Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Backpack against Derive−0.050%48s7-day average −0.064% · you buy dearer than you sell

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

Long on Derive Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.050%, 7d avg −0.064%

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,778.9	0.0100	pay 0.0013% / 1h	3m 23s	$42.8M	$29.4M	15x
Short	Backpack ETH_USDC_PERP	2,777.5	0.0100	get 0.0013% / 1h	3m 23s	$15.1M	$44.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Derive. 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 DerivebpFee BackpackbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0
Price spread: −0.050% → −0.064%: $1.42
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$14.58
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Backpack: live order book, 1 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Backpack live order book, 1 min ago	0.02 bp	5.4 bp −$5	7.1 bp −$71	28.9 bp −$2,892	doesn't fit

Derive: 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	2,777.3	−0.056%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.6	−0.047%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.3	−0.057%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.259%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.4	−0.054%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.6	−0.011%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.118%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,775.3	−0.128%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.4	−0.055%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0017%	8h	2,776.7	−0.080%	$1.70B	$11.87B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0022%	8h	2,776.9	−0.073%	$270.5M	$68.8M	150x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,776.4	−0.090%	$183K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	−0.060%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,777	−0.068%	$256.0M	$995.1M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.291%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0055%	1h	2,776.9	−0.070%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.5	−0.159%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,776.5	−0.085%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,776.6	−0.081%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0062%	1h	2,776.5	−0.086%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.5	−0.086%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.5	−0.084%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,776.6	−0.083%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,776.8	−0.077%	$2.52B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0092%	8h	2,776.6	−0.082%	—	$1.20B	—	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,778.3	−0.020%	$258.7M	$222.7M	50x	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,777.2	−0.063%	$422.1M	$739.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	−0.022%	$115.3M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.4	+0.017%	$25.5M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.8	−0.040%	—	$41.6M	500x	as long as short
Vest ETH-PERP	+0.0098%	1h	2,777.2	−0.059%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778	−0.032%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.4	−0.054%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.1	+0.008%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	−0.027%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	−0.061%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.2	+0.011%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.290%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,777.5	−0.050%	$15.1M	$44.1M	50x
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.186%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	−0.169%	$181.6M	$781.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.115%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	−0.072%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.8	−0.039%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.3	−0.057%	$21K	$24K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,778.9	long leg	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,776.6	−0.082%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.1	−0.102%	$32.6M	$77.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778	−0.033%	$59.9M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,777.4	−0.054%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.4	+0.018%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.8	−0.038%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,775.4	−0.124%	$285.1M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,776.5	−0.086%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,778.1	−0.028%	$270K	$1.5M	20x	as long as short