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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 22:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.012%
Price spread now: Phemex against Backpack−0.015%7-day average +0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$240.240% of the position
Long on BackpackShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days−0.112%−$11 on $10k
Price spread, last 3 days (all we have)−0.041%−$4 · spread now −0.015%, 7d avg +0.004%
Together, before fees−0.153%−$15 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,776.40.0100pay 0.0013% / 1h17m 44s$15.4M$42.8M50x
ShortPhemex ETHUSDT2,7760.0014get 0.0014% / 8h2h 17m$267.3M$66.0M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex 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
−$18.03
Price spread: −0.015% → +0.004%
−$1.91
Slippage, 4 orders
−$2.05
Fee Backpack: 5 bp × 2 orders
−$10
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$43.99
Costs to cover
0.240%
Break-even
never at this rate
Slippage from Backpack: live order book, 1 min ago; Phemex: live order book, 6 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 −$56.8 bp −$6827.9 bp −$2,790doesn't fit
Sell Phemex live order book, 6 min ago0.02 bp6.0 bp −$67.3 bp −$7310.7 bp −$1,07415.4 bp −$7,718

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%43m2,775.9−0.017%$289K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,776.6+0.008%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,776.7+0.011%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0048%1h2,776.1−0.010%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,778.2+0.065%$859K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,776.1−0.010%$5.8M$11.7M25xas long as short
dYdX ETH-USD0.0000%1h2,776.5+0.003%$12.7M$45.5M50xas long as short
Aftermath Perps ETHUSD+0.0002%1h2,775.8−0.021%$29K$22K20xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,776.7+0.012%$22.4M—200xas long as short
Phemex ETHUSDTshort+0.0014%8h2,776−0.015%$267.3M$66.0M150x
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0022%8h2,776.6+0.008%$1.71B$11.92B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,776.7+0.012%$13.2M—200xas long as short
Aster ETHUSDT+0.0038%8h2,777.7+0.048%$256.9M$995.3M200xas long as short
ApeX Omni ETHUSDT+0.0040%1h2,777.7+0.046%$8.8M$32.6M100xas long as short
MEXC ETH_USDT+0.0048%8h2,777.2+0.030%$1.60B$2.68B500xas long as short
Aevo ETH-PERP+0.0048%1h2,774.8−0.056%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0050%8h2,778+0.058%$6.45B$17.22B150xas long as short
Deribit ETH-PERPETUAL+0.0060%1h2,777.7+0.048%$258.5M$225.0M50xas long as short
Gate ETH_USDT+0.0073%8h2,777+0.022%$3.29B$9.67B200xas long as short
Bitget ETHUSDT+0.0075%8h2,776.9+0.019%$2.10B$3.13B150xas long as short
Bullet ETH-USD+0.0083%1h2,776−0.014%$184K$1.8M20xas long as short
Variational Omni ETH+0.0096%8h2,776.8+0.013%$141.1M$320.7M—as long as short
Lighter ETH+0.0096%1h2,778.5+0.075%$115.3M$514.6M50xas long as short
Lighter RH ETH+0.0096%1h2,779.1+0.096%$25.4M$122.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,776.8+0.016%—$41.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,775.4−0.034%$15.9M$10.8M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,776.40.000%$488K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,775.9−0.017%$15.3M$117.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,779.7+0.119%$3.21B$2.39B25xas long as short
Pacifica ETH+0.0100%1h2,776.2−0.007%$31.3M$289.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,776.8+0.015%$2.52B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,775.3−0.039%$2.9M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,777.7+0.049%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,778.1+0.061%$165.4M$253.6M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,776.7+0.012%$423.0M$742.0M100xas long as short
BingX ETH-USDT+0.0100%8h2,776.9+0.019%—$1.18B—as long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,776.4long leg$15.4M$42.8M50x
edgeX ETHUSDC+0.0100%4h2,777.5+0.040%$178.5M$793.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777+0.023%$161.6M$97.3M50xas long as short
StandX ETH-USD+0.0100%1h2,776.8+0.015%$21.4M$57.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,776.6+0.009%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,777.4+0.036%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776.8+0.015%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,778.4+0.071%$42.7M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,775.3−0.038%$973K$14.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,776−0.014%$55.3M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,775.5−0.033%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,776.2−0.008%$31.4M$75.9M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,777.7+0.048%$60.1M$4.63B50xas long as short
Kalshi KXETHPERP+0.0121%8h2,777+0.022%$8.5M$674.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0133%8h2,778.9+0.089%$32.6M$12.0M100xas long as short
BloFin ETH-USDT+0.0169%8h2,776.1−0.012%$284.2M$195.8M150xas long as short
Reya ETHRUSDPERP+0.0183%1h2,775.8−0.021%$7.4M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0240%1h2,777.4+0.036%$86.8M$330.9M100xas long as short
Hibachi ETH/USDT-P+0.0440%1h2,778.5+0.077%$283K$1.5M20xas long as short