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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 06:00 UTC−0.0105%/8h= −11.5% APRnext payment −$0.13 per $10,000 · paid last 24h −0.019%
Price spread now: Backpack against Reya+0.030%7-day average +0.041% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on ReyaShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.041%−$4 on $10k
Price spread, last 7 days−0.311%−$31 · spread now +0.030%, 7d avg +0.041%
Together, before fees−0.352%+ Points / potential airdropReya: Active · farm board−$35 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.041%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongReya ETHRUSDPERP2,725.70.0205pay 0.0026% / 1h54m 12s$7.3M$1.2M25x
ShortBackpack ETH_USDC_PERP2,726.50.0100get 0.0013% / 1h54m 12s$15.0M$42.7M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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
−$22.03
Price spread: +0.030% → +0.041%
−$1.07
Slippage, 4 orders
no order book: not counted
Fee Reya: 3 bp × 2 orders
−$6
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$39.1
Costs to cover
0.160%
Break-even
never at this rate
Slippage unknown: Reya: no order-book sample; Backpack: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Reya no order-book sample—————
Sell Backpack live order book, 5 min ago0.02 bp5.0 bp −$55.5 bp −$5524.8 bp −$2,481doesn't fit
Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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−0.0335%43m2,726.6+0.034%$287K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,728+0.085%$5K$1K50xas long as short
HTX ETH-USDT−0.0019%8h2,726.4+0.026%$1.05B$1.21B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,726.7+0.038%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,727.6+0.071%$814K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,727.3+0.059%$10.7M$42.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,726.8+0.043%$28.0M—200xas long as short
Injective ETH/USDC PERP+0.0009%1h2,729.1+0.126%$117K$22.5M52xas long as short
BingX ETH-USDC+0.0030%8h2,725.9+0.009%—$18.5M—as long as short
Bybit ETHUSDT+0.0039%8h2,726.4+0.026%$2.36B$4.40B150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0048%1h2,727.2+0.056%$186K$785K50xas long as short
Deribit ETH-PERPETUAL+0.0058%1h2,728+0.086%$258.5M$203.1M50xas long as short
SunX ETH-USDT+0.0059%8h2,725.8+0.006%$956K$11.2M100xas long as short
KuCoin ETHUSDTM+0.0065%8h2,726.7+0.038%$377.8M$576.6M100xas long as short
Bullet ETH-USD+0.0073%1h2,726.2+0.018%$176K$1.7M20xas long as short
Aster ETHUSDT+0.0078%8h2,727+0.047%$252.3M$843.1M200xas long as short
Aevo ETH-PERP+0.0080%1h2,724.5−0.044%$4.9M$155K20xas long as short
Aftermath Perps ETHUSD+0.0082%1h2,728.3+0.095%$30K$20K20xas long as short
MEXC ETH_USDT+0.0084%8h2,726.6+0.035%$1.56B$2.55B500xas long as short
OKX ETH-USDT-SWAP+0.0084%8h2,726.6+0.033%$1.67B$10.74B100xas long as short
Binance ETHUSDT+0.0085%8h2,726.6+0.035%$6.32B$15.97B150xas long as short
Phemex ETHUSDT+0.0091%8h2,726.5+0.032%$263.9M$64.1M150xas long as short
Lighter ETH+0.0096%1h2,726.9+0.045%$111.7M$428.6M50xas long as short
Lighter RH ETH+0.0096%1h2,728.4+0.100%$23.4M$102.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,726.9+0.046%—$31.0M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,726.1+0.016%$499K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,729+0.123%$15.4M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,727.3+0.059%$13.7M$104.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,729.2+0.129%$3.09B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,727.5+0.066%$31.8M$334.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,727.9+0.082%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,726.9+0.044%$1.5M$16.1M25xas long as short
Gate ETH_USDT+0.0100%8h2,726.6+0.033%$3.33B$8.83B200xas long as short
Bitget ETHUSDT+0.0100%8h2,726.6+0.033%$2.08B$2.74B150xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,726.5+0.030%$15.0M$42.7M50x
Variational Omni ETH+0.0100%8h2,728.8+0.116%$134.6M$323.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,727.9+0.082%$183.5M$671.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,731+0.195%$158.9M$87.3M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,729.4+0.137%$8.7M$31.2M100xas long as short
StandX ETH-USD+0.0100%1h2,729.3+0.133%$21.0M$73.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,728.2+0.093%—$846K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,728.1+0.089%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,727.2+0.056%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,728.1+0.089%$40.9M$30.1M15xas long as short
SoDEX ETH-USD+0.0100%1h2,726.9+0.045%$54.3M$187.8M40xas long as short
Bulk ETH-USD+0.0100%1h2,726.9+0.047%$164.5M$309.8M25xas long as short
Extended ETH-USD+0.0104%1h2,725.8+0.004%$30.6M$73.8M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,728+0.084%$50.1M$4.27B50xas long as short
RISEx ETH/USDC+0.0108%1h2,726.8+0.042%$5.6M$11.7M25xas long as short
Kalshi KXETHPERP+0.0130%8h2,728+0.085%$6.4M$688.4M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,727.5+0.066%$83.0M$316.7M100xas long as short
Orderly PERP_ETH_USDC+0.0189%8h2,728.9+0.117%$32.1M$11.4M100xas long as short
Reya ETHRUSDPERPlong+0.0205%1h2,725.7long leg$7.3M$1.2M25x
Hibachi ETH/USDT-P+0.0232%1h2,728.1+0.087%$249K$1.4M20xas long as short
BloFin ETH-USDT+0.0338%8h2,727.6+0.069%$283.4M$174.5M150xas long as short