Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.006%

Price spread now: Backpack against Aster−0.034%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days−0.653%−$65 · spread now −0.034%, 7d avg −0.005%

Together, before fees−0.574%+ Points / potential airdropAster: Stage 5 · farm board−$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.029% cheaper against Aster than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of −0.005%). If the spread goes back, that is −$3 on $10k: about 40 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ETHUSDT	2,772.1	0.0043	pay 0.0043% / 8h	7h 41m	$256.8M	$899.1M	200x
Short	Backpack ETH_USDC_PERP	2,771.1	0.0100	get 0.0013% / 1h	41m 03s	$15.2M	$42.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now −0.034%Rate

Funding earned: $12.07
Price spread: −0.034% → −0.005%: −$2.88
Slippage, 4 orders: −$0.58
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.39
Costs to cover: 0.186%
Break-even: 12.4 days

Slippage from Aster: 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 Aster live order book, 3 min ago	0.02 bp	4.0 bp −$4	4.3 bp −$43	5.4 bp −$536	10.7 bp −$5,333
Sell Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	6.4 bp −$64	29.5 bp −$2,950	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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.2	+0.040%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.4	−0.025%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.7	−0.052%	$301K	$6.5M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.6	−0.017%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.4	−0.025%	$168K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0013%	8h	2,771.7	−0.014%	$269.9M	$67.6M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,774.6	+0.091%	$879K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.4	−0.025%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772	−0.002%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.3	−0.027%	$1.71B	$11.37B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0022%	1h	2,771.3	−0.029%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0024%	8h	2,771.7	−0.016%	$3.35B	$8.96B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.8	−0.009%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,771.9	−0.007%	$55.2M	$208.4M	40x	as long as short
Aster ETHUSDTlong	+0.0043%	8h	2,772.1	long leg	$256.8M	$899.1M	200x
Aftermath Perps ETHUSD	+0.0050%	1h	2,772.5	+0.015%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.6	−0.091%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,770.5	−0.056%	$1.63B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,771	−0.039%	$6.47B	$16.58B	150x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,771.8	−0.010%	$1.08B	$1.27B	200x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,771	−0.039%	$2.10B	$2.92B	150x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	+0.019%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	+0.037%	$60.4M	$4.49B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.3	+0.008%	$420.6M	$642.5M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,772.1	+0.002%	—	$880K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.6	−0.018%	$115.2M	$456.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.4	+0.048%	$25.3M	$110.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.4	−0.061%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.3	−0.028%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	−0.020%	$14.8M	$116.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.3	+0.044%	$3.17B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.1	+0.001%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.5	−0.020%	$2.50B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.6	−0.053%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.7	−0.012%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.077%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771.2	−0.030%	—	$1.22B	—	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,771.1	−0.034%	$15.2M	$42.2M	50x
Variational Omni ETH	+0.0100%	8h	2,771.8	−0.010%	$148.1M	$340.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	+0.005%	$182.0M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.3	+0.080%	$161.3M	$85.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.2	+0.076%	$21.5M	$60.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.3	−0.028%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.6	+0.020%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.2	+0.077%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.9	−0.043%	$972K	$13.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,773.4	+0.049%	$259.1M	$210.5M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.6	−0.019%	$32.5M	$73.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	−0.008%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0107%	8h	2,773.3	+0.044%	$8.1M	$686.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.3	+0.044%	$93.4M	$322.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,774.8	+0.098%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,775.5	+0.122%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.2	−0.031%	$287.5M	$187.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,771.3	−0.027%	$7.3M	$1.2M	25x	as long as short