Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Nado against Backpack−0.025%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$170.174% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days+1.294%+$129 · spread now −0.025%, 7d avg −0.002%

Together, before fees+1.291%+ Points / potential airdropNado: Active · farm board+$129 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: Nado is 0.023% cheaper against Backpack than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,730.7	0.0100	pay 0.0013% / 1h	56m 44s	$15.2M	$40.7M	50x
Short	Nado ETH-PERP	2,730.1	0.0100	get 0.0012% / 1h	56m 44s	$14.1M	$104.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.025%Rate

Funding earned: $0
Price spread: −0.025% → −0.002%: −$2.26
Slippage, 4 orders: −$0.42
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$19.67
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Nado: 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	6.3 bp −$63	9.9 bp −$989	doesn't fit
Sell Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.9 bp −$39	6.3 bp −$629	15.0 bp −$7,501

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	2,729.8	−0.034%	$281K	$5.7M	8.3x	as long as short
Phemex ETHUSDT	−0.0405%	8h	2,729.9	−0.031%	$263.1M	$63.9M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	−0.104%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,728.7	−0.074%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.2	−0.019%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730	−0.027%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729	−0.063%	$6.7M	$672.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.7	−0.002%	$264.4M	$218.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,730.4	−0.012%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0009%	8h	2,730.4	−0.011%	—	$1.07B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0064%	1h	2,730.7	−0.001%	$191K	$884K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,729.3	−0.052%	$1.66B	$10.74B	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,726.5	−0.155%	$240K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,730.4	−0.013%	$384.1M	$575.7M	100x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,730.3	−0.017%	$252.3M	$851.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,726.3	−0.161%	$8.4M	$31.2M	100x	as long as short
Aftermath Perps ETHUSD	+0.0094%	1h	2,725.8	−0.179%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,730.6	−0.006%	$1.57B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,730	−0.027%	$6.32B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.2	−0.020%	$112.2M	$399.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.1	+0.012%	$23.6M	$95.4M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,728.2	−0.093%	$4.9M	$191K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730	−0.027%	$501K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.5	+0.102%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,730.1	−0.025%	$14.1M	$104.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,732.8	+0.076%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.8	+0.001%	$32.1M	$332.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,729.3	−0.052%	$2.32B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.5	−0.118%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.3	−0.016%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.133%	$161.7M	$337.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.4	−0.011%	$3.30B	$8.18B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.3	−0.016%	$2.11B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,730.7	long leg	$15.2M	$40.7M	50x
Variational Omni ETH	+0.0100%	8h	2,723	−0.285%	$131.2M	$318.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725	−0.211%	$185.4M	$683.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725.7	−0.186%	$158.4M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.8	−0.071%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731	+0.009%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.5	−0.008%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730	−0.025%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.3	−0.014%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.034%	$40.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.6	−0.042%	$961K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,730	−0.027%	$54.4M	$182.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,729.6	−0.041%	$1.05B	$1.22B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.6	−0.040%	$30.4M	$71.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,727.4	−0.121%	—	$30.1M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,730.4	−0.011%	$81.9M	$310.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.2	+0.017%	$46.6M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,731	+0.009%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0159%	8h	2,730.7	−0.002%	$283.1M	$177.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0176%	1h	2,728.6	−0.078%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,732.7	+0.073%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,728.7	−0.074%	$117K	$19.0M	52x	as long as short