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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 00:55 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.045%
Price spread now: Perpl against Backpack+0.009%7-day average +0.022% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Perpl
What this pair did over the last
the charts below follow
Funding, last 7 days+0.021%+$2 on $10k
Price spread, last 7 days+0.691%+$69 · spread now +0.009%, 7d avg +0.022%
Together, before fees+0.713%+ Points / potential airdropPerpl: Active · farm board+$71 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.022%, so right now this pair is about funding alone: −$16 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 0.021% in total (about 1.1% 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_PERP2,749.70.0100pay 0.0013% / 1h51m 59s$14.9M$42.5M50x
ShortPerpl ETH2,750−0.0447pay 0.0040% / 43m13m 59s$323K$6.2M8.3x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Perpl against Backpack. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$114.77
Price spread: +0.009% → +0.022%
−$1.32
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Perpl: 6.9 bp × 2 orders
−$13.8
Net
−$139.89
Costs to cover
0.238%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 2 min ago; Perpl: no order-book sample. Net counts fees only.

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, 2 min ago0.02 bp5.0 bp −$57.8 bp −$7830.1 bp −$3,005doesn't fit
Sell Perpl no order-book sample—————
Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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+0.058%$8.8M$31.4M100xas long as short
Perpl ETHshort−0.0447%43m2,750+0.009%$323K$6.2M8.3x
Hotstuff ETH-PERP−0.0080%1h2,750.6+0.032%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,750.7+0.036%$5.5M$11.3M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,749.1−0.024%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,756.1+0.232%$865K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,750.6+0.030%$10.9M$41.8M50xas long as short
01 Exchange ETHUSD0.0000%1h2,751+0.046%$181K$1.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,748.6−0.042%$22.2M—200xas long as short
BingX ETH-USDC+0.0027%8h2,749.6−0.003%—$17.3M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0035%8h2,750.7+0.036%$1.67B$11.09B100xas long as short
HTX ETH-USDT+0.0038%8h2,749.1−0.025%$1.07B$1.23B200xas long as short
Aster ETHUSDT+0.0043%8h2,749.7−0.001%$255.8M$854.7M200xas long as short
MEXC ETH_USDT+0.0055%8h2,751.1+0.049%$1.58B$2.53B500xas long as short
Binance ETHUSDT+0.0055%8h2,750.8+0.041%$6.37B$16.32B150xas long as short
Aevo ETH-PERP+0.0056%1h2,747.3−0.089%$4.9M$163K20xas long as short
Gate ETH_USDT+0.0067%8h2,750.1+0.014%$3.33B$8.71B200xas long as short
KuCoin ETHUSDTM+0.0082%8h2,750.9+0.041%$385.1M$607.1M100xas long as short
Bitget ETHUSDT+0.0083%8h2,751+0.047%$2.07B$2.86B150xas long as short
Deribit ETH-PERPETUAL+0.0088%1h2,751+0.044%$258.8M$202.4M50xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,751.2+0.055%$59.6M$4.39B50xas long as short
Aftermath Perps ETHUSD+0.0089%1h2,750+0.010%$30K$21K20xas long as short
Variational Omni ETH+0.0095%8h2,741.6−0.297%$132.7M$345.8M—as long as short
Lighter ETH+0.0096%1h2,749.70.000%$113.2M$438.7M50xas long as short
Lighter RH ETH+0.0096%1h2,751+0.048%$25.0M$105.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,750.1+0.012%—$35.7M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,753.4+0.132%$15.9M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,749.6−0.005%$469K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,750.1+0.013%$14.0M$113.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,752+0.083%$3.13B$2.14B25xas long as short
Pacifica ETH+0.0100%1h2,750.3+0.021%$31.2M$332.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,751.1+0.048%$2.46B$4.35B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,749.2−0.019%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,751.2+0.052%$2.8M$16.8M25xas long as short
Bulk ETH-USD+0.0100%1h2,752.6+0.106%$169.2M$297.0M25xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,749.7long leg$14.9M$42.5M50x
edgeX ETHUSDC+0.0100%4h2,751.5+0.064%$183.7M$729.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,739.9−0.356%$159.3M$81.8M50xas long as short
StandX ETH-USD+0.0100%1h2,745.9−0.139%$21.2M$65.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,749.8+0.003%—$871K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,749.9+0.006%$10.4M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,748.7−0.037%$183K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,749.3−0.015%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,751.2+0.054%$42.0M$29.0M15xas long as short
SunX ETH-USDT+0.0100%8h2,749.1−0.021%$963K$12.6M100xas long as short
SoDEX ETH-USD+0.0100%1h2,749.6−0.005%$54.7M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,749.8+0.002%$267.4M$66.2M150xas long as short
Extended ETH-USD+0.0104%1h2,750.1+0.012%$30.5M$74.2M50xas long as short
Kalshi KXETHPERP+0.0130%8h2,750+0.010%$7.7M$671.3M4.9xas long as short
Orderly PERP_ETH_USDC+0.0160%8h2,751.5+0.065%$32.4M$11.2M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,748.1−0.060%$250K$1.5M20xas long as short
BloFin ETH-USDT+0.0175%8h2,747.3−0.087%$286.1M$178.5M150xas long as short
Injective ETH/USDC PERP+0.0209%1h2,744.5−0.190%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0217%1h2,749.3−0.017%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,751+0.046%$93.1M$319.7M100xas long as short