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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 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%
Price spread now: Backpack against Katana Perps+0.005%7-day average +0.033% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Katana PerpsShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.009%+$1 on $10k
Price spread, last 7 days−0.722%−$72 · spread now +0.005%, 7d avg +0.033%
Together, before fees−0.713%−$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 0.028% cheaper against Katana Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.033%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKatana Perps ETH-USD2,768.60.0100pay 0.0100% / 8h11m 12s$475K$2.8M50x
ShortBackpack ETH_USDC_PERP2,768.70.0100get 0.0013% / 1h11m 12s$15.1M$44.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Katana Perps. 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

Funding earned
$0.04
Price spread: +0.005% → +0.033%
−$2.84
Slippage, 4 orders
no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$16.59
Costs to cover
0.138%
Break-even
2641.0 days
Slippage unknown: Katana Perps: 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 Katana Perps no order-book sample—————
Sell Backpack live order book, 3 min ago0.02 bp5.0 bp −$56.2 bp −$6228.5 bp −$2,847doesn't fit
Katana Perps: 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−0.0223%43m2,770+0.050%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,769.1+0.017%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.235%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,769.5+0.033%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0023%1h2,770.5+0.068%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,769.3+0.025%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,770.8+0.080%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,771.8+0.116%$876K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,769.5+0.034%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0022%8h2,768.4−0.009%$1.70B$11.87B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,769.6+0.035%$12.8M—200xas long as short
Phemex ETHUSDT+0.0029%8h2,768.5−0.003%$269.9M$68.9M150xas long as short
Aftermath Perps ETHUSD+0.0030%1h2,771.6+0.109%$29K$22K20xas long as short
SoDEX ETH-USD+0.0031%1h2,768.4−0.007%$55.1M$228.9M40xas long as short
Aster ETHUSDT+0.0032%8h2,768.9+0.011%$255.6M$1.00B200xas long as short
Bullet ETH-USD+0.0038%1h2,768.9+0.011%$181K$1.7M20xas long as short
Deribit ETH-PERPETUAL+0.0053%1h2,770.2+0.057%$259.0M$222.1M50xas long as short
Aevo ETH-PERP+0.0056%1h2,766.9−0.062%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0056%8h2,768.4−0.007%$6.45B$17.29B150xas long as short
MEXC ETH_USDT+0.0057%8h2,768.4−0.007%$1.62B$2.66B500xas long as short
Bitget ETHUSDT+0.0065%8h2,768.6−0.002%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0067%8h2,768.5−0.003%$3.29B$9.69B200xas long as short
KuCoin ETHUSDTM+0.0080%8h2,769.3+0.026%$420.7M$738.5M100xas long as short
Bybit ETHUSDT+0.0088%8h2,768.6+0.001%$2.50B$4.62B150xas long as short
BingX ETH-USDC+0.0088%8h2,768.1−0.017%—$17.4M—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,769.9+0.045%$60.1M$4.59B50xas long as short
HTX ETH-USDT+0.0094%8h2,768.6+0.001%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,768.9+0.012%$115.0M$500.6M50xas long as short
Lighter RH ETH+0.0096%1h2,770.6+0.072%$25.3M$122.0M50xas long as short
Vest ETH-PERP+0.0096%1h2,769.7+0.038%—$1.1M50xas long as short
Nado ETH-PERP+0.0099%1h2,768.9+0.010%$14.3M$118.2M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,768.5−0.003%$15.9M$10.1M50xas long as short
Katana Perps ETH-USDlong+0.0100%8h2,768.6long leg$475K$2.8M50x
Hyperliquid ETH+0.0100%1h2,771.2+0.094%$3.17B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,769.5+0.033%$31.2M$315.2M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,768.8+0.007%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,769.9+0.048%$2.7M$17.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,773+0.157%$170.1M$265.7M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,768.7+0.005%$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,768.4−0.006%$147.1M$335.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,770+0.050%$181.8M$783.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.4+0.065%$161.1M$89.8M50xas long as short
StandX ETH-USD+0.0100%1h2,771.4+0.101%$21.4M$58.5M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,769.1+0.018%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,769.9+0.046%$21K$24K25xas long as short
SunX ETH-USDT+0.0100%8h2,768.1−0.019%$971K$13.9M100xas long as short
Derive ETH-PERP+0.0100%1h2,771.2+0.095%$42.7M$29.4M15xas long as short
Extended ETH-USD+0.0104%1h2,768−0.023%$32.5M$78.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,771.1+0.091%—$43.7M500xas long as short
Kalshi KXETHPERP+0.0107%8h2,770.1+0.054%$8.2M$687.5M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,770+0.051%$90.3M$338.3M100xas long as short
Orderly PERP_ETH_USDC+0.0143%8h2,771.3+0.098%$32.6M$12.2M100xas long as short
BloFin ETH-USDT+0.0176%8h2,768.4−0.007%$286.2M$194.2M150xas long as short
Reya ETHRUSDPERP+0.0204%1h2,768.7+0.003%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0208%1h2,771.6+0.109%$252K$1.6M20xas long as short