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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 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%
Price spread now: Backpack against Nado+0.024%7-day average +0.002% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$190.186% of the position
Long on NadoShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.003%$0 on $10k
Price spread, last 7 days−1.056%−$106 · spread now +0.024%, 7d avg +0.002%
Together, before fees−1.054%+ Points / potential airdropNado: Active · farm board−$105 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.022% dearer against Nado than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.002%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongNado ETH-PERP2,744.80.0100pay 0.0012% / 1h14m 08s$14.5M$99.7M50x
ShortBackpack ETH_USDC_PERP2,745.50.0100get 0.0013% / 1h14m 08s$15.1M$37.9M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Nado. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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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: +0.024% → +0.002%
$2.15
Slippage, 4 orders
−$1.61
Fee Nado: 3.5 bp × 2 orders
−$7
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$16.45
Costs to cover
0.186%
Break-even
1690402994795093.5 days
Slippage from Nado: live order book, 5 min ago; Backpack: live order book, 5 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 Nado live order book, 5 min ago0.18 bp3.7 bp −$43.7 bp −$375.7 bp −$56813.2 bp −$6,604
Sell Backpack live order book, 5 min ago0.02 bp5.0 bp −$55.6 bp −$5612.7 bp −$1,267doesn't fit

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−0.0112%43m2,744.4−0.017%$276K$5.3M8.3xas long as short
BloFin ETH-USDT−0.0110%8h2,743.8−0.037%$281.5M$174.3M150xas long as short
Hotstuff ETH-PERP−0.0080%1h2,743.5−0.048%$5K$1K50xas long as short
Bybit ETHUSDT−0.0054%8h2,744.9+0.003%$2.34B$4.22B150xas long as short
Phemex ETHUSDT−0.0052%8h2,745.8+0.037%$264.3M$61.8M150xas long as short
Phoenix ETH−0.0012%1h2,741.5−0.121%$811K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,745+0.006%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,745.6+0.029%$11.0M$42.1M50xas long as short
Kalshi KXETHPERP0.0000%8h2,745.5+0.025%$6.7M$663.8M4.9xas long as short
Hibachi ETH/USDT-P0.0000%1h2,744.5−0.012%$241K$1.4M20xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,745.9+0.040%$33.1M—200xas long as short
01 Exchange ETHUSD+0.0024%1h2,745.9+0.040%$185K$904K50xas long as short
HTX ETH-USDT+0.0033%8h2,744.9+0.002%$1.05B$1.18B200xas long as short
ApeX Omni ETHUSDT+0.0050%1h2,739.9−0.181%$8.3M$30.5M100xas long as short
Gate ETH_USDT+0.0052%8h2,744.8−0.001%$3.28B$8.41B200xas long as short
SoDEX ETH-USD+0.0062%1h2,745.4+0.021%$54.7M$160.1M40xas long as short
Deribit ETH-PERPETUAL+0.0063%1h2,747.3+0.089%$265.9M$214.4M50xas long as short
Aster ETHUSDT+0.0070%8h2,745+0.007%$253.7M$799.8M200xas long as short
OKX ETH-USDT-SWAP+0.0072%8h2,744.5−0.013%$1.66B$10.23B100xas long as short
SunX ETH-USDT+0.0077%8h2,745.7+0.031%$951K$10.2M100xas long as short
MEXC ETH_USDT+0.0079%8h2,745.3+0.017%$1.58B$2.60B500xas long as short
Aevo ETH-PERP+0.0080%1h2,743.7−0.041%$4.9M$194K20xas long as short
Binance ETHUSDT+0.0080%8h2,745+0.007%$6.35B$15.45B150xas long as short
KuCoin ETHUSDTM+0.0086%8h2,745.8+0.035%$370.7M$494.1M100xas long as short
Bullet ETH-USD+0.0091%1h2,745.5+0.026%$178K$1.7M20xas long as short
Lighter ETH+0.0096%1h2,746.1+0.048%$113.6M$407.2M50xas long as short
Lighter RH ETH+0.0096%1h2,747+0.079%$23.9M$97.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,746.5+0.063%—$23.9M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,745.8+0.036%$521K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,750.8+0.217%$15.5M$6.8M50xas long as short
Nado ETH-PERPlong+0.0100%1h2,744.8long leg$14.5M$99.7M50x
Hyperliquid ETH+0.0100%1h2,747.4+0.094%$3.13B$1.97B25xas long as short
Pacifica ETH+0.0100%1h2,747+0.080%$32.2M$328.1M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,745.8+0.036%$2.7M$16.1M25xas long as short
Arcus ETH-USD+0.0100%1h2,746.6+0.066%$1.6M$15.4M25xas long as short
Bitget ETHUSDT+0.0100%8h2,744.9+0.003%$2.12B$2.55B150xas long as short
BingX ETH-USDC+0.0100%8h2,744.4−0.017%—$18.6M—as long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,745.5+0.024%$15.1M$37.9M50x
Variational Omni ETH+0.0100%8h2,743.6−0.045%$132.5M$307.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,738.9−0.214%$186.4M$687.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,736.4−0.305%$159.1M$80.4M50xas long as short
StandX ETH-USD+0.0100%1h2,744.5−0.011%$21.1M$71.4M40xas long as short
Vest ETH-PERP+0.0100%1h2,747.5+0.098%—$416K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,747.2+0.087%$11.3M$9.2M50xas long as short
Bulk ETH-USD+0.0100%1h2,738.5−0.229%$165.3M$346.3M25xas long as short
Extended ETH-USD+0.0104%1h2,744.80.000%$30.4M$68.8M50xas long as short
Kraken Futures PF_ETHUSD+0.0104%1h2,746.4+0.058%$82.4M$293.7M100xas long as short
Aftermath Perps ETHUSD+0.0115%1h2,739.4−0.197%$30K$13K20xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,746.5+0.061%$45.7M$4.14B50xas long as short
RISEx ETH/USDC+0.0137%1h2,744.4−0.015%$5.6M$11.2M25xas long as short
Reya ETHRUSDPERP+0.0169%1h2,742−0.102%$7.3M$946K25xas long as short
Orderly PERP_ETH_USDC+0.0180%8h2,747.9+0.112%$32.4M$10.7M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,748.6+0.138%$118K$22.9M52xas long as short
Bluefin ETH-PERP+0.0833%1h2,746.6+0.065%$20K$15K25xas long as short