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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%
Price spread now: Backpack against GRVT+0.096%7-day average −0.025% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as in the Price arb table
costs, in and out, $10k−$200.196% of the position
Long on GRVTShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.087%+$9 on $10k
Price spread, last 7 days−0.798%−$80 · spread now +0.096%, 7d avg −0.025%
Together, before fees−0.710%+ Points / potential airdropGRVT: Active · farm board−$71 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.122% dearer against GRVT than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.025%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGRVT ETH_USDT_Perp2,747.10.0100pay 0.0100% / 8h6h 51m$159.8M$82.0M50x
ShortBackpack ETH_USDC_PERP2,749.70.0100get 0.0013% / 1h51m 34s$14.9M$42.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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
$0
Price spread: +0.096% → −0.025%
$12.16
Slippage, 4 orders
−$0.57
Fee GRVT: 4.5 bp × 2 orders
−$9
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$7.41
Costs to cover
0.196%
Break-even
never at this rate
Slippage from GRVT: 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
LegHalf-spread$10k$100k$1M$5M
Buy GRVT live order book, 3 min ago0.02 bp4.7 bp −$55.7 bp −$578.1 bp −$80816.8 bp −$8,391
Sell Backpack live order book, 3 min ago0.02 bp5.0 bp −$56.8 bp −$6831.1 bp −$3,110doesn'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
ApeX Omni ETHUSDT−0.0449%1h2,745.8−0.047%$8.7M$31.5M100xas long as short
Perpl ETH−0.0447%43m2,750+0.105%$323K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,749.7+0.095%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,750.2+0.113%$5.5M$11.3M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,749.1+0.073%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,756.1+0.328%$865K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,750.6+0.126%$10.9M$41.9M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,748.6+0.054%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0008%1h2,750.2+0.113%$181K$1.1M50xas long as short
BingX ETH-USDT+0.0028%8h2,749.7+0.095%—$1.20B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0035%8h2,748.1+0.036%$1.67B$11.07B100xas long as short
HTX ETH-USDT+0.0038%8h2,749.1+0.071%$1.07B$1.23B200xas long as short
Aster ETHUSDT+0.0046%8h2,750.2+0.111%$255.9M$854.7M200xas long as short
MEXC ETH_USDT+0.0055%8h2,749.5+0.089%$1.58B$2.53B500xas long as short
Aevo ETH-PERP+0.0056%1h2,747.3+0.007%$4.9M$163K20xas long as short
Binance ETHUSDT+0.0058%8h2,749.8+0.098%$6.37B$16.32B150xas long as short
Gate ETH_USDT+0.0058%8h2,748.9+0.066%$3.33B$8.72B200xas long as short
KuCoin ETHUSDTM+0.0082%8h2,750.4+0.120%$385.0M$607.1M100xas long as short
Bitget ETHUSDT+0.0083%8h2,749.5+0.088%$2.07B$2.86B150xas long as short
Deribit ETH-PERPETUAL+0.0088%1h2,751+0.140%$258.8M$202.4M50xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,751.2+0.151%$59.6M$4.39B50xas long as short
Aftermath Perps ETHUSD+0.0089%1h2,750+0.106%$30K$21K20xas long as short
Variational Omni ETH+0.0095%8h2,741.6−0.201%$132.7M$345.8M—as long as short
Lighter ETH+0.0096%1h2,749.1+0.075%$113.2M$438.9M50xas long as short
Lighter RH ETH+0.0096%1h2,750.9+0.140%$25.0M$105.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,750.1+0.109%—$35.7M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,751.7+0.168%$15.9M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,749.3+0.080%$469K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,750.1+0.109%$14.0M$113.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,752.3+0.190%$3.13B$2.14B25xas long as short
Pacifica ETH+0.0100%1h2,749.3+0.082%$31.2M$332.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,748.5+0.052%$2.46B$4.35B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,749.1+0.073%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,750.7+0.131%$2.8M$16.8M25xas long as short
Bulk ETH-USD+0.0100%1h2,752.6+0.202%$169.2M$297.0M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,749.7+0.096%$14.9M$42.5M50x
edgeX ETHUSDC+0.0100%4h2,743.2−0.140%$183.8M$733.9M100xas long as short
GRVT ETH_USDT_Perplong+0.0100%8h2,747.1long leg$159.8M$82.0M50x
StandX ETH-USD+0.0100%1h2,745.9−0.043%$21.2M$65.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,749.8+0.099%—$871K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,749.9+0.102%$10.4M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,748.7+0.059%$183K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,749.3+0.082%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,751.2+0.150%$42.0M$29.0M15xas long as short
SunX ETH-USDT+0.0100%8h2,749.1+0.075%$963K$12.6M100xas long as short
SoDEX ETH-USD+0.0100%1h2,749.6+0.091%$54.7M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,749.8+0.098%$267.4M$66.2M150xas long as short
Extended ETH-USD+0.0104%1h2,749+0.068%$30.5M$74.2M50xas long as short
Kalshi KXETHPERP+0.0130%8h2,750+0.106%$7.7M$671.3M4.9xas long as short
Orderly PERP_ETH_USDC+0.0160%8h2,751.5+0.161%$32.4M$11.2M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,748.1+0.036%$250K$1.5M20xas long as short
BloFin ETH-USDT+0.0175%8h2,747.3+0.009%$286.1M$178.5M150xas long as short
Injective ETH/USDC PERP+0.0209%1h2,744.5−0.094%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0217%1h2,749.3+0.079%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,751+0.142%$93.1M$319.7M100xas long as short