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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 23:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.003%
Price spread now: Backpack against Bybit−0.022%7-day average −0.003% · you buy dearer than you sell
Net, funding: paid 7d − costs−$12as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$220.223% of the position
Long on BybitShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.107%+$11 on $10k
Price spread, last 7 days−0.590%−$59 · spread now −0.022%, 7d avg −0.003%
Together, before fees−0.483%−$48 on $10k · with fees, hour by hour
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBybit ETHUSDT2,777.10.0092pay 0.0092% / 8h1h 03m$2.52B$4.62B150x
ShortBackpack ETH_USDC_PERP2,776.40.0100get 0.0013% / 1h3m 06s$15.1M$44.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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
$1.72
Price spread: −0.022% → −0.003%
−$1.93
Slippage, 4 orders
−$1.3
Fee Bybit: 5.5 bp × 2 orders
−$11
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$22.51
Costs to cover
0.223%
Break-even
98.6 days
Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 1 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 Bybit live order book, 1 min ago0.02 bp5.5 bp −$65.5 bp −$556.5 bp −$6459.0 bp −$4,480
Sell Backpack live order book, 1 min ago0.02 bp5.4 bp −$57.1 bp −$7128.9 bp −$2,892doesn't fit

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−0.0447%43m2,777.3+0.010%$288K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,777.6+0.018%$5.7M$11.9M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,777.3+0.009%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,771.7−0.193%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,777.4+0.012%$169K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,778.6+0.054%$12.7M$45.7M50xas long as short
Phoenix ETH0.0000%1h2,775.6−0.053%$885K$3.7M25xas long as short
Aftermath Perps ETHUSD+0.0003%1h2,775.3−0.062%$29K$22K20xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,777.4+0.011%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0017%8h2,776.7−0.014%$1.70B$11.87B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0022%8h2,776.9−0.007%$270.5M$68.8M150xas long as short
Bullet ETH-USD+0.0023%1h2,776.4−0.024%$183K$1.7M20xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,777.2+0.006%$12.9M—200xas long as short
Aster ETHUSDT+0.0032%8h2,776.7−0.012%$256.0M$995.2M200xas long as short
ApeX Omni ETHUSDT+0.0047%1h2,770.8−0.226%$8.7M$32.6M100xas long as short
Nado ETH-PERP+0.0055%1h2,776.9−0.004%$14.3M$118.2M50xas long as short
Aevo ETH-PERP+0.0056%1h2,774.5−0.094%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0059%8h2,776.8−0.008%$1.60B$2.68B500xas long as short
Binance ETHUSDT+0.0060%8h2,776.7−0.012%$6.44B$17.23B150xas long as short
SoDEX ETH-USD+0.0062%1h2,776.5−0.020%$55.3M$229.0M40xas long as short
Bitget ETHUSDT+0.0066%8h2,776.1−0.036%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0073%8h2,776.3−0.027%$3.30B$9.69B200xas long as short
HTX ETH-USDT+0.0088%8h2,776.6−0.017%$1.08B$1.32B200xas long as short
Bybit ETHUSDTlong+0.0092%8h2,777.1long leg$2.52B$4.62B150x
BingX ETH-USDC+0.0092%8h2,776−0.037%—$17.4M—as long as short
Deribit ETH-PERPETUAL+0.0092%1h2,778.3+0.046%$258.7M$222.7M50xas long as short
KuCoin ETHUSDTM+0.0095%8h2,776.8−0.011%$422.3M$739.3M100xas long as short
Lighter ETH+0.0096%1h2,777.2+0.005%$115.2M$503.5M50xas long as short
Lighter RH ETH+0.0096%1h2,778.6+0.056%$25.5M$122.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,777.8+0.026%—$41.6M500xas long as short
Vest ETH-PERP+0.0098%1h2,777.2+0.006%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,778+0.033%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,777.4+0.012%$477K$2.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,778.8+0.063%$3.19B$2.35B25xas long as short
Pacifica ETH+0.0100%1h2,778.1+0.038%$31.2M$303.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777.2+0.005%$2.8M$17.1M25xas long as short
Arcus ETH-USD+0.0100%1h2,779.2+0.077%$2.7M$17.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,770.8−0.225%$166.1M$253.0M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,776.4−0.022%$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,773.7−0.121%$147.3M$337.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,774.2−0.103%$181.6M$781.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,775.7−0.049%$161.4M$90.8M50xas long as short
StandX ETH-USD+0.0100%1h2,776.9−0.006%$21.4M$58.2M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,777.8+0.027%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,777.3+0.008%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,778.9+0.066%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,776.6−0.017%$973K$14.0M100xas long as short
Extended ETH-USD+0.0104%1h2,776.1−0.036%$32.6M$77.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,778+0.032%$59.9M$4.61B50xas long as short
Kalshi KXETHPERP+0.0127%8h2,778+0.034%$8.4M$681.5M4.9xas long as short
Orderly PERP_ETH_USDC+0.0135%8h2,779.4+0.084%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,777.8+0.028%$86.4M$332.5M100xas long as short
BloFin ETH-USDT+0.0180%8h2,776.5−0.019%$284.8M$194.9M150xas long as short
Reya ETHRUSDPERP+0.0195%1h2,776.5−0.020%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0280%1h2,778.1+0.037%$270K$1.5M20xas long as short