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Funding arb · Price arb /

ETH

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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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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.

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%
Price spread now: Backpack against Derive−0.067%7-day average −0.065% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on DeriveShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days−0.051%−$5 on $10k
Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.067%, 7d avg −0.065%
Together, before fees−0.021%−$2 on $10k · with fees, hour by hour
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDerive ETH-PERP2,748.90.0100pay 0.0013% / 1h28m 52s$41.8M$29.3M15x
ShortBackpack ETH_USDC_PERP2,747.10.0100get 0.0013% / 1h28m 52s$15.1M$41.7M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Derive. 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: −0.067% → −0.065%
−$0.22
Slippage, 4 orders
no order book: not counted
Fee Derive: 3 bp × 2 orders
−$6
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$16.22
Costs to cover
0.160%
Break-even
never at this rate
Slippage unknown: Derive: no order-book sample; Backpack: live order book, just now. 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 Derive no order-book sample—————
Sell Backpack live order book, just now0.02 bp5.0 bp −$55.4 bp −$5428.3 bp −$2,833doesn't fit
Derive: 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 54 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%43m2,751.1+0.079%$310K$6.0M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,749.3+0.014%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,750.5+0.059%$5.6M$11.3M25xas long as short
ApeX Omni ETHUSDT−0.0014%1h2,748.2−0.025%$8.7M$31.6M100xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,748.5−0.014%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,749.4+0.018%$848K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,751.2+0.082%$10.8M$41.9M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,748.1−0.030%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0016%1h2,750.5+0.058%$181K$1.1M50xas long as short
BingX ETH-USDC+0.0032%8h2,748.90.000%—$17.3M—as long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0045%8h2,749+0.004%$1.69B$11.01B100xas long as short
HTX ETH-USDT+0.0047%8h2,746.5−0.087%$1.07B$1.21B200xas long as short
Aster ETHUSDT+0.0064%8h2,748.90.000%$252.9M$858.2M200xas long as short
Aevo ETH-PERP+0.0072%1h2,745.2−0.136%$4.9M$168K20xas long as short
MEXC ETH_USDT+0.0073%8h2,748.8−0.005%$1.57B$2.56B500xas long as short
KuCoin ETHUSDTM+0.0073%8h2,748.7−0.009%$381.0M$605.7M100xas long as short
Binance ETHUSDT+0.0074%8h2,749.1+0.007%$6.36B$16.22B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,748−0.034%$59.0M$4.37B50xas long as short
Bitget ETHUSDT+0.0091%8h2,748.8−0.002%$2.07B$2.85B150xas long as short
Lighter ETH+0.0096%1h2,747.8−0.040%$112.9M$442.5M50xas long as short
Lighter RH ETH+0.0096%1h2,748.8−0.004%$24.8M$107.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,751.5+0.096%—$35.4M500xas long as short
Gate ETH_USDT+0.0096%8h2,749.6+0.026%$3.39B$8.87B200xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,756.2+0.266%$15.9M$8.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,749.8+0.032%$469K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,751.2+0.083%$14.0M$113.0M50xas long as short
Hyperliquid ETH+0.0100%1h2,750.6+0.062%$3.13B$2.12B25xas long as short
Pacifica ETH+0.0100%1h2,751.8+0.105%$31.6M$333.9M50xas long as short
Bybit ETHUSDT+0.0100%8h2,749.3+0.014%$2.46B$4.33B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,750.4+0.054%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,750.9+0.074%$2.8M$16.5M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,747.1−0.067%$15.1M$41.7M50x
Variational Omni ETH+0.0100%8h2,747.4−0.053%$133.1M$346.1M—as long as short
edgeX ETHUSDC+0.0100%4h2,747.9−0.038%$181.7M$730.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,745.8−0.113%$159.7M$84.5M50xas long as short
StandX ETH-USD+0.0100%1h2,750+0.040%$21.3M$67.8M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,749.6+0.025%$10.7M$8.5M50xas long as short
Bullet ETH-USD+0.0100%1h2,748.2−0.026%$182K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,748.4−0.018%$21K$22K25xas long as short
Derive ETH-PERPlong+0.0100%1h2,748.9long leg$41.8M$29.3M15x
SunX ETH-USDT+0.0100%8h2,747.3−0.060%$962K$12.4M100xas long as short
SoDEX ETH-USD+0.0100%1h2,746.9−0.073%$54.7M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,747.1−0.066%$267.0M$66.0M150xas long as short
Bulk ETH-USD+0.0100%1h2,743.9−0.181%$165.5M$306.7M25xas long as short
Vest ETH-PERP+0.0100%1h2,750.7+0.066%—$869K50xas long as short
Aftermath Perps ETHUSD+0.0103%1h2,748−0.033%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,747.9−0.035%$30.5M$74.1M50xas long as short
Deribit ETH-PERPETUAL+0.0114%1h2,748.2−0.026%$258.5M$200.3M50xas long as short
Kalshi KXETHPERP+0.0139%8h2,750.8+0.069%$7.7M$674.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0169%8h2,750.2+0.046%$32.3M$11.1M100xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,750.4+0.055%$250K$1.5M20xas long as short
Injective ETH/USDC PERP+0.0209%1h2,747.9−0.037%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0219%1h2,748.3−0.023%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,747.4−0.056%$89.9M$316.4M100xas long as short