Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.004%

Price spread now: Backpack against MEXC+0.141%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs$0as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 7 days−0.763%−$76 · spread now +0.141%, 7d avg −0.005%

Together, before fees−0.656%−$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.146% dearer against MEXC than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,771.7	0.0060	pay 0.0060% / 8h	1h 32m	$1.62B	$2.66B	500x
Short	Backpack ETH_USDC_PERP	2,775.6	0.0100	get 0.0013% / 1h	32m 19s	$15.2M	$44.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.141%Rate

Funding earned: $8.4
Price spread: +0.141% → −0.005%: $14.61
Slippage, 4 orders: −$2.59
Fee MEXC: 1 bp × 2 orders: −$2
Fee Backpack: 5 bp × 2 orders: −$10
Net: $8.42
Costs to cover: 0.146%
Break-even: from the start

Slippage from MEXC: 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 MEXC live order book, 2 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.1 bp −$114	3.7 bp −$1,832
Sell Backpack live order book, 2 min ago	0.02 bp	5.0 bp −$5	5.8 bp −$58	28.2 bp −$2,820	doesn't fit

ETH on 55 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	−0.0447%	43m	2,773.9	+0.081%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773.2	+0.054%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.8	+0.078%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.4	+0.135%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.4	+0.063%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,776.9	+0.190%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.8	+0.078%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.294%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	+0.032%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,771.7	+0.001%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0016%	8h	2,775.5	+0.138%	$270.0M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,771.8	+0.006%	$1.70B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.4	+0.027%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,771.5	−0.004%	$255.9M	$990.2M	200x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771.6	−0.004%	$180K	$1.7M	20x	as long as short
MEXC ETH_USDTlong	+0.0060%	8h	2,771.7	long leg	$1.62B	$2.66B	500x
Binance ETHUSDT	+0.0061%	8h	2,771.6	−0.002%	$6.43B	$17.13B	150x	as long as short
Nado ETH-PERP	+0.0062%	1h	2,773.1	+0.053%	$14.3M	$118.0M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.6	−0.039%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,771.5	−0.004%	$3.28B	$9.59B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,771.7	+0.003%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0075%	1h	2,773.4	+0.063%	$258.3M	$222.2M	50x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,771.8	+0.005%	$55.2M	$228.8M	40x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,775.4	+0.136%	$8.7M	$32.5M	100x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.2	+0.164%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,771.7	+0.002%	$2.51B	$4.60B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,773.8	+0.076%	$114.9M	$499.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775	+0.120%	$25.4M	$121.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.6	+0.071%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,771.8	+0.005%	$425.0M	$738.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.3	+0.060%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774	+0.085%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.8	+0.078%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.2	+0.092%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.8	+0.041%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.1	+0.123%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.349%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,775.6	+0.141%	$15.2M	$44.5M	50x
Variational Omni ETH	+0.0100%	8h	2,774.6	+0.106%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.9	+0.117%	$179.9M	$780.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.193%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.4	+0.207%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.4	+0.063%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.7	+0.038%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	+0.027%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.090%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	−0.022%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.2	−0.015%	$31.6M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.8	+0.079%	$60.1M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,778.1	+0.233%	$8.5M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,774.3	+0.095%	$32.5M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,778.5	+0.249%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.7	+0.074%	$86.3M	$331.1M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,775.4	+0.137%	$285.0M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,771.4	−0.010%	$7.4M	$1.2M	25x	as long as short