Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.015%

Price spread now: Backpack against Bitget−0.008%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 7 days−0.453%−$45 · spread now −0.008%, 7d avg +0.004%

Together, before fees−0.366%−$37 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ETHUSDT	2,746.7	0.0100	pay 0.0100% / 8h	6h 06m	$2.08B	$2.78B	150x
Short	Backpack ETH_USDC_PERP	2,746.5	0.0100	get 0.0013% / 1h	6m 56s	$15.0M	$41.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → +0.004%: −$1.24
Slippage, 4 orders: −$0.09
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.33
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Backpack: 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 Bitget live order book, 2 min ago	0.02 bp	6.0 bp −$6	7.1 bp −$71	8.0 bp −$798	doesn't fit
Sell Backpack live order book, 2 min ago	0.02 bp	5.0 bp −$5	7.0 bp −$70	30.9 bp −$3,092	doesn't fit

ETH on 54 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	2,745.3	−0.054%	$310K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.1	+0.013%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.2	−0.021%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.3	−0.015%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,744.8	−0.070%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.3	−0.015%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.4	−0.012%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.2	−0.019%	$181K	$1.0M	50x	as long as short
BingX ETH-USDT	+0.0041%	8h	2,747	+0.011%	—	$1.17B	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,747.4	+0.023%	$1.70B	$10.83B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0066%	1h	2,741.8	−0.181%	$8.7M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,746.5	−0.009%	$370.3M	$605.8M	100x	as long as short
Aster ETHUSDT	+0.0067%	8h	2,747.4	+0.023%	$253.7M	$853.6M	200x	as long as short
HTX ETH-USDT	+0.0070%	8h	2,746.7	−0.001%	$1.06B	$1.19B	200x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,747.1	+0.013%	$6.38B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,746.9	+0.007%	$1.57B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.1	−0.096%	$4.9M	$167K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.1	+0.050%	$58.8M	$4.31B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,747.2	+0.019%	$3.40B	$8.94B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,747.2	+0.016%	$113.0M	$444.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.7	+0.071%	$24.8M	$107.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.5	−0.007%	—	$31.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749.2	+0.091%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	−0.045%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.5	−0.010%	$13.9M	$109.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749	+0.083%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.8	+0.002%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.8	+0.004%	$2.46B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.2	−0.019%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.5	−0.010%	$2.8M	$16.4M	25x	as long as short
Bitget ETHUSDTlong	+0.0100%	8h	2,746.7	long leg	$2.08B	$2.78B	150x
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,746.5	−0.008%	$15.0M	$41.6M	50x
Variational Omni ETH	+0.0100%	8h	2,744.9	−0.065%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.2	−0.166%	$181.3M	$699.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.125%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.8	−0.034%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	−0.020%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.2	−0.019%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.9	−0.030%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	−0.019%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.4	+0.062%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.7	−0.036%	$963K	$12.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747	+0.010%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.2	+0.019%	$267.5M	$65.8M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.034%	$164.0M	$301.0M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,746.6	−0.005%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.9	−0.030%	$30.5M	$73.1M	50x	as long as short
Kalshi KXETHPERP	+0.0147%	8h	2,746.9	+0.006%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0178%	8h	2,748.6	+0.068%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0209%	1h	2,748.4	+0.062%	$258.8M	$198.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.074%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,745.6	−0.041%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,746.6	−0.003%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.8	+0.040%	$88.2M	$315.4M	100x	as long as short