Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0081%/8h= +8.8% APRpaid last 24h +0.017%

Price spread now: Backpack against OKX+0.025%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days−0.643%−$64 · spread now +0.025%, 7d avg 0.000%

Together, before fees−0.542%−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.025% dearer against OKX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,779.6	0.0019	pay 0.0019% / 8h	1h 40m	$1.71B	$11.85B	100x
Short	Backpack ETH_USDC_PERP	2,780.3	0.0100	get 0.0013% / 1h	40m 51s	$15.3M	$44.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: $16.95
Price spread: +0.025% → 0.000%: $2.52
Slippage, 4 orders: −$0.07
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$0.6
Costs to cover: 0.201%
Break-even: 7.2 days

Slippage from OKX: live order book, 3 min ago; Backpack: live order book, 3 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 OKX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.9 bp −$59	6.6 bp −$663	8.7 bp −$4,332
Sell Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	6.3 bp −$63	29.4 bp −$2,941	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	2,781.3	+0.059%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,781.1	+0.054%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782	+0.086%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.7	−0.141%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,781.2	+0.057%	$170K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,777.2	−0.089%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,782.1	+0.088%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	−0.195%	$885K	$3.7M	25x	as long as short
Phemex ETHUSDT	+0.0005%	8h	2,779.5	−0.004%	$270.4M	$68.5M	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,780.3	+0.024%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,780	+0.014%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAPlong	+0.0019%	8h	2,779.6	long leg	$1.71B	$11.85B	100x
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,780.4	+0.030%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,780.3	+0.023%	$257.0M	$989.9M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,780	+0.013%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0044%	1h	2,780.1	+0.017%	$14.3M	$117.7M	50x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,780.1	+0.017%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,775.3	−0.155%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,780.3	+0.023%	$6.45B	$17.11B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,779.6	−0.002%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,780.2	+0.019%	$3.30B	$9.57B	200x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,779.6	−0.002%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,780	+0.015%	$115.2M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781.5	+0.068%	$25.5M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,782.3	+0.095%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,779.8	+0.007%	$2.52B	$4.59B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,782.9	+0.119%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,781.5	+0.068%	$483K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,782.2	+0.093%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,782.2	+0.093%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,781	+0.050%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783.4	+0.135%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.061%	$166.9M	$248.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,780	+0.015%	$426.7M	$737.4M	100x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,780.3	+0.025%	$15.3M	$44.0M	50x
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.209%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.9	−0.099%	$180.0M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.111%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	−0.110%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.3	+0.024%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,781	+0.050%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.6	+0.071%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780	+0.015%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,781.2	+0.058%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.7	+0.037%	$975K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,779.4	−0.008%	$55.3M	$228.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,779.3	−0.011%	$31.6M	$74.6M	50x	as long as short
Hibachi ETH/USDT-P	+0.0104%	1h	2,778.9	−0.027%	$281K	$1.5M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,780.8	+0.044%	$60.3M	$4.60B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0106%	1h	2,781.1	+0.052%	$258.4M	$221.6M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,781.8	+0.078%	$8.6M	$672.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,781.5	+0.068%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,780.7	+0.037%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,779.6	+0.001%	$285.4M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,779.8	+0.007%	$7.4M	$1.1M	25x	as long as short