Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0279%/8h= +30.6% APRpaid last 24h −0.013%

Price spread now: Backpack against BloFin+0.020%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 4 days (all we have)+0.155%+$15 · spread now +0.020%, 7d avg −0.003%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.022% dearer against BloFin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.003%. Mind the row above: over the last 7 days funding on this pair cost −0.130%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.130% in total (about -6.8% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,729.2	−0.0179	get 0.0179% / 8h	7h 40m	$280.4M	$177.6M	150x
Short	Backpack ETH_USDC_PERP	2,729.8	0.0100	get 0.0013% / 1h	40m 22s	$15.2M	$39.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.020%Rate

Funding earned: $58.59
Price spread: +0.020% → −0.003%: $2.23
Slippage, 4 orders: −$0.3
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $38.53
Costs to cover: 0.223%
Break-even: 2.4 days

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 4 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 BloFin live order book, 4 min ago	0.04 bp	6.0 bp −$6	6.2 bp −$62	7.8 bp −$784	10.2 bp −$5,086
Sell Backpack live order book, 4 min ago	0.02 bp	5.0 bp −$5	6.6 bp −$66	14.6 bp −$1,460	doesn't fit

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
BloFin ETH-USDTlong	−0.0179%	8h	2,729.2	long leg	$280.4M	$177.6M	150x
Perpl ETH	−0.0112%	43m	2,731	+0.064%	$277K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.4	+0.006%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0072%	8h	2,729.2	0.000%	$1.05B	$1.21B	200x	as long as short
Bybit ETHUSDT	−0.0037%	8h	2,730.1	+0.031%	$2.32B	$4.30B	150x	as long as short
Phemex ETHUSDT	−0.0016%	8h	2,729.2	−0.002%	$263.0M	$63.8M	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,733	+0.138%	$807K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.4	+0.115%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.2	+0.070%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,730.2	+0.035%	$6.7M	$671.4M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.7	+0.090%	$264.6M	$219.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,730.9	+0.062%	$32.9M	—	200x	as long as short
SunX ETH-USDT	+0.0031%	8h	2,729.4	+0.004%	$940K	$10.7M	100x	as long as short
Gate ETH_USDT	+0.0039%	8h	2,730.4	+0.043%	$3.28B	$8.24B	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,730.6	+0.050%	$191K	$884K	50x	as long as short
SoDEX ETH-USD	+0.0054%	1h	2,729.2	−0.001%	$54.4M	$182.5M	40x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,730.7	+0.052%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,730.3	+0.038%	$1.65B	$10.73B	100x	as long as short
ApeX Omni ETHUSDT	+0.0078%	1h	2,730.8	+0.059%	$8.4M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,730.3	+0.039%	$252.7M	$849.2M	200x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,729.3	+0.001%	$383.0M	$575.9M	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,729.7	+0.017%	$1.57B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,730.3	+0.039%	$6.32B	$16.05B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731	+0.064%	$112.5M	$401.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732	+0.103%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,731.7	+0.088%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.9	−0.050%	$4.9M	$195K	20x	as long as short
Bullet ETH-USD	+0.0098%	1h	2,729.9	+0.025%	$177K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.9	+0.024%	$498K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.9	+0.170%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.1	+0.033%	$14.2M	$100.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.6	+0.086%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.4	+0.079%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.1	+0.032%	$2.7M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.4	+0.042%	$1.6M	$15.8M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731	+0.064%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,730.3	+0.038%	—	$1.05B	—	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,729.8	+0.020%	$15.2M	$39.9M	50x
Variational Omni ETH	+0.0100%	8h	2,728.7	−0.019%	$131.4M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.1	+0.068%	$185.8M	$686.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.9	+0.061%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.5	+0.119%	$21.0M	$70.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.4	+0.079%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.4	+0.043%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	+0.067%	$40.6M	$29.2M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.8	+0.058%	$162.8M	$334.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729	−0.009%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,730.1	+0.030%	$81.9M	$309.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0113%	1h	2,731.2	+0.070%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,730.5	+0.046%	$46.3M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,730.6	+0.051%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0173%	1h	2,728.8	−0.017%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.9	+0.133%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,730	+0.028%	$117K	$20.2M	52x	as long as short
Bluefin ETH-PERP	+0.2615%	1h	2,731	+0.066%	$20K	$23K	25x	as long as short