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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.006%
Price spread now: Backpack against KuCoin+0.050%7-day average −0.006% · 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−$17as in the Price arb table
costs, in and out, $10k−$230.229% of the position
Long on KuCoinShort 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 7 days−0.663%−$66 · spread now +0.050%, 7d avg −0.006%
Together, before fees−0.546%−$55 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 0.056% dearer against KuCoin than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.006%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKuCoin ETHUSDTM2,776.60.0092pay 0.0092% / 8h59m 28s$423.3M$739.5M100x
ShortBackpack ETH_USDC_PERP2,7780.0100get 0.0013% / 1h59m 28s$15.1M$44.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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
$1.68
Price spread: +0.050% → −0.006%
$5.63
Slippage, 4 orders
−$0.93
Fee KuCoin: 6 bp × 2 orders
−$12
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$15.62
Costs to cover
0.229%
Break-even
72.1 days
Slippage from KuCoin: live order book, 10 min ago; Backpack: live order book, 5 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 KuCoin live order book, 10 min ago0.02 bp6.5 bp −$67.4 bp −$748.9 bp −$892doesn't fit
Sell Backpack live order book, 5 min ago0.02 bp5.4 bp −$57.1 bp −$7128.9 bp −$2,892doesn'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
Perpl ETH−0.0447%43m2,777.1+0.019%$288K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,776.3−0.009%$5.7M$11.9M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,777.4+0.030%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,771.7−0.175%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0016%1h2,777.2+0.023%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0004%1h2,776.8+0.008%$29K$22K20xas long as short
Bullet ETH-USD−0.0001%1h2,776.8+0.009%$181K$1.7M20xas long as short
dYdX ETH-USD0.0000%1h2,777.9+0.048%$12.7M$45.9M50xas long as short
Phoenix ETH0.0000%1h2,777.6+0.037%$881K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,777.7+0.042%$22.4M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0014%8h2,776.9+0.013%—$1.21B—as long as short
OKX ETH-USDT-SWAP+0.0018%8h2,776.9+0.012%$1.70B$11.88B100xas long as short
Phemex ETHUSDT+0.0021%8h2,778+0.050%$270.6M$68.8M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,777.7+0.040%$12.9M—200xas long as short
Aster ETHUSDT+0.0034%8h2,776.9+0.013%$254.7M$995.6M200xas long as short
Deribit ETH-PERPETUAL+0.0045%1h2,779.7+0.112%$258.7M$222.8M50xas long as short
ApeX Omni ETHUSDT+0.0058%1h2,777.6+0.036%$8.8M$32.7M100xas long as short
MEXC ETH_USDT+0.0060%8h2,776.7+0.004%$1.60B$2.62B500xas long as short
SoDEX ETH-USD+0.0060%1h2,777.8+0.045%$55.3M$229.0M40xas long as short
Binance ETHUSDT+0.0061%8h2,776.9+0.012%$6.44B$17.24B150xas long as short
Aevo ETH-PERP+0.0064%1h2,776.1−0.016%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0065%8h2,776.7+0.004%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0071%8h2,777+0.015%$3.30B$9.55B200xas long as short
HTX ETH-USDT+0.0087%8h2,778.2+0.057%$1.08B$1.32B200xas long as short
Bybit ETHUSDT+0.0091%8h2,776.9+0.013%$2.52B$4.63B150xas long as short
KuCoin ETHUSDTMlong+0.0092%8h2,776.6long leg$423.3M$739.5M100x
Vest ETH-PERP+0.0095%1h2,777.5+0.033%—$1.1M50xas long as short
Lighter ETH+0.0096%1h2,777.7+0.040%$115.3M$491.9M50xas long as short
Lighter RH ETH+0.0096%1h2,778.6+0.073%$25.4M$120.2M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,776.8+0.007%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,777.1+0.019%$477K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,776.5−0.004%$14.3M$118.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,779.3+0.099%$3.19B$2.35B25xas long as short
Pacifica ETH+0.0100%1h2,777.7+0.041%$31.2M$306.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,776.7+0.005%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,778+0.052%$2.7M$17.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,777.9+0.050%$168.1M$250.4M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,778+0.050%$15.1M$44.1M50x
Variational Omni ETH+0.0100%8h2,775.9−0.023%$147.5M$336.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,777+0.017%$181.7M$781.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,776.9+0.012%$161.5M$90.7M50xas long as short
StandX ETH-USD+0.0100%1h2,778.5+0.070%$21.5M$58.2M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,777.8+0.045%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,778.1+0.055%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,780.7+0.149%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,777.8+0.044%$973K$13.9M100xas long as short
Extended ETH-USD+0.0104%1h2,776−0.020%$32.6M$77.6M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,777.4+0.031%—$41.8M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,779.2+0.095%$60.1M$4.61B50xas long as short
Kalshi KXETHPERP+0.0126%8h2,778.3+0.063%$8.4M$681.5M4.9xas long as short
Orderly PERP_ETH_USDC+0.0135%8h2,779.7+0.114%$32.6M$12.0M100xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,779.1+0.092%$86.6M$332.6M100xas long as short
BloFin ETH-USDT+0.0181%8h2,776.5−0.004%$284.8M$194.9M150xas long as short
Reya ETHRUSDPERP+0.0196%1h2,776.4−0.006%$7.4M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0288%1h2,777.5+0.034%$270K$1.5M20xas long as short