Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Vest against Backpack−0.004%7-day average +0.038% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.315%+$32 · spread now −0.004%, 7d avg +0.038%

Together, before fees+0.300%+ Points / potential airdropVest: Active · farm board+$30 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: Vest is 0.042% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,736.4	0.0100	pay 0.0013% / 1h	31m 39s	$15.0M	$39.7M	50x
Short	Vest ETH-PERP	2,736.2	0.0100	get 0.0013% / 1h	31m 39s	—	$843K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0
Price spread: −0.004% → +0.038%: −$4.17
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Vest: 1 bp × 2 orders: −$2
Net: −$16.17
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Vest: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	6.6 bp −$66	29.4 bp −$2,938	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0447%	43m	2,735.2	−0.042%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,730.9	−0.199%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.9	−0.016%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.4	+0.003%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.5	+0.044%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,737.7	+0.049%	$188K	$821K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,732	−0.159%	$829K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.5	+0.006%	$27.9M	—	200x	as long as short
Bullet ETH-USD	+0.0007%	1h	2,735.8	−0.019%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,732.9	−0.125%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0058%	8h	2,736.6	+0.010%	—	$18.4M	—	as long as short
HTX ETH-USDT	+0.0063%	8h	2,735	−0.049%	$1.06B	$1.19B	200x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,737.1	+0.027%	$380.3M	$575.1M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,737.2	+0.031%	$1.67B	$10.73B	100x	as long as short
Phemex ETHUSDT	+0.0071%	8h	2,736.2	−0.007%	$265.9M	$65.4M	150x	as long as short
Bybit ETHUSDT	+0.0071%	8h	2,737.1	+0.026%	$2.39B	$4.35B	150x	as long as short
SoDEX ETH-USD	+0.0072%	1h	2,736.1	−0.009%	$54.5M	$187.7M	40x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,737.4	+0.037%	$251.2M	$844.0M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,737.4	+0.039%	$1.53B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.3	−0.111%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,737.4	+0.037%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,737.8	+0.054%	$113.2M	$438.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739	+0.096%	$23.4M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,736.2	−0.004%	—	$30.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,741.3	+0.179%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,737.9	+0.057%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.2	+0.031%	$501K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.3	+0.035%	$13.8M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.4	+0.111%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,738.3	+0.072%	$32.0M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.4	+0.002%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.9	+0.058%	$1.6M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.7	−0.281%	$166.6M	$310.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.3	+0.033%	$3.35B	$8.87B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.4	+0.040%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,736.4	long leg	$15.0M	$39.7M	50x
Variational Omni ETH	+0.0100%	8h	2,726.6	−0.358%	$133.1M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.6	−0.245%	$183.6M	$671.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.3	−0.222%	$158.8M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735.6	−0.027%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERPshort	+0.0100%	1h	2,736.2	−0.004%	—	$843K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.6	+0.046%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.1	−0.010%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.6	+0.047%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.1	−0.045%	$958K	$11.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0101%	1h	2,737.5	+0.042%	$260.2M	$196.6M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.5	+0.005%	$30.3M	$72.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.7	+0.051%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,732.4	−0.143%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0145%	8h	2,736	−0.013%	$6.6M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,738.6	+0.081%	$32.2M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,735.2	−0.041%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737	+0.023%	$83.5M	$314.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,734.9	−0.052%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0350%	8h	2,734	−0.086%	$283.4M	$175.7M	150x	as long as short