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Funding arb · Price arb /

ETH

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SwapBacktest
Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Vest against Backpack+0.095%7-day average +0.040% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Vest
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.016%−$2 on $10k
Price spread, last 4 days (all we have)+0.825%+$83 · spread now +0.095%, 7d avg +0.040%
Together, before fees+0.810%+ Points / potential airdropVest: Active · farm board+$81 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: Vest is 0.055% dearer against Backpack than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.040%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,727.60.0100pay 0.0013% / 1h53m 53s$15.2M$40.7M50x
ShortVest ETH-PERP2,730.20.0100get 0.0013% / 1h53m 53s—$441K50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Vest 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: +0.095% → +0.040%
$5.47
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Vest: 1 bp × 2 orders
−$2
Net
−$6.53
Costs to cover
0.120%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 5 min ago; Vest: no order-book sample. Net counts fees only.

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, 5 min ago0.02 bp5.0 bp −$56.3 bp −$639.9 bp −$989doesn't fit
Sell Vest no order-book sample—————
Vest: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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−0.0447%43m2,729.3+0.062%$276K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,728.4+0.028%$5K$1K50xas long as short
Phoenix ETH−0.0015%1h2,728.7+0.039%$805K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,728.3+0.025%$11.9M—200xas long as short
Phemex ETHUSDT−0.0004%8h2,727.4−0.008%$262.8M$64.0M150xas long as short
dYdX ETH-USD0.0000%1h2,730.3+0.100%$10.5M$41.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,729.1+0.054%$6.7M$672.5M4.9xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,728.2+0.022%$264.5M$219.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,727.8+0.005%$32.9M—200xas long as short
Gate ETH_USDT+0.0043%8h2,727.7+0.003%$3.29B$8.20B200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0049%8h2,727.3−0.011%$2.32B$4.32B150xas long as short
HTX ETH-USDT+0.0053%8h2,727−0.022%$1.05B$1.22B200xas long as short
OKX ETH-USDT-SWAP+0.0079%8h2,726.8−0.029%$1.65B$10.72B100xas long as short
01 Exchange ETHUSD+0.0080%1h2,729.9+0.083%$191K$884K50xas long as short
KuCoin ETHUSDTM+0.0083%8h2,727.60.000%$383.7M$576.4M100xas long as short
Aster ETHUSDT+0.0086%8h2,728+0.012%$252.1M$849.3M200xas long as short
Hibachi ETH/USDT-P+0.0088%1h2,727.2−0.017%$242K$1.4M20xas long as short
ApeX Omni ETHUSDT+0.0089%1h2,726.3−0.048%$8.4M$31.2M100xas long as short
SunX ETH-USDT+0.0089%8h2,727.3−0.011%$954K$10.7M100xas long as short
MEXC ETH_USDT+0.0095%8h2,727.7+0.002%$1.56B$2.54B500xas long as short
Binance ETHUSDT+0.0095%8h2,727.8+0.006%$6.31B$16.09B150xas long as short
Lighter ETH+0.0096%1h2,727.9+0.009%$112.1M$400.3M50xas long as short
Lighter RH ETH+0.0096%1h2,729.3+0.061%$23.6M$95.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,728.3+0.024%—$30.5M500xas long as short
Aevo ETH-PERP+0.0096%1h2,725.9−0.062%$4.9M$193K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.4+0.028%$500K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,731.5+0.142%$15.4M$7.4M50xas long as short
Nado ETH-PERP+0.0100%1h2,728+0.012%$14.1M$103.0M50xas long as short
Hyperliquid ETH+0.0100%1h2,729.7+0.076%$3.10B$2.03B25xas long as short
Pacifica ETH+0.0100%1h2,729.5+0.069%$32.1M$332.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,728.4+0.028%$2.7M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,728.9+0.045%$1.6M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,727.1−0.019%$161.7M$337.0M25xas long as short
Bitget ETHUSDT+0.0100%8h2,727.4−0.010%$2.10B$2.76B150xas long as short
BingX ETH-USDT+0.0100%8h2,727.9+0.009%—$1.07B—as long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,727.6long leg$15.2M$40.7M50x
Variational Omni ETH+0.0100%8h2,727.3−0.012%$131.3M$315.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,728.4+0.029%$185.6M$683.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,725.7−0.072%$158.4M$81.2M50xas long as short
StandX ETH-USD+0.0100%1h2,729.3+0.061%$21.0M$70.3M40xas long as short
Vest ETH-PERPshort+0.0100%1h2,730.2+0.095%—$441K50x
Polymarket Perps ETH-USD+0.0100%1h2,730+0.087%$11.2M$9.4M50xas long as short
Bullet ETH-USD+0.0100%1h2,728.5+0.032%$179K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,728.3+0.023%$20K$23K25xas long as short
Derive ETH-PERP+0.0100%1h2,731.7+0.148%$40.6M$29.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,727.4−0.008%$54.3M$182.6M40xas long as short
Aftermath Perps ETHUSD+0.0102%1h2,727.2−0.015%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,726.8−0.031%$30.4M$71.2M50xas long as short
Kraken Futures PF_ETHUSD+0.0105%1h2,727.9+0.010%$81.9M$310.5M100xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,728.4+0.028%$46.6M$4.24B50xas long as short
RISEx ETH/USDC+0.0137%1h2,729.2+0.059%$5.6M$11.6M25xas long as short
BloFin ETH-USDT+0.0144%8h2,726.8−0.031%$282.7M$177.5M150xas long as short
Reya ETHRUSDPERP+0.0175%1h2,727.9+0.009%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0187%8h2,730+0.088%$32.2M$11.3M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,725.2−0.089%$117K$19.3M52xas long as short