ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0141%/8h= +15.4% APRnext payment +$0.18 per $10,000 · paid last 24h +0.027%

Price spread now: Backpack against Injective+0.171%7-day average −0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$710.707% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now +0.171%, 7d avg −0.069%

Together, before fees−0.123%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.240% dearer against Injective than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.069%. Mind the row above: over the last 7 days funding on this pair cost −0.117%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ETH/USDC PERP	2,771.7	−0.0041	get 0.0005% / 1h	3m 03s	$119K	$22.5M	52x
Short	Backpack ETH_USDC_PERP	2,776.4	0.0100	get 0.0013% / 1h	3m 03s	$15.1M	$44.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.171%Rate

Funding earned: $29.58
Price spread: +0.171% → −0.069%: $23.99
Slippage, 4 orders: −$60.71
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.15
Costs to cover: 0.707%
Break-even: 11.1 days

Slippage from Injective: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective live order book, 1 min ago	14.91 bp	14.9 bp −$15	14.9 bp −$149	14.9 bp −$1,492	20624.3 bp −$10.31M
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

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	+0.203%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.6	+0.212%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.3	+0.202%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERPlong	−0.0041%	1h	2,771.7	long leg	$119K	$22.5M	52x
01 Exchange ETHUSD	−0.0040%	1h	2,777.4	+0.206%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.6	+0.248%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	+0.141%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,775.3	+0.131%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.4	+0.204%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0017%	8h	2,776.5	+0.172%	$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	+0.186%	$270.5M	$68.8M	150x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,776.4	+0.170%	$183K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	+0.199%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,776.8	+0.183%	$256.0M	$995.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.033%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0055%	1h	2,776.9	+0.189%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.5	+0.100%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,776.4	+0.171%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,776.2	+0.163%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0062%	1h	2,776.5	+0.173%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.4	+0.169%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.3	+0.166%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,776.6	+0.176%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,776.6	+0.175%	$2.52B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0092%	8h	2,776	+0.156%	—	$17.4M	—	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,778.3	+0.239%	$258.7M	$222.7M	50x	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,776.3	+0.166%	$422.2M	$739.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,777.2	+0.199%	$115.2M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.6	+0.250%	$25.5M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.8	+0.219%	—	$41.6M	500x	as long as short
Vest ETH-PERP	+0.0098%	1h	2,777.2	+0.200%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,778	+0.227%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.4	+0.206%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.8	+0.256%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	+0.232%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	+0.198%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.2	+0.271%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.032%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,776.4	+0.171%	$15.1M	$44.2M	50x
Variational Omni ETH	+0.0100%	8h	2,773.7	+0.073%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	+0.090%	$181.6M	$781.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	+0.144%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.188%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.8	+0.220%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.3	+0.202%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.9	+0.259%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.6	+0.177%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.9	+0.152%	$32.6M	$77.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778	+0.226%	$59.9M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,778	+0.227%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.4	+0.277%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.8	+0.221%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,776.5	+0.175%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,776.5	+0.173%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,778.1	+0.231%	$270K	$1.5M	20x	as long as short