Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.007%

Price spread now: MEXC against Backpack−0.003%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$120.124% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.363%+$36 · spread now −0.003%, 7d avg −0.009%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,741.6	0.0100	pay 0.0013% / 1h	56m 14s	$15.0M	$39.6M	50x
Short	MEXC ETH_USDT	2,741.5	0.0090	get 0.0090% / 8h	4h 56m	$1.56B	$2.52B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$2.1
Price spread: −0.003% → −0.009%: $0.59
Slippage, 4 orders: −$0.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$13.88
Costs to cover: 0.124%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; MEXC: live order book, 3 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, 3 min ago	0.02 bp	5.3 bp −$5	8.3 bp −$83	29.9 bp −$2,987	doesn't fit
Sell MEXC live order book, 3 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.4 bp −$144	4.1 bp −$2,070

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
Injective ETH/USDC PERP	−0.0141%	1h	2,736.3	−0.193%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.6	−0.072%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.8	+0.010%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741.3	−0.011%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,742.5	+0.034%	$182K	$834K	50x	as long as short
Perpl ETH	0.0000%	43m	2,741.3	−0.011%	$300K	$5.5M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,742	+0.016%	$25.3M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,739	−0.094%	$844K	$2.9M	25x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,740.1	−0.056%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,741	−0.021%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0069%	8h	2,741.8	+0.008%	$1.69B	$10.61B	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,741.1	−0.018%	$180K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,741.7	+0.004%	$380.9M	$573.7M	100x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,741.3	−0.010%	$54.6M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,741.7	+0.004%	$253.6M	$840.6M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,738.8	−0.100%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,741.6	+0.002%	$6.37B	$15.71B	150x	as long as short
MEXC ETH_USDTshort	+0.0090%	8h	2,741.5	−0.003%	$1.56B	$2.52B	500x
Lighter ETH	+0.0096%	1h	2,741.9	+0.010%	$112.4M	$430.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.1	+0.054%	$24.6M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.7	−0.067%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,741.6	+0.001%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.6	+0.108%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.1	−0.054%	$500K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.1	+0.020%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743.7	+0.077%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.1	−0.018%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741.4	−0.006%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.6	−0.036%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.5	−0.004%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.068%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,742.2	+0.023%	$3.38B	$8.67B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.8	+0.006%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,741.6	long leg	$15.0M	$39.6M	50x
Variational Omni ETH	+0.0100%	8h	2,739	−0.096%	$133.0M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	−0.104%	$182.0M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.8	−0.102%	$159.2M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.8	−0.101%	$21.2M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.7	+0.004%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,742.7	+0.041%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.2	+0.058%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.9	−0.024%	$960K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,741.5	−0.004%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.7	+0.003%	$266.4M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741	−0.021%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,743.2	+0.059%	$53.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,740.3	−0.047%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,740.7	−0.032%	$7.6M	$672.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,743.1	+0.056%	$260.0M	$194.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,743.8	+0.082%	$32.3M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,737.7	−0.143%	$285.5M	$175.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,742.3	+0.025%	$86.0M	$309.8M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,741.2	−0.015%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.3	−0.083%	$251K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.4134%	1h	2,742.4	+0.030%	$21K	$20K	25x	as long as short