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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+0.0207%/8h= +22.6% APRnext payment +$0.26 per $10,000 · paid last 24h +0.026%
Price spread now: Backpack against Injective+0.010%7-day average −0.071% · you sell dearer than you buy
Net, funding: paid 7d − costs−$82as in the Funding arb table
Net, price: spread back to 7d avg − costs−$62as in the Price arb table
costs, in and out, $10k−$700.698% of the position
Long on InjectiveShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days−0.125%−$13 on $10k
Price spread, last 3 days (all we have)+0.152%+$15 · spread now +0.010%, 7d avg −0.071%
Together, before fees+0.027%+$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.081% dearer against Injective than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.071%. Mind the row above: over the last 7 days funding on this pair cost −0.125%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.125% in total (about -6.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.26 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongInjective ETH/USDC PERP2,766.1−0.0107get 0.0013% / 1h32m 56s$119K$22.5M52x
ShortBackpack ETH_USDC_PERP2,766.40.0100get 0.0013% / 1h32m 56s$15.3M$42.4M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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
$43.4
Price spread: +0.010% → −0.071%
$8.09
Slippage, 4 orders
−$59.78
Fee Injective: 0.01 bp × 2 orders
−$0.02
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$18.31
Costs to cover
0.698%
Break-even
10.0 days
Slippage from Injective: live order book, 1 min ago; Backpack: live order book, 1 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 Injective live order book, 1 min ago13.53 bp13.5 bp −$1413.5 bp −$13513.5 bp −$1,35420718.4 bp −$10.36M
Sell Backpack live order book, 1 min ago0.02 bp5.0 bp −$57.4 bp −$7430.7 bp −$3,075doesn'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%43m2,766.6+0.017%$289K$6.8M8.3xas long as short
Injective ETH/USDC PERPlong−0.0107%1h2,766.1long leg$119K$22.5M52x
Hotstuff ETH-PERP−0.0080%1h2,766.8+0.025%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0064%1h2,766.6+0.018%$171K$1.2M50xas long as short
ApeX Omni ETHUSDT−0.0052%1h2,767.5+0.052%$8.8M$32.5M100xas long as short
Phoenix ETH−0.0023%1h2,767+0.033%$794K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,766.2+0.005%$5.8M$11.8M25xas long as short
dYdX ETH-USD0.0000%1h2,767.4+0.047%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,767+0.031%$22.3M—200xas long as short
BingX ETH-USDC+0.0016%8h2,765.6−0.017%—$17.3M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0021%8h2,765.4−0.025%$1.71B$11.84B100xas long as short
Aftermath Perps ETHUSD+0.0023%1h2,767.4+0.048%$29K$21K20xas long as short
Phemex ETHUSDT+0.0025%8h2,766.10.000%$266.3M$66.0M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,766.9+0.030%$13.1M—200xas long as short
Aster ETHUSDT+0.0038%8h2,765.8−0.010%$255.7M$995.1M200xas long as short
Deribit ETH-PERPETUAL+0.0043%1h2,767.4+0.048%$258.4M$224.5M50xas long as short
MEXC ETH_USDT+0.0046%8h2,766.4+0.011%$1.62B$2.66B500xas long as short
Binance ETHUSDT+0.0046%8h2,765.6−0.017%$6.42B$17.20B150xas long as short
Aevo ETH-PERP+0.0048%1h2,764−0.074%$5.0M$636K20xas long as short
Gate ETH_USDT+0.0066%8h2,765.9−0.007%$3.28B$9.62B200xas long as short
Bitget ETHUSDT+0.0073%8h2,765.9−0.006%$2.09B$3.13B150xas long as short
Bullet ETH-USD+0.0081%1h2,766−0.003%$184K$1.8M20xas long as short
Variational Omni ETH+0.0092%8h2,764−0.075%$140.6M$319.6M—as long as short
Lighter ETH+0.0096%1h2,766.4+0.009%$115.2M$511.7M50xas long as short
Lighter RH ETH+0.0096%1h2,767.9+0.065%$25.4M$122.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,767+0.034%—$41.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,766.2+0.003%$15.9M$10.9M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,766.7+0.022%$479K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,766.4+0.012%$14.7M$116.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,768.5+0.087%$3.19B$2.38B25xas long as short
Pacifica ETH+0.0100%1h2,767+0.033%$31.1M$285.6M50xas long as short
Bybit ETHUSDT+0.0100%8h2,765.6−0.020%$2.50B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,766.10.000%$2.9M$16.5M25xas long as short
Arcus ETH-USD+0.0100%1h2,768.3+0.081%$2.8M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,765.5−0.020%$164.9M$254.7M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,765.9−0.008%$424.3M$741.0M100xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,766.4+0.010%$15.3M$42.4M50x
edgeX ETHUSDC+0.0100%4h2,764.4−0.061%$177.7M$792.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,765.8−0.012%$160.8M$97.1M50xas long as short
StandX ETH-USD+0.0100%1h2,765.2−0.033%$21.4M$57.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,767.1+0.035%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,767.6+0.054%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,767.3+0.043%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,768.4+0.083%$42.6M$29.2M15xas long as short
SunX ETH-USDT+0.0100%8h2,765.7−0.016%$970K$14.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,765.8−0.011%$55.1M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,766−0.003%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,765.5−0.021%$31.4M$76.1M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,767.6+0.055%$60.0M$4.62B50xas long as short
Kalshi KXETHPERP+0.0120%8h2,767.2+0.040%$8.6M$672.2M4.9xas long as short
Orderly PERP_ETH_USDC+0.0131%8h2,768.8+0.096%$32.5M$11.9M100xas long as short
BloFin ETH-USDT+0.0166%8h2,765.5−0.023%$285.6M$194.7M150xas long as short
Reya ETHRUSDPERP+0.0184%1h2,765.2−0.034%$7.5M$992K25xas long as short
Kraken Futures PF_ETHUSD+0.0241%1h2,767.1+0.035%$87.5M$329.9M100xas long as short
Hibachi ETH/USDT-P+0.0416%1h2,768.5+0.087%$287K$1.5M20xas long as short