Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Pacifica−0.025%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 7 days−0.582%−$58 · spread now −0.025%, 7d avg −0.017%

Together, before fees−0.515%+ Points / potential airdropPacifica: Active · farm board−$52 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ETH	2,768.1	0.0100	pay 0.0013% / 1h	37m 21s	$31.2M	$285.6M	50x
Short	Backpack ETH_USDC_PERP	2,767.4	0.0100	get 0.0013% / 1h	37m 21s	$15.3M	$42.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now −0.025%Rate

Funding earned: $0
Price spread: −0.025% → −0.017%: −$0.78
Slippage, 4 orders: −$0.42
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.2
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Pacifica: 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 Pacifica live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.02 bp	5.0 bp −$5	7.0 bp −$70	30.5 bp −$3,046	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	−0.0112%	43m	2,767.9	−0.006%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.072%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.152%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.103%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767.8	−0.011%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	−0.033%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.8	−0.012%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.025%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768	−0.005%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,766.7	−0.049%	$1.70B	$11.83B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0025%	1h	2,768.1	−0.002%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,767.8	−0.009%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,767	−0.039%	$266.3M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,767.1	−0.036%	$255.8M	$995.2M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,767	−0.039%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,767.2	−0.032%	$6.42B	$17.18B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,768.6	+0.017%	$258.4M	$224.4M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.1	−0.110%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,767.2	−0.033%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,766.9	−0.043%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,767	−0.040%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.099%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768	−0.005%	$115.2M	$511.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.4	+0.048%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.4	+0.010%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.8	−0.012%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.8	−0.011%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.5	−0.021%	$14.8M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.7	+0.058%	$3.19B	$2.38B	25x	as long as short
Pacifica ETHlong	+0.0100%	1h	2,768.1	long leg	$31.2M	$285.6M	50x
Bybit ETHUSDT	+0.0100%	8h	2,767	−0.042%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.4	−0.025%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.6	+0.055%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.093%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.5	−0.023%	$424.5M	$741.8M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,767	−0.039%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,767.4	−0.025%	$15.3M	$42.4M	50x
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.152%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.086%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.1	−0.108%	$21.3M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.8	−0.011%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.7	+0.022%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.5	+0.013%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.5	+0.051%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.2	−0.067%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.8	−0.047%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.6	−0.055%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.6	−0.055%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.3	+0.005%	$60.2M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,765.3	−0.101%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,770	+0.069%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,763.1	−0.180%	$285.6M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,766.3	−0.067%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768	−0.003%	$87.9M	$329.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,767.6	−0.019%	$272K	$1.5M	20x	as long as short