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% APRpaid last 24h 0.000%

Price spread now: Paradex against Backpack+0.061%7-day average +0.062% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1341.335% of the position

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.649%+$65 · spread now +0.061%, 7d avg +0.062%

Together, before fees+0.641%+ Points / potential airdropParadex: Active · farm board+$64 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	2,776.6	0.0100	pay 0.0013% / 1h	21m 08s	$15.4M	$42.8M	50x
Short	Paradex ETH-USD-PERP	2,778.3	0.0100	get 0.0100% / 8h	2h 21m	$16.0M	$10.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$0.07
Price spread: +0.061% → +0.062%: −$0.16
Slippage, 4 orders: −$119.52
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$133.75
Costs to cover: 1.335%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Paradex: live order book, 3 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, 3 min ago	0.02 bp	5.0 bp −$5	6.7 bp −$67	28.2 bp −$2,819	doesn't fit
Sell Paradex live order book, 3 min ago	59.73 bp	61.7 bp −$62	61.7 bp −$617	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	2,776	−0.021%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,775.7	−0.031%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.5	−0.003%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,778.2	+0.059%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,773.4	−0.114%	$858K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,778	+0.051%	$5.8M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,774.7	−0.067%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.6	+0.073%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.9	+0.010%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0012%	8h	2,776.1	−0.016%	$267.3M	$66.0M	150x	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	2,776	−0.021%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.8	+0.007%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,776.2	−0.014%	$256.8M	$995.8M	200x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,776.7	+0.003%	$8.8M	$32.6M	100x	as long as short
MEXC ETH_USDT	+0.0048%	8h	2,776.4	−0.006%	$1.60B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.8	−0.028%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0049%	8h	2,776.4	−0.006%	$6.44B	$17.24B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.3	−0.011%	$3.29B	$9.67B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,776.2	−0.014%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,775.9	−0.024%	$183K	$1.8M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,778.1	+0.053%	$258.5M	$225.0M	50x	as long as short
Variational Omni ETH	+0.0092%	8h	2,774.2	−0.087%	$140.6M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,777	+0.014%	$115.2M	$514.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.2	+0.060%	$25.4M	$122.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	+0.008%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERPshort	+0.0100%	8h	2,778.3	+0.061%	$16.0M	$10.8M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,778.5	+0.070%	$489K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,777.6	+0.036%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.9	+0.084%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779	+0.088%	$31.3M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776.2	−0.012%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.6	+0.037%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.9	+0.118%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.055%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.3	−0.009%	$423.0M	$741.9M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,776	−0.020%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,776.6	long leg	$15.4M	$42.8M	50x
edgeX ETHUSDC	+0.0100%	4h	2,776.9	+0.012%	$178.5M	$792.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.017%	$161.6M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	+0.015%	$21.4M	$57.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.9	+0.084%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777	+0.014%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.075%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.6	+0.002%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.2	−0.013%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776	−0.021%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.1	+0.055%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.9	−0.024%	$31.4M	$75.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778	+0.050%	$60.1M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,777.7	+0.041%	$8.5M	$673.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0133%	8h	2,779.2	+0.095%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0169%	8h	2,776.1	−0.019%	$284.2M	$195.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,775.6	−0.033%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.5	+0.035%	$86.6M	$330.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0440%	1h	2,779.2	+0.095%	$284K	$1.5M	20x	as long as short