ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0106%/8h= +11.6% APRnext payment +$0.13 per $10,000 · paid last 24h +0.014%

Price spread now: Backpack against Phoenix−0.231%80s7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.185% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days−0.551%−$55 · spread now −0.231%, 7d avg −0.099%

Together, before fees−0.532%−$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.132% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.231% now, against its 7-day average of −0.099%). If the spread goes back, that is −$13 on $10k: about 4.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.020% in total) that is about 47 days. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,756.1	−0.0006	get 0.0001% / 1h	51m 37s	$865K	$3.1M	25x
Short	Backpack ETH_USDC_PERP	2,749.7	0.0100	get 0.0013% / 1h	51m 37s	$14.9M	$42.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.231%Rate

Funding earned: $22.22
Price spread: −0.231% → −0.099%: −$13.24
Slippage, 4 orders: −$1.54
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.57
Costs to cover: 0.185%
Break-even: 10.0 days

Slippage from Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	0.18 bp	4.2 bp −$4	7.5 bp −$75	19.9 bp −$1,987	doesn't fit
Sell Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	6.8 bp −$68	31.1 bp −$3,110	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
ApeX Omni ETHUSDT	−0.0449%	1h	2,745.8	−0.373%	$8.7M	$31.5M	100x	as long as short
Perpl ETH	−0.0447%	43m	2,750	−0.222%	$323K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.7	−0.232%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	−0.215%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.1	−0.255%	$12.0M	—	200x	as long as short
Phoenix ETHlong	−0.0006%	1h	2,756.1	long leg	$865K	$3.1M	25x
dYdX ETH-USD	0.0000%	1h	2,750.6	−0.201%	$10.9M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.6	−0.273%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,750.2	−0.214%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0028%	8h	2,749.7	−0.233%	—	$1.20B	—	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	+0.0035%	8h	2,748.1	−0.291%	$1.67B	$11.07B	100x	as long as short
HTX ETH-USDT	+0.0038%	8h	2,749.1	−0.256%	$1.07B	$1.23B	200x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,750.2	−0.216%	$255.9M	$854.7M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,749.5	−0.238%	$1.58B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,747.3	−0.320%	$4.9M	$163K	20x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,749.8	−0.230%	$6.37B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,748.9	−0.261%	$3.33B	$8.72B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,750.4	−0.207%	$385.0M	$607.1M	100x	as long as short
Bitget ETHUSDT	+0.0083%	8h	2,749.5	−0.239%	$2.07B	$2.86B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,751	−0.187%	$258.8M	$202.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.2	−0.176%	$59.6M	$4.39B	50x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,750	−0.221%	$30K	$21K	20x	as long as short
Variational Omni ETH	+0.0095%	8h	2,741.6	−0.527%	$132.7M	$345.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,749.1	−0.253%	$113.2M	$438.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.9	−0.188%	$25.0M	$105.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,750.1	−0.219%	—	$35.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.7	−0.159%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.3	−0.247%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.1	−0.219%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.3	−0.138%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.245%	$31.2M	$332.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.5	−0.275%	$2.46B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.1	−0.254%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.7	−0.197%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,752.6	−0.126%	$169.2M	$297.0M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,749.7	−0.231%	$14.9M	$42.5M	50x
edgeX ETHUSDC	+0.0100%	4h	2,743.2	−0.466%	$183.8M	$733.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.327%	$159.8M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.9	−0.370%	$21.2M	$65.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.8	−0.228%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.9	−0.225%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.7	−0.268%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.3	−0.246%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.2	−0.177%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749.1	−0.253%	$963K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.6	−0.236%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.8	−0.229%	$267.4M	$66.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749	−0.259%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,750	−0.221%	$7.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0160%	8h	2,751.5	−0.167%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,748.1	−0.291%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,747.3	−0.318%	$286.1M	$178.5M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.5	−0.421%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,749.3	−0.248%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751	−0.185%	$93.1M	$319.7M	100x	as long as short