ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.9% APRnext payment +$0.06 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Nado+0.015%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days−0.629%−$63 · spread now +0.015%, 7d avg −0.024%

Together, before fees−0.627%+ Points / potential airdropNado: Active · farm board−$63 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.039% dearer against Nado than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,776	0.0056	pay 0.0007% / 1h	2m 01s	$14.3M	$118.2M	50x
Short	Backpack ETH_USDC_PERP	2,776.4	0.0100	get 0.0013% / 1h	2m 01s	$15.1M	$44.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.015%Rate

Funding earned: $9.34
Price spread: +0.015% → −0.024%: $3.89
Slippage, 4 orders: −$0.78
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$4.55
Costs to cover: 0.178%
Break-even: 10.4 days

Slippage from Nado: 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 Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.7 bp −$565	14.2 bp −$7,077
Sell Backpack live order book, 2 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	2,776.6	+0.024%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.8	−0.004%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777	+0.037%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.153%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.5	+0.019%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	+0.040%	$12.7M	$45.8M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.013%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.7	−0.010%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777	+0.038%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0016%	1h	2,777.7	+0.061%	$258.7M	$222.7M	50x	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	+0.0018%	8h	2,776.6	+0.022%	$1.70B	$11.87B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,776.2	+0.009%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.3	+0.014%	$270.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.9	+0.033%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,776.3	+0.011%	$254.7M	$995.3M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.186%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERPlong	+0.0056%	1h	2,776	long leg	$14.3M	$118.2M	50x
Aevo ETH-PERP	+0.0056%	1h	2,773.9	−0.076%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,776.1	+0.006%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.3	+0.013%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,776.1	+0.005%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.1	+0.003%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.2	+0.007%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,775.8	−0.004%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,776.8	+0.028%	$2.52B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0092%	8h	2,776.2	+0.010%	—	$1.21B	—	as long as short
KuCoin ETHUSDTM	+0.0094%	8h	2,776.2	+0.007%	$422.3M	$739.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,776.7	+0.026%	$115.2M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.2	+0.080%	$25.5M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,776.8	+0.029%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.9	−0.001%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.5	+0.019%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.1	+0.113%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.8	+0.032%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.8	−0.006%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.4	+0.050%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.185%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,776.4	+0.015%	$15.1M	$44.1M	50x
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.081%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	−0.063%	$181.6M	$781.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.010%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.034%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	+0.045%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	+0.040%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.094%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.024%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.6	−0.014%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,776.8	+0.032%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.5	+0.054%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,777.1	+0.041%	$8.4M	$681.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.1	+0.112%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.3	+0.050%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,776.5	+0.021%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,775.8	−0.004%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,778.3	+0.084%	$270K	$1.5M	20x	as long as short