Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Polymarket Perps+0.003%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 7 days−0.229%−$23 · spread now +0.003%, 7d avg −0.003%

Together, before fees−0.217%−$22 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ETH-USD	2,736	0.0100	pay 0.0013% / 1h	50m 12s	$10.9M	$8.8M	50x
Short	Backpack ETH_USDC_PERP	2,736.1	0.0100	get 0.0013% / 1h	50m 12s	$15.0M	$39.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.003%Rate

Funding earned: $0
Price spread: +0.003% → −0.003%: $0.59
Slippage, 4 orders: −$3.66
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.08
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Backpack: live order book, 4 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 Polymarket Perps live order book, 4 min ago	0.18 bp	4.4 bp −$4	5.4 bp −$54	12.9 bp −$1,291	doesn't fit
Sell Backpack live order book, 4 min ago	0.02 bp	8.1 bp −$8	10.9 bp −$109	31.1 bp −$3,114	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	2,734.7	−0.049%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,739.3	+0.121%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	+0.077%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735	−0.036%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.9	−0.040%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735	−0.037%	$181K	$833K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.190%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735	−0.035%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,734.5	−0.055%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0050%	1h	2,734.3	−0.062%	$54.5M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0055%	8h	2,734.1	−0.069%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,733.9	−0.077%	$1.68B	$10.60B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,734.5	−0.054%	$380.7M	$573.6M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,734.8	−0.045%	$252.9M	$840.8M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,732.1	−0.144%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,734	−0.073%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,734.3	−0.063%	$6.35B	$15.71B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.8	−0.042%	$112.5M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.9	−0.004%	$24.1M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,735.6	−0.014%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.3	−0.025%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.9	+0.142%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734	−0.073%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.5	−0.054%	$13.9M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.9	+0.033%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736	0.000%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,734	−0.075%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.3	−0.062%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.1	−0.034%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.174%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.8	−0.046%	$3.38B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.3	−0.061%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,736.1	+0.003%	$15.0M	$39.6M	50x
Variational Omni ETH	+0.0100%	8h	2,734.9	−0.040%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.072%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.109%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738	+0.071%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736	0.000%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.9	−0.004%	—	$843K	50x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,736	long leg	$10.9M	$8.8M	50x
Derive ETH-PERP	+0.0100%	1h	2,735.9	−0.002%	$41.3M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.1	−0.069%	$959K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,734.2	−0.065%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,734.4	−0.057%	$265.7M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.5	−0.092%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,735.7	−0.010%	$51.2M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,738.6	+0.095%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,735.5	−0.018%	$7.7M	$673.3M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0185%	1h	2,736	0.000%	$260.0M	$194.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,736.6	+0.020%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,735.5	−0.018%	$285.2M	$172.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.1	−0.033%	$85.4M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,733.9	−0.077%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,736.9	+0.031%	$251K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1204%	1h	2,735	−0.036%	$21K	$20K	25x	as long as short