Funding you earn now, next payment 02:00 UTC−0.0336%/8h= −36.8% APRnext payment −$0.42 per $10,000 · paid last 24h −0.028%
Price spread now: Coinbase International against Backpack−0.135%7-day average +0.082% · you buy dearer than you sell
Net, funding: paid 7d − costs−$44as in the Funding arb table
Net, price: spread back to 7d avg − costs−$76as in the Price arb table
costs, in and out, $10k−$540.545% of the position
Funding, last 7 days+0.107%+$11 on $10k
+Price spread, last 4 days (all we have)+2.786%+$279 · spread now −0.135%, 7d avg +0.082%
=Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.217% cheaper against Backpack than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.082%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.107% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.42 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ARB_USDC_PERP | 0.2227 | 0.0560 | pay 0.0070% / 1h | 36m 02s | $1.0M | $2.8M | 20x |
| Short | Coinbase International ARB-PERP-INTX | 0.2224 | 0.0224 | get 0.0028% / 1h | 36m 02s | $508K | $2.1M | 50x |
Backpack ARB_USDC_PERP
Coinbase International ARB-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$70.56
- Price spread: −0.135% → +0.082%
- −$21.71
- Slippage, 4 orders
- −$34.47
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$146.74
- Costs to cover
- 0.545%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 3 min ago; Coinbase International: 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 Backpack live order book, 3 min ago | 0.22 bp | 9.9 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 3 min ago | 6.55 bp | 17.1 bp −$17 | 35.1 bp −$351 | doesn't fit | doesn't fit |
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1577% | 1h | 0.2203 | −1.082% | $40K | $372K | 12x | as long as short |
| Variational Omni ARB | −0.0151% | 8h | 0.2222 | −0.219% | $1.9M | $2.9M | — | as long as short |
| SoDEX ARB-USD | −0.0149% | 1h | 0.2224 | −0.144% | $10K | $2.4M | 5x | as long as short |
| 01 Exchange ARBUSD | −0.0144% | 1h | 0.2221 | −0.269% | $7K | $2K | 10x | as long as short |
| OKX ARB-USDT-SWAP | −0.0132% | 8h | 0.2222 | −0.225% | $22.3M | $152.0M | 50x | as long as short |
| MEXC ARB_USDT | −0.0131% | 8h | 0.2224 | −0.148% | $38.3M | $59.1M | 200x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0098% | 1h | 0.2225 | −0.116% | $1.1M | $4.6M | 50x | as long as short |
| Bybit ARBUSDT | −0.0087% | 8h | 0.2222 | −0.225% | $56.5M | $126.4M | 50x | as long as short |
| Polymarket Perps ARB-USD | −0.0087% | 1h | 0.2221 | −0.256% | $96K | $2.1M | 10x | as long as short |
| Orderly PERP_ARB_USDC | −0.0072% | 8h | 0.2223 | −0.184% | $12K | $384K | 10x | as long as short |
Injective ARB/USDC PERP
Variational Omni ARB
SoDEX ARB-USD
01 Exchange ARBUSD
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Kraken Futures PF_ARBUSD
Bybit ARBUSDT
Polymarket Perps ARB-USD
Orderly PERP_ARB_USDCShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ARB_USDT | −0.0072% | 8h | 0.2224 | −0.157% | $5.4M | $19.0M | 60x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0065% | 1h | 0.2224 | −0.153% | $24K | $34K | 25x | as long as short |
| ApeX Omni ARBUSDT | −0.0002% | 1h | 0.2213 | −0.633% | $119K | $283K | 50x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2223 | −0.203% | $66K | $5K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0013% | 1h | 0.2224 | −0.141% | $11K | — | 150x | as long as short |
| Binance ARBUSDT | +0.0005% | 8h | 0.2223 | −0.190% | $64.7M | $308.6M | 75x | as long as short |
| Extended ARB-USD | +0.0008% | 1h | 0.2223 | −0.199% | $353K | $2.5M | 25x | as long as short |
| BloFin ARB-USDT | +0.0014% | 8h | 0.2220 | −0.301% | $3.1M | $2.7M | 75x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2225 | −0.111% | $141K | $7K | 3x | as long as short |
| Phemex ARBUSDT | +0.0090% | 8h | 0.2223 | −0.184% | $5.0M | $12.9M | 50x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2224 | −0.130% | $1.2M | $6.4M | 15x | as long as short |
| Bitget ARBUSDT | +0.0096% | 8h | 0.2223 | −0.184% | $21.3M | $34.9M | 50x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2225 | −0.112% | $38.6M | $49.7M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2223 | −0.200% | $651K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2223 | −0.194% | $42K | $178K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2224 | −0.126% | $19.6M | $15.5M | 75x | as long as short |
| BingX ARB-USDC | +0.0100% | 8h | 0.2219 | −0.346% | — | $6.5M | — | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2215 | −0.544% | $40K | $461K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2212 | −0.679% | $475K | $3.6M | 10x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2223 | −0.184% | $1K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2225 | −0.108% | $298K | $945K | 50x | as long as short |
| Coinbase International ARB-PERP-INTXshort | +0.0224% | 1h | 0.2224 | −0.135% | $508K | $2.1M | 50x | |
| RISEx ARB/USDC | +0.0232% | 1h | 0.2223 | −0.191% | $492K | $2.7M | 10x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0273% / S −0.0155% | 1h | 0.2224 | −0.154% | $829K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0290% | 1h | 0.2219 | −0.366% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0560% | 1h | 0.2227 | long leg | $1.0M | $2.8M | 20x |
Gate ARB_USDT
Deribit ARB_USDC-PERPETUAL
ApeX Omni ARBUSDT
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Binance ARBUSDT
Extended ARB-USD
BloFin ARB-USDT
Aevo ARB-PERP
Phemex ARBUSDT
Lighter ARB
Bitget ARBUSDT
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
BingX ARB-USDC
edgeX ARBUSDC
GRVT ARB_USDT_Perp
SunX ARB-USDT
HTX ARB-USDT
RISEx ARB/USDC
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP