Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.010%

Price spread now: BingX against Backpack−0.012%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 7 days+0.349%+$35 · spread now −0.012%, 7d avg −0.048%

Together, before fees+0.250%+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.036% dearer against Backpack than usual: you sell high and buy low (spread −0.012% now, against its 7-day average of −0.048%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,735.3	0.0100	pay 0.0013% / 1h	51m 48s	$15.0M	$39.6M	50x
Short	BingX ETH-USDC	2,735	0.0055	get 0.0055% / 8h	4h 51m	—	$18.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$9.45
Price spread: −0.012% → −0.048%: $3.62
Slippage, 4 orders: −$3.45
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$29.28
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; BingX: live order book, 2 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, 2 min ago	0.02 bp	5.0 bp −$5	5.5 bp −$55	28.2 bp −$2,821	doesn't fit
Sell BingX live order book, 2 min ago	0.18 bp	5.2 bp −$5	5.9 bp −$59	7.6 bp −$762	10.1 bp −$5,065

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	2,735.6	+0.010%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	+0.183%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.6	+0.011%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736	+0.026%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	+0.089%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736	+0.026%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.216%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.2	+0.031%	$25.5M	—	200x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,735.2	−0.004%	$54.5M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0051%	1h	2,735.4	+0.005%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDCshort	+0.0055%	8h	2,735	−0.012%	—	$18.4M	—
OKX ETH-USDT-SWAP	+0.0070%	8h	2,735.2	−0.004%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,736.1	+0.029%	$380.2M	$573.3M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,735.9	+0.023%	$253.0M	$840.5M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.2	−0.076%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,735.8	+0.019%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,734.8	−0.018%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,735.9	+0.022%	$112.6M	$431.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.7	+0.053%	$24.4M	$103.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,737.5	+0.082%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.9	+0.020%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.8	+0.163%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.8	−0.018%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.6	+0.011%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,737.2	+0.069%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	+0.062%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,735	−0.010%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.5	−0.029%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.5	+0.008%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.200%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.3	−0.001%	$3.38B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.2	−0.005%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,735.3	long leg	$15.0M	$39.6M	50x
Variational Omni ETH	+0.0100%	8h	2,741	+0.207%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	+0.167%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	+0.075%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.013%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	+0.146%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.6	+0.085%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.3	+0.073%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.5	+0.079%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.4	−0.033%	$959K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.7	+0.013%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735.1	−0.008%	$265.8M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.3	+0.002%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.5	+0.082%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0125%	1h	2,739.7	+0.160%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,737.3	+0.073%	$7.7M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0174%	1h	2,736.7	+0.053%	$260.0M	$194.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,738.1	+0.101%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	+0.113%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.9	+0.023%	$85.9M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,735.8	+0.017%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.6	+0.156%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1676%	1h	2,736.3	+0.035%	$21K	$20K	25x	as long as short