ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0083%/8h= −9.1% APRnext payment −$0.10 per $10,000 · paid last 24h −0.007%

Price spread now: Backpack against Reya+0.055%7-day average +0.015% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 7 days−0.663%−$66 · spread now +0.055%, 7d avg +0.015%

Together, before fees−0.694%+ Points / potential airdropReya: Active · farm board−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.041% dearer against Reya than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of +0.015%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 3 days (−0.031% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,778.1	0.0183	pay 0.0023% / 1h	17m 02s	$7.4M	$1.1M	25x
Short	Backpack ETH_USDC_PERP	2,779.6	0.0100	get 0.0013% / 1h	17m 02s	$15.4M	$42.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$17.53
Price spread: +0.055% → +0.015%: $4.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.45
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 2 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
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

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,777.7	−0.014%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.054%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.7	+0.022%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,778.3	+0.007%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,778.2	+0.004%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,778.3	+0.006%	$5.8M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,776.1	−0.073%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.9	−0.008%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,779.7	+0.058%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,779.2	+0.040%	$267.6M	$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	2,778.1	0.000%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,779.6	+0.056%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,779	+0.032%	$257.0M	$995.4M	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	−0.015%	$8.8M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,777.7	−0.013%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0049%	8h	2,779.1	+0.037%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0050%	8h	2,779.4	+0.048%	$6.45B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,778.9	+0.027%	$3.29B	$9.68B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,779	+0.031%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,779	+0.032%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0096%	8h	2,776.8	−0.048%	$141.1M	$320.7M	—	as long as short
Lighter ETH	+0.0096%	1h	2,779.5	+0.050%	$115.3M	$514.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781.1	+0.108%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.7	+0.058%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,778.1	+0.001%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.1	0.000%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.8	−0.048%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.8	+0.133%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.5	+0.014%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,778.4	+0.010%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	−0.040%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.1	+0.071%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	0.000%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,779.1	+0.036%	$423.3M	$741.7M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,778.7	+0.022%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,779.6	+0.055%	$15.4M	$42.8M	50x
edgeX ETHUSDC	+0.0100%	4h	2,775.9	−0.078%	$179.9M	$794.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.088%	$161.4M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.8	−0.047%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.5	+0.014%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.6	+0.054%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,779.5	+0.049%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,781.4	+0.120%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,778.3	+0.009%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,779.1	+0.036%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,778.6	+0.019%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.7	+0.020%	$31.4M	$75.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,780.6	+0.091%	$60.1M	$4.64B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0106%	1h	2,780.8	+0.098%	$258.5M	$225.1M	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,778.6	+0.018%	$8.6M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0134%	8h	2,782	+0.141%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0170%	8h	2,778.9	+0.029%	$284.7M	$196.1M	150x	as long as short
Reya ETHRUSDPERPlong	+0.0183%	1h	2,778.1	long leg	$7.4M	$1.1M	25x
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,780.5	+0.086%	$86.9M	$330.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0448%	1h	2,778.4	+0.010%	$283K	$1.5M	20x	as long as short