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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 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Polymarket Perps against Backpack+0.079%7-day average −0.001% · you sell dearer than you buy
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$190.189% of the position
Long on BackpackShort on Polymarket Perps
What this pair did over the last
the charts below follow
Funding, last 7 days−0.012%−$1 on $10k
Price spread, last 7 days+0.226%+$23 · spread now +0.079%, 7d avg −0.001%
Together, before fees+0.214%+$21 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: Polymarket Perps is 0.080% dearer against Backpack than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.001%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,725.20.0100pay 0.0013% / 1h8m 20s$14.9M$41.6M50x
ShortPolymarket Perps ETH-USD2,727.40.0100get 0.0013% / 1h8m 20s$11.2M$9.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Polymarket 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
Price spread: +0.079% → −0.001%
$8.01
Slippage, 4 orders
−$0.88
Fee Backpack: 5 bp × 2 orders
−$10
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Net
−$10.88
Costs to cover
0.189%
Break-even
never at this rate
Slippage from Backpack: live order book, 1 min ago; Polymarket Perps: live order book, 6 min ago.

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, 1 min ago0.02 bp5.0 bp −$55.8 bp −$5827.0 bp −$2,703doesn't fit
Sell Polymarket Perps live order book, 6 min ago0.18 bp4.5 bp −$55.5 bp −$5514.4 bp −$1,444doesn't fit

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−0.0335%43m2,725.6+0.013%$301K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,726.2+0.035%$5K$1K50xas long as short
HTX ETH-USDT−0.0019%8h2,726+0.029%$1.05B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,726.8+0.056%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,728.7+0.127%$816K$2.9M25xas long as short
Kalshi KXETHPERP0.0000%8h2,727.4+0.079%$6.2M$686.1M4.9xas long as short
dYdX ETH-USD+0.0006%1h2,726.8+0.056%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,726.8+0.058%$28.0M—200xas long as short
BingX ETH-USDC+0.0028%8h2,726+0.027%—$18.4M—as long as short
Bullet ETH-USD+0.0037%1h2,726.3+0.039%$177K$1.7M20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0037%8h2,726.4+0.041%$2.36B$4.39B150xas long as short
01 Exchange ETHUSD+0.0048%1h2,726.3+0.039%$186K$814K50xas long as short
SunX ETH-USDT+0.0055%8h2,725.7+0.016%$955K$11.2M100xas long as short
KuCoin ETHUSDTM+0.0066%8h2,726+0.027%$377.3M$574.7M100xas long as short
Aster ETHUSDT+0.0076%8h2,726.5+0.047%$252.2M$842.3M200xas long as short
OKX ETH-USDT-SWAP+0.0080%8h2,726.6+0.049%$1.66B$10.72B100xas long as short
Aevo ETH-PERP+0.0080%1h2,724−0.046%$4.9M$155K20xas long as short
MEXC ETH_USDT+0.0084%8h2,726.3+0.039%$1.56B$2.58B500xas long as short
Binance ETHUSDT+0.0084%8h2,726.4+0.043%$6.32B$15.94B150xas long as short
Phemex ETHUSDT+0.0087%8h2,726.4+0.044%$264.2M$64.2M150xas long as short
ApeX Omni ETHUSDT+0.0087%1h2,728+0.103%$8.7M$31.2M100xas long as short
SoDEX ETH-USD+0.0091%1h2,726.4+0.043%$54.3M$187.8M40xas long as short
Lighter ETH+0.0096%1h2,726.3+0.039%$112.3M$435.9M50xas long as short
Lighter RH ETH+0.0096%1h2,727.4+0.079%$23.3M$104.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,726.1+0.032%—$31.0M500xas long as short
Injective ETH/USDC PERP+0.0096%1h2,730.8+0.204%$117K$22.5M52xas long as short
Aftermath Perps ETHUSD+0.0100%1h2,728.4+0.116%$30K$20K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,725.5+0.010%$498K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,727.4+0.078%$15.4M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,725.6+0.012%$13.8M$104.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,728.3+0.112%$3.09B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,726.8+0.057%$31.8M$334.0M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,724.9−0.012%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,726.4+0.041%$1.5M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,728.2+0.109%$167.8M$301.9M25xas long as short
Gate ETH_USDT+0.0100%8h2,726.8+0.058%$3.33B$8.96B200xas long as short
Bitget ETHUSDT+0.0100%8h2,726.5+0.047%$2.07B$2.73B150xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,725.2long leg$14.9M$41.6M50x
Variational Omni ETH+0.0100%8h2,727+0.065%$134.7M$322.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,728.1+0.105%$183.5M$671.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,728.8+0.129%$158.8M$86.9M50xas long as short
StandX ETH-USD+0.0100%1h2,727.8+0.094%$21.0M$72.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,727+0.064%—$846K50xas long as short
Polymarket Perps ETH-USDshort+0.0100%1h2,727.4+0.079%$11.2M$9.5M50x
Bluefin ETH-PERP+0.0100%1h2,726.7+0.052%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,728.2+0.109%$40.9M$30.1M15xas long as short
Extended ETH-USD+0.0104%1h2,725.7+0.018%$30.6M$73.5M50xas long as short
RISEx ETH/USDC+0.0107%1h2,726.2+0.037%$5.6M$11.7M25xas long as short
Deribit ETH-PERPETUAL+0.0109%1h2,727.7+0.091%$258.4M$202.6M50xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,727.5+0.083%$50.4M$4.27B50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,727.3+0.074%$83.4M$315.9M100xas long as short
Orderly PERP_ETH_USDC+0.0190%8h2,729.2+0.145%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0207%1h2,725.6+0.012%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,726.8+0.057%$247K$1.4M20xas long as short
BloFin ETH-USDT+0.0337%8h2,725.1−0.005%$281.4M$174.3M150xas long as short