Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.004%

Price spread now: Backpack against MEXC−0.060%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 7 days−0.564%−$56 · spread now −0.060%, 7d avg −0.011%

Together, before fees−0.457%−$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.050% cheaper against MEXC than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.011%). If the spread goes back, that is −$5 on $10k: about 3.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,778.1	0.0049	pay 0.0049% / 8h	2h 17m	$1.60B	$2.68B	500x
Short	Backpack ETH_USDC_PERP	2,776.4	0.0100	get 0.0013% / 1h	17m 37s	$15.4M	$42.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.060%Rate

Funding earned: $10.71
Price spread: −0.060% → −0.011%: −$4.96
Slippage, 4 orders: −$0.1
Fee MEXC: 1 bp × 2 orders: −$2
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$6.35
Costs to cover: 0.121%
Break-even: 11.1 days

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 2 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 MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.6 bp −$162	4.3 bp −$2,168
Sell Backpack live order book, 2 min ago	0.02 bp	5.0 bp −$5	6.0 bp −$60	29.3 bp −$2,926	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	−0.0112%	43m	2,775.9	−0.077%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.053%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.7	+0.023%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,778.3	+0.009%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,778.2	+0.005%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,778.3	+0.008%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.9	−0.006%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.8	−0.081%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.7	−0.048%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0014%	8h	2,776	−0.075%	$267.3M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,777.7	−0.012%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.7	−0.048%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,777.9	−0.007%	$256.9M	$995.3M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	−0.014%	$8.8M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,774.8	−0.117%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDTlong	+0.0049%	8h	2,778.1	long leg	$1.60B	$2.68B	500x
Binance ETHUSDT	+0.0050%	8h	2,778.1	+0.003%	$6.45B	$17.22B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0060%	1h	2,777.7	−0.012%	$258.5M	$225.0M	50x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,778	−0.003%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,777.9	−0.004%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,776	−0.074%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0096%	8h	2,776.8	−0.047%	$141.1M	$320.7M	—	as long as short
Lighter ETH	+0.0096%	1h	2,778.5	+0.015%	$115.3M	$514.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.1	+0.036%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	−0.044%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,778.1	+0.003%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.1	+0.001%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.9	−0.077%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.059%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.5	+0.016%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,778.2	+0.004%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	−0.038%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.1	+0.073%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.001%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.6	−0.016%	$423.1M	$741.7M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,777.8	−0.009%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,776.4	−0.060%	$15.4M	$42.8M	50x
edgeX ETHUSDC	+0.0100%	4h	2,775.9	−0.076%	$179.9M	$794.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.086%	$161.4M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.8	−0.045%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.6	−0.051%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.4	−0.024%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.8	−0.045%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.4	+0.011%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.098%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776	−0.074%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,775.5	−0.093%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.5	−0.019%	$31.4M	$75.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.7	−0.013%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777	−0.038%	$8.5M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,778.9	+0.028%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.072%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.8	−0.081%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.4	−0.024%	$86.8M	$330.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,778.5	+0.017%	$283K	$1.5M	20x	as long as short