ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.02 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Coinbase International−0.055%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.055%, 7d avg −0.039%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,751.2	0.0088	pay 0.0011% / 1h	51m 24s	$59.6M	$4.39B	50x
Short	Backpack ETH_USDC_PERP	2,749.7	0.0100	get 0.0013% / 1h	51m 24s	$14.9M	$42.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.055%Rate

Funding earned: $2.52
Price spread: −0.055% → −0.039%: −$1.63
Slippage, 4 orders: −$0.09
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.2
Costs to cover: 0.201%
Break-even: 60.3 days

Slippage from Coinbase International: live order book, 3 min ago; Backpack: live order book, 3 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 Coinbase International live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.6 bp −$56	11.0 bp −$1,098	25.7 bp −$12.8K
Sell Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	6.8 bp −$68	31.1 bp −$3,110	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
ApeX Omni ETHUSDT	−0.0449%	1h	2,745.8	−0.197%	$8.7M	$31.5M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,749	−0.080%	$320K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.7	−0.056%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	−0.038%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.1	−0.078%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.5	−0.063%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.6	−0.025%	$10.9M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.1	−0.004%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,750.2	−0.038%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,750.3	−0.034%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0035%	8h	2,751.1	−0.004%	$1.67B	$11.09B	100x	as long as short
HTX ETH-USDT	+0.0038%	8h	2,749.1	−0.080%	$1.07B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,750	−0.045%	$255.9M	$854.8M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,750	−0.047%	$1.58B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,747.3	−0.144%	$4.9M	$163K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,750.8	−0.016%	$6.37B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,751.3	+0.002%	$3.33B	$8.72B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,749.6	−0.060%	$384.9M	$607.1M	100x	as long as short
Bitget ETHUSDT	+0.0083%	8h	2,749.7	−0.057%	$2.07B	$2.86B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,751	−0.011%	$258.8M	$202.4M	50x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0088%	1h	2,751.2	long leg	$59.6M	$4.39B	50x
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.351%	$132.7M	$345.8M	—	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,750.4	−0.032%	$30K	$21K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,749.1	−0.076%	$113.2M	$438.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.9	−0.011%	$25.0M	$105.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.1	−0.007%	—	$35.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.7	+0.017%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.3	−0.071%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.9	−0.087%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752	+0.028%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.069%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751	−0.009%	$2.46B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.1	−0.078%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.7	−0.020%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	+0.051%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,749.7	−0.055%	$14.9M	$42.5M	50x
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.291%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.151%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.9	−0.194%	$21.2M	$65.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.3	−0.034%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.4	−0.067%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.5	−0.026%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.3	−0.069%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.2	−0.001%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749.1	−0.076%	$963K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.6	−0.060%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.8	−0.053%	$267.4M	$66.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749	−0.083%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,750	−0.045%	$7.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0160%	8h	2,753.9	+0.096%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,750	−0.044%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,747.3	−0.142%	$286.1M	$178.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.5	−0.245%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.4	−0.065%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751	−0.009%	$93.1M	$319.7M	100x	as long as short