Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Backpack+0.033%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days+0.575%+$57 · spread now +0.033%, 7d avg +0.017%

Together, before fees+0.507%+ Points / potential airdropPacifica: Active · farm board+$51 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,767.2	0.0100	pay 0.0013% / 1h	37m 11s	$15.3M	$42.4M	50x
Short	Pacifica ETH	2,768.1	0.0100	get 0.0013% / 1h	37m 11s	$31.2M	$285.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.033%Rate

Funding earned: $0
Price spread: +0.033% → +0.017%: $1.58
Slippage, 4 orders: −$0.42
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$16.84
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Pacifica: 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	7.1 bp −$71	28.5 bp −$2,851	doesn't fit
Sell Pacifica live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.9 bp −$49	doesn't fit	doesn't fit

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	−0.0112%	43m	2,767.9	+0.027%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.039%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.119%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.070%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767.8	+0.022%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	0.000%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.8	+0.021%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.058%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768	+0.028%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,766.6	−0.020%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,766.3	−0.031%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0025%	1h	2,768.1	+0.031%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,767.8	+0.024%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,767	−0.007%	$266.3M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,766.8	−0.014%	$255.8M	$995.3M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,766.7	−0.017%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,766.9	−0.010%	$6.42B	$17.18B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,768.6	+0.050%	$258.4M	$224.4M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.1	−0.077%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,766.8	−0.014%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,766.7	−0.018%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,767	−0.007%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.066%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,767.2	−0.001%	$115.2M	$511.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.6	+0.051%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.4	+0.042%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.8	+0.021%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.8	+0.022%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.5	+0.012%	$14.8M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.6	+0.087%	$3.19B	$2.38B	25x	as long as short
Pacifica ETHshort	+0.0100%	1h	2,768.1	+0.033%	$31.2M	$285.6M	50x
Bybit ETHUSDT	+0.0100%	8h	2,766.6	−0.020%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.4	+0.008%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.6	+0.088%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.060%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.1	−0.003%	$424.4M	$741.8M	100x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,767.2	long leg	$15.3M	$42.4M	50x
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.119%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.053%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.1	−0.076%	$21.3M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.8	+0.022%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.7	+0.055%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.5	+0.046%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.5	+0.084%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.2	−0.034%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.8	−0.014%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.6	−0.022%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.6	−0.022%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.3	+0.038%	$60.2M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,768.5	+0.047%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,770	+0.102%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	−0.018%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,766.3	−0.034%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768	+0.030%	$87.9M	$329.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,767.6	+0.014%	$272K	$1.5M	20x	as long as short