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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 22:00 UTC+0.0094%/8h= +10.3% APRnext payment +$0.12 per $10,000 · paid last 24h +0.028%
Price spread now: Backpack against gTrade (Gains Network)−0.018%7-day average −0.019% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$180.181% of the position
Long on gTrade (Gains Network)Short on Backpack
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.086%+$9 on $10k
Price spread, last 3 days (all we have)−0.083%−$8 · spread now −0.018%, 7d avg −0.019%
Together, before fees+0.002%$0 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LonggTrade (Gains Network) ETH/USD2,778.1L +0.0006% / S −0.0006%pay 0.0001% / 1h22m 11s$22.4M—200x
ShortBackpack ETH_USDC_PERP2,777.70.0100get 0.0013% / 1h22m 11s$15.4M$42.8M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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
$19.7
Price spread: −0.018% → −0.019%
$0.11
Slippage, 4 orders
−$1.13
Fee gTrade (Gains Network): 3.5 bp × 2 orders
−$7
Fee Backpack: 5 bp × 2 orders
−$10
Net
$1.67
Costs to cover
0.181%
Break-even
6.4 days
Slippage from gTrade (Gains Network): virtual book (oracle venue), 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
LegHalf-spread$10k$100k$1M$5M
Buy gTrade (Gains Network) virtual book (oracle venue), 2 min ago0.52 bp4.0 bp −$44.1 bp −$415.0 bp −$5008.9 bp −$4,453
Sell Backpack live order book, 2 min ago0.02 bp5.0 bp −$56.6 bp −$6629.8 bp −$2,983doesn'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−0.0112%43m2,776.2−0.069%$289K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,775.7−0.088%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,776.5−0.059%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0056%1h2,776.8−0.048%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,773.4−0.171%$859K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,776.7−0.053%$5.8M$11.7M25xas long as short
dYdX ETH-USD0.0000%1h2,777.1−0.038%$12.7M$45.5M50xas long as short
Aftermath Perps ETHUSD+0.0004%1h2,773.9−0.151%$29K$22K20xas long as short
gTrade (Gains Network) ETH/USDlongL +0.0006% / S −0.0006%1h2,778.1long leg$22.4M—200x
Phemex ETHUSDT+0.0013%8h2,777−0.040%$267.4M$66.0M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
ApeX Omni ETHUSDT+0.0018%1h2,771.4−0.244%$8.8M$32.6M100xas long as short
OKX ETH-USDT-SWAP+0.0022%8h2,776.9−0.044%$1.71B$11.92B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,778.1−0.002%$13.2M—200xas long as short
Aster ETHUSDT+0.0039%8h2,777.2−0.033%$256.9M$995.8M200xas long as short
MEXC ETH_USDT+0.0047%8h2,777.4−0.028%$1.61B$2.68B500xas long as short
Aevo ETH-PERP+0.0048%1h2,775.9−0.079%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0048%8h2,777.2−0.033%$6.44B$17.24B150xas long as short
Gate ETH_USDT+0.0073%8h2,777.4−0.026%$3.29B$9.66B200xas long as short
Bitget ETHUSDT+0.0074%8h2,777.1−0.036%$2.10B$3.13B150xas long as short
Bullet ETH-USD+0.0082%1h2,777.4−0.027%$183K$1.8M20xas long as short
Variational Omni ETH+0.0092%8h2,774.2−0.143%$140.6M$320.2M—as long as short
Lighter ETH+0.0096%1h2,777.8−0.014%$115.4M$514.1M50xas long as short
Lighter RH ETH+0.0096%1h2,779.1+0.034%$25.4M$122.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,778.2+0.003%—$41.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,776−0.077%$16.0M$10.8M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,776.1−0.073%$487K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,776.2−0.068%$15.3M$117.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,779.5+0.049%$3.20B$2.39B25xas long as short
Pacifica ETH+0.0100%1h2,776.9−0.045%$31.2M$287.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,777.1−0.038%$2.52B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,775.6−0.091%$2.9M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,778.3+0.006%$2.8M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,765.9−0.440%$164.9M$256.3M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,777.3−0.029%$423.2M$742.1M100xas long as short
BingX ETH-USDC+0.0100%8h2,776.8−0.049%—$17.3M—as long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,777.7−0.018%$15.4M$42.8M50x
edgeX ETHUSDC+0.0100%4h2,770.9−0.259%$178.1M$791.8M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,772.8−0.191%$161.3M$97.1M50xas long as short
StandX ETH-USD+0.0100%1h2,776.2−0.070%$21.4M$57.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,777.6−0.018%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,778.6+0.017%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,777.7−0.017%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,779.5+0.049%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,775.6−0.090%$973K$14.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,777.1−0.037%$55.3M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,777.2−0.034%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,776.7−0.053%$31.4M$76.0M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,778.9+0.026%$60.3M$4.63B50xas long as short
Deribit ETH-PERPETUAL+0.0121%1h2,778.9+0.027%$258.5M$224.9M50xas long as short
Kalshi KXETHPERP+0.0121%8h2,777.6−0.019%$8.6M$673.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0133%8h2,780+0.066%$32.6M$12.0M100xas long as short
BloFin ETH-USDT+0.0167%8h2,776.3−0.068%$285.2M$195.7M150xas long as short
Reya ETHRUSDPERP+0.0183%1h2,777.5−0.024%$7.4M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0240%1h2,778.4+0.011%$87.0M$330.7M100xas long as short
Hibachi ETH/USDT-P+0.0440%1h2,779.2+0.038%$284K$1.5M20xas long as short