,735+0.006%$291K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,736.5+0.061%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,735.2+0.013%$12.0M—200xas long as short
Phoenix ETH−0.0009%1h2,736+0.042%$817K$3.0M25xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,735.6+0.027%$260.0M$210.9M50xas long as short
dYdX ETH-USD+0.0005%1h2,736+0.043%$10.5M$42.9M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,735.3+0.015%$33.0M—200xas long as short
Injective ETH/USDC PERP+0.0009%1h2,735.4+0.020%$117K$22.5M52xas long as short
HTX ETH-USDT+0.0011%8h2,734.6−0.007%$1.05B$1.22B200xas long as short
BingX ETH-USDT+0.0035%8h2,733.7−0.040%—$1.12B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0044%8h2,733.5−0.049%$2.35B$4.42B150xas long as short
01 Exchange ETHUSD+0.0048%1h2,735.6+0.028%$191K$883K50xas long as short
KuCoin ETHUSDTM+0.0080%8h2,734.1−0.026%$375.4M$577.9M100xas long as short
Aftermath Perps ETHUSD+0.0083%1h2,735.8+0.033%$30K$20K20xas long as short
Bullet ETH-USD+0.0083%1h2,734.9+0.001%$183K$1.7M20xas long as short
SunX ETH-USDT+0.0094%8h2,734−0.029%$958K$11.1M100xas long as short
Lighter ETH+0.0096%1h2,735.3+0.016%$112.6M$438.5M50xas long as short
Lighter RH ETH+0.0096%1h2,736.4+0.058%$23.5M$104.3M50xas long as short
Aevo ETH-PERP+0.0096%1h2,732.5−0.085%$4.9M$159K20xas long as short
OKX ETH-USDT-SWAP+0.0097%8h2,733.6−0.046%$1.66B$10.94B100xas long as short
Aster ETHUSDT+0.0098%8h2,734.1−0.026%$253.3M$848.8M200xas long as short
Katana Perps ETH-USD+0.0100%8h2,734.9+0.002%$509K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,739.6+0.176%$15.3M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,734.5−0.013%$14.2M$105.4M50xas long as short
Hyperliquid ETH+0.0100%1h2,736.1+0.046%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,735.9+0.040%$32.0M$334.3M50xas long as short
Binance ETHUSDT+0.0100%8h2,734−0.032%$6.34B$16.16B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,734.7−0.005%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,735.4+0.019%$1.5M$16.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,735+0.005%$163.2M$327.7M25xas long as short
Gate ETH_USDT+0.0100%8h2,734.1−0.028%$3.28B$9.10B200xas long as short
MEXC ETH_USDT+0.0100%8h2,734.3−0.020%$1.53B$2.62B500xas long as short
Bitget ETHUSDT+0.0100%8h2,733.5−0.049%$2.09B$2.79B150xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,734.8long leg$15.1M$42.6M50x
Variational Omni ETH+0.0100%8h2,734−0.031%$134.8M$325.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,734.6−0.007%$185.5M$682.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,735.5+0.025%$159.1M$87.6M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,736.5+0.061%$8.7M$31.5M100xas long as short
StandX ETH-USD+0.0100%1h2,736+0.042%$21.0M$70.2M40xas long as short
Vest ETH-PERP+0.0100%1h2,736.3+0.055%—$879K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,736+0.042%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,735.8+0.034%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,736.6+0.066%$41.0M$30.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,734.9+0.002%$54.5M$187.5M40xas long as short
Phemex ETHUSDT+0.0100%8h2,735+0.006%$263.7M$65.2M150xas long as short
Extended ETH-USD+0.0104%1h2,733.2−0.061%$30.3M$74.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,735.8+0.034%—$31.3M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,736.1+0.044%$50.3M$4.33B50xas long as short
RISEx ETH/USDC+0.0108%1h2,735.6+0.027%$5.6M$11.8M25xas long as short
Kalshi KXETHPERP+0.0124%8h2,735.7+0.031%$6.9M$693.2M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,735.4+0.021%$83.6M$311.5M100xas long as short
Orderly PERP_ETH_USDC+0.0187%8h2,737.4+0.093%$32.2M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0196%1h2,734−0.031%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0288%1h2,736.2+0.050%$249K$1.4M20xas long as short
BloFin ETH-USDTshort+0.0400%8h2,734.9+0.002%$281.7M$175.3M150x