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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 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%
Price spread now: Katana Perps against Backpack+0.059%7-day average −0.033% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Katana Perps
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.008%−$1 on $10k
Price spread, last 7 days+0.546%+$55 · spread now +0.059%, 7d avg −0.033%
Together, before fees+0.538%+$54 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.091% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.033%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,768.30.0100pay 0.0013% / 1h30m 56s$15.2M$44.5M50x
ShortKatana Perps ETH-USD2,769.90.0100get 0.0100% / 8h1h 30m$479K$2.7M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Katana Perps 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
−$0.04
Price spread: +0.059% → −0.033%
$9.12
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Net
−$4.72
Costs to cover
0.138%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 3 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 3 min ago0.02 bp7.5 bp −$89.0 bp −$9029.2 bp −$2,918doesn't fit
Sell Katana Perps no order-book sample—————
Katana Perps: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,770.9+0.093%$289K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,769.7+0.052%$5.8M$12.1M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,770.7+0.087%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,770.3+0.073%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,770.3+0.073%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0022%1h2,775.8+0.273%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,770.5+0.081%$12.7M$45.5M50xas long as short
Phoenix ETH0.0000%1h2,778.1+0.355%$886K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,770.5+0.080%$22.4M—200xas long as short
BingX ETH-USDT+0.0016%8h2,767.9−0.012%—$1.18B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0020%8h2,766.8−0.055%$1.70B$11.81B100xas long as short
Phemex ETHUSDT+0.0026%8h2,768.1−0.007%$269.2M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,770.4+0.077%$12.9M—200xas long as short
Aster ETHUSDT+0.0034%8h2,768−0.012%$255.6M$990.6M200xas long as short
Deribit ETH-PERPETUAL+0.0035%1h2,770.2+0.068%$258.3M$222.2M50xas long as short
Bullet ETH-USD+0.0037%1h2,769.8+0.053%$180K$1.7M20xas long as short
MEXC ETH_USDT+0.0060%8h2,768.2−0.004%$1.61B$2.66B500xas long as short
Binance ETHUSDT+0.0060%8h2,768−0.011%$6.42B$17.15B150xas long as short
Aevo ETH-PERP+0.0064%1h2,767.9−0.015%$5.0M$636K20xas long as short
Nado ETH-PERP+0.0064%1h2,769.2+0.033%$14.3M$118.0M50xas long as short
SoDEX ETH-USD+0.0071%1h2,768.5+0.008%$55.1M$228.8M40xas long as short
Gate ETH_USDT+0.0072%8h2,768.1−0.007%$3.28B$9.60B200xas long as short
Bitget ETHUSDT+0.0072%8h2,768.2−0.003%$2.10B$3.11B150xas long as short
Bybit ETHUSDT+0.0092%8h2,767.1−0.044%$2.51B$4.61B150xas long as short
HTX ETH-USDT+0.0094%8h2,767.5−0.028%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,768.4+0.004%$114.8M$499.6M50xas long as short
Lighter RH ETH+0.0096%1h2,769.4+0.040%$25.3M$121.2M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,771+0.099%—$41.5M500xas long as short
ApeX Omni ETHUSDT+0.0097%1h2,777.8+0.342%$8.7M$32.5M100xas long as short
KuCoin ETHUSDTM+0.0098%8h2,767.6−0.023%$424.2M$738.1M100xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,769.6+0.047%$15.9M$10.5M50xas long as short
Katana Perps ETH-USDshort+0.0100%8h2,769.9+0.059%$479K$2.7M50x
Hyperliquid ETH+0.0100%1h2,770.3+0.073%$3.18B$2.37B25xas long as short
Pacifica ETH+0.0100%1h2,770.2+0.071%$31.3M$297.6M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,768.9+0.022%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,771.6+0.120%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,781.3+0.471%$166.9M$248.1M25xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,768.3long leg$15.2M$44.5M50x
Variational Omni ETH+0.0100%8h2,774.6+0.228%$135.3M$322.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,777.1+0.317%$180.0M$780.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777+0.315%$161.5M$91.0M50xas long as short
StandX ETH-USD+0.0100%1h2,772.6+0.156%$21.4M$58.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,770.9+0.096%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,771.2+0.105%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,769.6+0.048%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,770.9+0.094%$42.6M$29.3M15xas long as short
SunX ETH-USDT+0.0100%8h2,767.9−0.014%$971K$14.0M100xas long as short
Extended ETH-USD+0.0104%1h2,767.4−0.032%$31.4M$74.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,770+0.060%$60.0M$4.59B50xas long as short
Kalshi KXETHPERP+0.0118%8h2,771.7+0.124%$8.7M$675.3M4.9xas long as short
Orderly PERP_ETH_USDC+0.0137%8h2,771.2+0.104%$32.5M$12.0M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,773.6+0.191%$278K$1.5M20xas long as short
Kraken Futures PF_ETHUSD+0.0170%1h2,769.3+0.038%$86.0M$331.4M100xas long as short
BloFin ETH-USDT+0.0180%8h2,768.30.000%$283.9M$193.9M150xas long as short
Reya ETHRUSDPERP+0.0190%1h2,769.7+0.051%$7.3M$1.2M25xas long as short