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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 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%
Price spread now: Backpack against SunX+0.059%7-day average +0.013% · you sell dearer than you buy
Net, funding: paid 7d − costs−$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$210.215% of the position
Long on SunXShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.008%+$1 on $10k
Price spread, last 3 days (all we have)+0.042%+$4 · spread now +0.059%, 7d avg +0.013%
Together, before fees+0.051%+$5 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 0.046% dearer against SunX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.013%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongSunX ETH-USDT2,774.20.0100pay 0.0100% / 8h3m 42s$973K$13.9M100x
ShortBackpack ETH_USDC_PERP2,775.90.0100get 0.0013% / 1h3m 42s$15.1M$44.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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
$0
Price spread: +0.059% → +0.013%
$4.61
Slippage, 4 orders
−$3.48
Fee SunX: 4 bp × 2 orders
−$8
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$16.88
Costs to cover
0.215%
Break-even
never at this rate
Slippage from SunX: live order book, 5 min ago; Backpack: live order book, just now.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy SunX live order book, 5 min ago0.13 bp7.1 bp −$77.2 bp −$728.5 bp −$85411.3 bp −$5,662
Sell Backpack live order book, just now0.02 bp5.2 bp −$57.6 bp −$7629.7 bp −$2,965doesn't fit

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−0.0223%43m2,773.7−0.020%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,775.6+0.050%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.437%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,772.4−0.066%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0021%1h2,769.3−0.178%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,774.4+0.006%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,775.8+0.057%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,771.5−0.098%$876K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,775.9+0.060%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,775.3+0.037%$1.71B$11.90B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0024%8h2,775.1+0.030%$270.5M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,775.7+0.052%$12.8M—200xas long as short
SoDEX ETH-USD+0.0030%1h2,774.9+0.024%$55.3M$228.7M40xas long as short
Aftermath Perps ETHUSD+0.0030%1h2,772−0.081%$29K$22K20xas long as short
Aster ETHUSDT+0.0032%8h2,775.4+0.041%$256.2M$1.00B200xas long as short
Bullet ETH-USD+0.0034%1h2,774.9+0.026%$182K$1.7M20xas long as short
MEXC ETH_USDT+0.0054%8h2,775.4+0.043%$1.62B$2.67B500xas long as short
Binance ETHUSDT+0.0054%8h2,775.4+0.044%$6.47B$17.29B150xas long as short
Aevo ETH-PERP+0.0056%1h2,773.3−0.034%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0066%8h2,775.5+0.047%$2.11B$3.10B150xas long as short
Gate ETH_USDT+0.0067%8h2,775.5+0.045%$3.29B$9.70B200xas long as short
KuCoin ETHUSDTM+0.0080%8h2,775.7+0.051%$422.9M$738.3M100xas long as short
Bybit ETHUSDT+0.0087%8h2,775.5+0.047%$2.51B$4.62B150xas long as short
BingX ETH-USDC+0.0088%8h2,775.4+0.040%—$17.4M—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,777.1+0.105%$60.7M$4.60B50xas long as short
Nado ETH-PERP+0.0092%1h2,774.5+0.011%$14.3M$118.2M50xas long as short
HTX ETH-USDT+0.0093%8h2,774.7+0.017%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,775.9+0.061%$115.2M$502.0M50xas long as short
Lighter RH ETH+0.0096%1h2,777.5+0.116%$25.3M$122.1M50xas long as short
Vest ETH-PERP+0.0097%1h2,774−0.010%—$1.1M50xas long as short
Deribit ETH-PERPETUAL+0.0099%1h2,776.4+0.079%$259.1M$222.2M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,775.6+0.051%$15.9M$10.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,775.1+0.031%$483K$2.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,778+0.136%$3.18B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,776+0.064%$31.3M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,775.3+0.039%$2.8M$17.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,776.4+0.080%$2.7M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.4−0.174%$169.4M$262.8M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,775.9+0.059%$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,768.5−0.205%$148.3M$337.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,769.8−0.160%$181.8M$784.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.9−0.119%$161.1M$89.5M50xas long as short
StandX ETH-USD+0.0100%1h2,770.8−0.124%$21.4M$58.7M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,774.8+0.021%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776+0.062%$21K$24K25xas long as short
SunX ETH-USDTlong+0.0100%8h2,774.2long leg$973K$13.9M100x
Derive ETH-PERP+0.0100%1h2,777.5+0.119%$42.8M$29.4M15xas long as short
Kalshi KXETHPERP+0.0101%8h2,772.3−0.070%$8.4M$688.6M4.9xas long as short
Extended ETH-USD+0.0104%1h2,774.9+0.023%$32.5M$78.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,773.8−0.017%—$43.8M500xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,776.8+0.092%$90.8M$338.2M100xas long as short
Orderly PERP_ETH_USDC+0.0144%8h2,778.1+0.139%$32.6M$12.2M100xas long as short
BloFin ETH-USDT+0.0175%8h2,770−0.151%$286.6M$193.5M150xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,771.5−0.098%$252K$1.6M20xas long as short
Reya ETHRUSDPERP+0.0206%1h2,774.20.000%$7.4M$1.2M25xas long as short