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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%
Price spread now: Bulk against Backpack+0.159%7-day average +0.006% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$2as in the Price arb table
costs, in and out, $10k−$170.171% of the position
Long on BackpackShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.004%$0 on $10k
Price spread, last 7 days+0.526%+$53 · spread now +0.159%, 7d avg +0.006%
Together, before fees+0.522%+$52 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.153% dearer against Backpack than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.006%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,748.30.0100pay 0.0013% / 1h52m 46s$14.9M$42.5M50x
ShortBulk ETH-USD2,752.60.0100get 0.0013% / 1h52m 46s$169.2M$297.0M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk 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
$0
Price spread: +0.159% → +0.006%
$15.27
Slippage, 4 orders
−$0.09
Fee Backpack: 5 bp × 2 orders
−$10
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
−$1.83
Costs to cover
0.171%
Break-even
never at this rate
Slippage from Backpack: live order book, 1 min ago; Bulk: 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 Backpack live order book, 1 min ago0.02 bp5.0 bp −$57.8 bp −$7830.1 bp −$3,005doesn't fit
Sell Bulk live order book, 1 min ago0.02 bp3.5 bp −$43.5 bp −$353.7 bp −$3755.9 bp −$2,959

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 ETHUSDT−0.0865%1h2,751.3+0.111%$8.8M$31.4M100xas long as short
Perpl ETH−0.0447%43m2,745.6−0.098%$323K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,739.2−0.330%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,750.7+0.089%$5.5M$11.3M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,747.1−0.042%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,756.1+0.285%$865K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,750.6+0.083%$10.9M$41.8M50xas long as short
01 Exchange ETHUSD0.0000%1h2,745.1−0.115%$180K$1.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,747.4−0.030%$22.2M—200xas long as short
BingX ETH-USDC+0.0027%8h2,749.9+0.060%—$17.3M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
HTX ETH-USDT+0.0033%8h2,746.7−0.059%$1.07B$1.23B200xas long as short
OKX ETH-USDT-SWAP+0.0035%8h2,750.3+0.072%$1.67B$11.08B100xas long as short
Aster ETHUSDT+0.0043%8h2,750.1+0.067%$255.9M$854.5M200xas long as short
MEXC ETH_USDT+0.0055%8h2,750+0.064%$1.58B$2.52B500xas long as short
Binance ETHUSDT+0.0055%8h2,749.6+0.050%$6.37B$16.31B150xas long as short
Aevo ETH-PERP+0.0056%1h2,745.5−0.102%$4.9M$163K20xas long as short
Gate ETH_USDT+0.0065%8h2,750.5+0.081%$3.33B$8.70B200xas long as short
KuCoin ETHUSDTM+0.0083%8h2,749.5+0.044%$384.4M$607.0M100xas long as short
Bitget ETHUSDT+0.0083%8h2,750+0.062%$2.07B$2.86B150xas long as short
Aftermath Perps ETHUSD+0.0083%1h2,750.1+0.065%$30K$21K20xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,748.6+0.012%$59.5M$4.39B50xas long as short
Variational Omni ETH+0.0095%8h2,741.6−0.244%$132.7M$345.8M—as long as short
Lighter ETH+0.0096%1h2,749.7+0.053%$113.3M$438.5M50xas long as short
Lighter RH ETH+0.0096%1h2,751.1+0.104%$25.1M$105.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,743.9−0.160%—$35.6M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,753.4+0.186%$15.9M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,744.2−0.148%$468K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,745.4−0.104%$14.0M$113.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,751.7+0.125%$3.13B$2.14B25xas long as short
Pacifica ETH+0.0100%1h2,750.3+0.074%$31.2M$332.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,750+0.064%$2.46B$4.37B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,749.2+0.034%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,751.2+0.105%$2.8M$16.8M25xas long as short
Bulk ETH-USDshort+0.0100%1h2,752.6+0.159%$169.2M$297.0M25x
Backpack ETH_USDC_PERPlong+0.0100%1h2,748.3long leg$14.9M$42.5M50x
edgeX ETHUSDC+0.0100%4h2,751.5+0.117%$183.7M$729.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,739.9−0.303%$159.3M$81.8M50xas long as short
StandX ETH-USD+0.0100%1h2,741.2−0.257%$21.2M$65.6M40xas long as short
Vest ETH-PERP+0.0100%1h2,746−0.083%—$871K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,746.3−0.072%$10.3M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,746.9−0.050%$182K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,747.1−0.041%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,749.1+0.029%$42.0M$29.0M15xas long as short
SunX ETH-USDT+0.0100%8h2,747−0.046%$963K$12.7M100xas long as short
SoDEX ETH-USD+0.0100%1h2,747.2−0.039%$54.7M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,747.8−0.019%$267.2M$66.1M150xas long as short
Extended ETH-USD+0.0104%1h2,749.4+0.043%$30.5M$74.5M50xas long as short
Deribit ETH-PERPETUAL+0.0125%1h2,748.4+0.004%$258.8M$202.3M50xas long as short
Kalshi KXETHPERP+0.0130%8h2,745−0.119%$7.7M$671.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0159%8h2,750.2+0.069%$32.4M$11.2M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,741.7−0.241%$250K$1.5M20xas long as short
BloFin ETH-USDT+0.0175%8h2,747.3−0.034%$286.1M$178.5M150xas long as short
Injective ETH/USDC PERP+0.0209%1h2,744.5−0.137%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0217%1h2,746.4−0.068%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,748.3+0.002%$93.0M$319.6M100xas long as short