Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.007%

Price spread now: MEXC against Backpack+0.082%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$120.124% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.377%+$38 · spread now +0.082%, 7d avg −0.006%

Together, before fees+0.273%+$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.088% dearer against Backpack than usual: you sell high and buy low (spread +0.082% now, against its 7-day average of −0.006%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 7 days (−0.104% in total) that is about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,751.1	0.0100	pay 0.0013% / 1h	22m 52s	$15.1M	$41.7M	50x
Short	MEXC ETH_USDT	2,753.3	0.0079	get 0.0079% / 8h	6h 22m	$1.58B	$2.56B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$4.41
Price spread: +0.082% → −0.006%: $8.77
Slippage, 4 orders: −$0.42
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$8.06
Costs to cover: 0.124%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; MEXC: live order book, 1 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, 1 min ago	0.02 bp	5.4 bp −$5	7.4 bp −$74	31.2 bp −$3,119	doesn't fit
Sell MEXC live order book, 1 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	1.6 bp −$792

ETH on 54 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	2,751.9	+0.029%	$312K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,752.1	+0.038%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.1	+0.038%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,752	+0.033%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	+0.063%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,752	+0.034%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,752	+0.033%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,752	+0.034%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,752.6	+0.057%	$8.7M	$31.5M	100x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,752.8	+0.061%	—	$1.18B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0047%	8h	2,752.7	+0.060%	$1.70B	$10.99B	100x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,751.3	+0.008%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,752.7	+0.061%	$253.1M	$857.5M	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,752.8	+0.065%	$379.6M	$607.6M	100x	as long as short
MEXC ETH_USDTshort	+0.0079%	8h	2,753.3	+0.082%	$1.58B	$2.56B	500x
Aevo ETH-PERP	+0.0080%	1h	2,749.2	−0.069%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,752.6	+0.057%	$6.37B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.8	+0.064%	$59.2M	$4.35B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,753	+0.072%	$3.39B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,752.9	+0.066%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,752.7	+0.059%	$113.1M	$443.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,754.4	+0.120%	$24.9M	$107.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.8	+0.028%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.5	+0.198%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.9	−0.006%	$478K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.4	+0.012%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,754.8	+0.136%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.2	+0.041%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,752.8	+0.065%	$2.47B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.9	−0.006%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,752.3	+0.045%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,751.1	long leg	$15.1M	$41.7M	50x
Variational Omni ETH	+0.0100%	8h	2,753.3	+0.081%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	+0.020%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.9	+0.104%	$160.2M	$83.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,751.2	+0.005%	$21.3M	$67.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.7	+0.060%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,752.4	+0.049%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,751.6	+0.018%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.7	+0.024%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.4	+0.085%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.8	−0.011%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,751.6	+0.020%	$54.8M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,751.6	+0.018%	$267.5M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.027%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,751.1	+0.002%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,752.8	+0.064%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0135%	1h	2,753.1	+0.073%	$258.5M	$199.9M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,752.5	+0.052%	$7.8M	$675.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,754.1	+0.109%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,751.7	+0.025%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,753	+0.071%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,751.5	+0.017%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0353%	1h	2,752.5	+0.053%	$89.5M	$316.6M	100x	as long as short