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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+0.0072%/8h= +7.9% APRnext payment +$0.09 per $10,000 · paid last 24h +0.026%
Price spread now: Backpack against GMX+0.049%7-day average −0.038% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.003%$0 on $10k
Price spread, last 3 days (all we have)−0.115%−$12 · spread now +0.049%, 7d avg −0.038%
Together, before fees−0.118%−$12 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.087% dearer against GMX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.038%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,780.4L +0.0028% / S +0.0009%pay 0.0004% / 1h41m 28s$13.2M—200x
ShortBackpack ETH_USDC_PERP2,781.80.0100get 0.0013% / 1h41m 28s$15.3M$44.0M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against GMX. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$15.07
Price spread: +0.049% → −0.038%
$8.71
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Backpack: 5 bp × 2 orders
−$10
Net
$1.78
Costs to cover
0.220%
Break-even
6.2 days
Slippage unknown: GMX: no order-book sample; Backpack: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Backpack live order book, 3 min ago0.02 bp5.0 bp −$56.3 bp −$6329.4 bp −$2,941doesn't fit
GMX: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,781.3+0.029%$289K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,781.1+0.024%$5.8M$12.0M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,782+0.056%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,775.7−0.171%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0032%1h2,781.2+0.027%$170K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0027%1h2,777.2−0.118%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,782.1+0.059%$12.7M$45.5M50xas long as short
Phoenix ETH0.0000%1h2,774.2−0.225%$885K$3.7M25xas long as short
Phemex ETHUSDT+0.0005%8h2,781+0.020%$270.5M$68.5M150xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,780.3−0.006%$22.5M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0015%8h2,779.8−0.025%—$1.18B—as long as short
OKX ETH-USDT-SWAP+0.0019%8h2,779.2−0.045%$1.71B$11.84B100xas long as short
GMX ETH/USD [ETH-USDC]longL +0.0028% / S +0.0009%1h2,780.4long leg$13.2M—200x
Aster ETHUSDT+0.0037%8h2,780.1−0.014%$257.0M$989.8M200xas long as short
Bullet ETH-USD+0.0040%1h2,780−0.017%$182K$1.8M20xas long as short
Nado ETH-PERP+0.0044%1h2,780.1−0.012%$14.3M$117.7M50xas long as short
MEXC ETH_USDT+0.0056%8h2,780.1−0.012%$1.62B$2.65B500xas long as short
Aevo ETH-PERP+0.0056%1h2,775.3−0.184%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0058%8h2,780.1−0.011%$6.46B$17.10B150xas long as short
Bitget ETHUSDT+0.0073%8h2,780−0.017%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0077%8h2,780−0.015%$3.30B$9.57B200xas long as short
HTX ETH-USDT+0.0095%8h2,781+0.019%$1.08B$1.31B200xas long as short
Lighter ETH+0.0096%1h2,782.4+0.069%$115.3M$497.5M50xas long as short
Lighter RH ETH+0.0096%1h2,783.3+0.102%$25.5M$120.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,782.3+0.065%—$41.5M500xas long as short
Bybit ETHUSDT+0.0096%8h2,779.2−0.046%$2.52B$4.59B150xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,782.9+0.090%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,781.5+0.038%$483K$2.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,782.8+0.085%$3.19B$2.39B25xas long as short
Pacifica ETH+0.0100%1h2,782.2+0.063%$31.3M$295.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,781+0.020%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,783.4+0.106%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,781.3+0.031%$166.9M$248.1M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,780.1−0.011%$427.0M$737.4M100xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,781.8+0.049%$15.3M$44.0M50x
Variational Omni ETH+0.0100%8h2,773.8−0.238%$135.8M$327.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,776.9−0.128%$180.0M$778.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,776.5−0.141%$161.5M$93.1M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,776.6−0.140%$8.7M$32.6M100xas long as short
StandX ETH-USD+0.0100%1h2,780.3−0.005%$21.5M$57.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,781+0.021%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,781.6+0.042%$10.8M$7.7M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,780−0.015%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,783.4+0.105%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,780.3−0.004%$975K$14.0M100xas long as short
SoDEX ETH-USD+0.0100%1h2,781+0.020%$55.4M$228.8M40xas long as short
Extended ETH-USD+0.0104%1h2,781.5+0.039%$31.6M$74.6M50xas long as short
Hibachi ETH/USDT-P+0.0104%1h2,778.9−0.056%$281K$1.5M20xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,782.5+0.072%$60.4M$4.60B50xas long as short
Kalshi KXETHPERP+0.0110%8h2,781+0.020%$8.6M$673.1M4.9xas long as short
Deribit ETH-PERPETUAL+0.0117%1h2,782.5+0.074%$258.4M$221.7M50xas long as short
Orderly PERP_ETH_USDC+0.0139%8h2,781.5+0.038%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,782.2+0.061%$86.3M$330.4M100xas long as short
BloFin ETH-USDT+0.0176%8h2,778−0.089%$285.6M$194.6M150xas long as short
Reya ETHRUSDPERP+0.0189%1h2,779.8−0.022%$7.4M$1.1M25xas long as short