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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h +0.029%
Price spread now: BloFin against Backpack+0.020%7-day average +0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$220.223% of the position
Long on BackpackShort on BloFin
What this pair did over the last
the charts below follow
Funding, last 7 days+0.134%+$13 on $10k
Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.020%, 7d avg +0.003%
Together, before fees+0.048%+$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.134% in total (about 7.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,731.30.0100pay 0.0013% / 1h17m 09s$14.9M$42.2M50x
ShortBloFin ETH-USDT2,731.90.0382get 0.0382% / 8h2h 17m$281.6M$174.8M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

BloFin 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

Funding earned
$59.26
Price spread: +0.020% → +0.003%
$1.67
Slippage, 4 orders
−$0.28
Fee Backpack: 5 bp × 2 orders
−$10
Fee BloFin: 6 bp × 2 orders
−$12
Net
$38.66
Costs to cover
0.223%
Break-even
2.4 days
Slippage from Backpack: live order book, 2 min ago; BloFin: live order book, 7 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 2 min ago0.02 bp5.2 bp −$58.4 bp −$8431.8 bp −$3,179doesn't fit
Sell BloFin live order book, 7 min ago0.02 bp6.0 bp −$66.2 bp −$627.1 bp −$7088.6 bp −$4,323

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,731.7+0.014%$281K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,732+0.025%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,731.7+0.016%$12.0M—200xas long as short
Phoenix ETH−0.0009%1h2,725.4−0.216%$815K$3.0M25xas long as short
HTX ETH-USDT−0.0002%8h2,731.8+0.016%$1.05B$1.22B200xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,732+0.024%$32.9M—200xas long as short
dYdX ETH-USD+0.0007%1h2,732.3+0.036%$10.4M$42.6M50xas long as short
Injective ETH/USDC PERP+0.0009%1h2,730.8−0.019%$117K$22.5M52xas long as short
BingX ETH-USDT+0.0034%8h2,731.6+0.010%—$1.12B—as long as short
01 Exchange ETHUSD+0.0040%1h2,732.7+0.051%$191K$842K50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0043%8h2,731.1−0.007%$2.35B$4.41B150xas long as short
KuCoin ETHUSDTM+0.0078%8h2,731.8+0.018%$375.1M$577.9M100xas long as short
SunX ETH-USDT+0.0079%8h2,731.2−0.003%$958K$11.1M100xas long as short
Bullet ETH-USD+0.0080%1h2,731.6+0.011%$181K$1.7M20xas long as short
Aftermath Perps ETHUSD+0.0084%1h2,726.9−0.163%$30K$20K20xas long as short
Aster ETHUSDT+0.0090%8h2,732.1+0.030%$252.4M$846.2M200xas long as short
Phemex ETHUSDT+0.0092%8h2,731.9+0.022%$263.3M$65.0M150xas long as short
MEXC ETH_USDT+0.0095%8h2,731.5+0.006%$1.54B$2.60B500xas long as short
Binance ETHUSDT+0.0096%8h2,731.7+0.014%$6.34B$16.11B150xas long as short
Lighter ETH+0.0096%1h2,732.2+0.033%$112.5M$435.6M50xas long as short
Lighter RH ETH+0.0096%1h2,733.4+0.077%$23.5M$104.0M50xas long as short
Aevo ETH-PERP+0.0096%1h2,729.6−0.062%$4.9M$155K20xas long as short
OKX ETH-USDT-SWAP+0.0097%8h2,731.5+0.007%$1.66B$10.88B100xas long as short
Katana Perps ETH-USD+0.0100%8h2,731.5+0.007%$505K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,736+0.172%$15.2M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,731.7+0.014%$14.1M$105.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,733.9+0.095%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,732.3+0.038%$32.0M$333.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,730.9−0.015%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.8+0.054%$1.5M$16.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,722.5−0.322%$160.0M$319.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,731.4+0.004%$3.29B$9.04B200xas long as short
Bitget ETHUSDT+0.0100%8h2,731.6+0.010%$2.09B$2.79B150xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,731.3long leg$14.9M$42.2M50x
Variational Omni ETH+0.0100%8h2,724.5−0.250%$133.3M$327.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.3−0.218%$184.6M$678.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,731.6+0.010%$158.9M$87.4M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,729.9−0.051%$8.7M$31.4M100xas long as short
StandX ETH-USD+0.0100%1h2,731.7+0.014%$21.0M$70.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.2+0.070%—$875K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.6+0.084%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,732.1+0.029%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,733.6+0.083%$41.0M$30.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,731.8+0.018%$54.4M$187.7M40xas long as short
Extended ETH-USD+0.0104%1h2,731.1−0.009%$30.4M$74.2M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,732.1+0.027%—$31.3M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,733+0.060%$49.7M$4.31B50xas long as short
RISEx ETH/USDC+0.0108%1h2,732.6+0.046%$5.6M$11.8M25xas long as short
Deribit ETH-PERPETUAL+0.0131%1h2,733.1+0.067%$259.3M$207.7M50xas long as short
Kalshi KXETHPERP+0.0148%8h2,731.9+0.022%$6.9M$692.3M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,732.4+0.041%$83.3M$311.5M100xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,734.2+0.107%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0199%1h2,730.9−0.016%$7.3M$1.3M25xas long as short
Hibachi ETH/USDT-P+0.0272%1h2,733.1+0.064%$250K$1.4M20xas long as short
BloFin ETH-USDTshort+0.0382%8h2,731.9+0.020%$281.6M$174.8M150x