Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.016%

Price spread now: Bitget against Backpack−0.046%49s7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.221% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 7 days+0.672%+$67 · spread now −0.046%, 7d avg +0.007%

Together, before fees+0.588%+$59 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.053% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.007%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,772.1	0.0100	pay 0.0013% / 1h	51m 11s	$15.2M	$44.0M	50x
Short	Bitget ETHUSDT	2,770.8	0.0073	get 0.0073% / 8h	1h 51m	$2.10B	$3.11B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$5.67
Price spread: −0.046% → +0.007%: −$5.32
Slippage, 4 orders: −$0.07
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$33.06
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Bitget: live order book, 3 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 Backpack live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.7 bp −$57	26.4 bp −$2,636	doesn't fit
Sell Bitget live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.3 bp −$63	7.8 bp −$783	9.7 bp −$4,860

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	2,771.6	−0.018%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,770.6	−0.053%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	−0.011%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.3	+0.043%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.9	−0.043%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,772.3	+0.008%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.2	−0.032%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,772	−0.004%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	+0.006%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,771.3	−0.027%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.3	−0.066%	$1.71B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,770.8	−0.049%	$266.9M	$65.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.2	+0.003%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,771.1	−0.036%	$256.2M	$993.1M	200x	as long as short
Nado ETH-PERP	+0.0038%	1h	2,771.1	−0.035%	$14.3M	$118.5M	50x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771	−0.041%	$182K	$1.8M	20x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,773.9	+0.064%	$288K	$1.5M	20x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,770.8	−0.048%	$1.61B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0053%	8h	2,770.8	−0.049%	$6.43B	$17.17B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.087%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0067%	1h	2,770.7	−0.051%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDTshort	+0.0073%	8h	2,770.8	−0.046%	$2.10B	$3.11B	150x
Gate ETH_USDT	+0.0082%	8h	2,770.4	−0.062%	$3.29B	$9.54B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0086%	1h	2,772.2	+0.004%	$258.4M	$224.4M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.1	−0.038%	$114.9M	$495.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.6	+0.018%	$25.4M	$120.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.2	+0.003%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,770.3	−0.066%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	+0.002%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770	−0.076%	$15.9M	$10.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.2	−0.032%	$481K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.8	+0.025%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.1	−0.034%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.4	−0.060%	$2.51B	$4.61B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770	−0.076%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.4	+0.012%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.054%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.5	−0.057%	$423.8M	$740.4M	100x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,772.1	long leg	$15.2M	$44.0M	50x
edgeX ETHUSDC	+0.0100%	4h	2,772.5	+0.015%	$179.7M	$779.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.1	+0.145%	$161.5M	$95.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.8	−0.012%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.8	+0.061%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.4	−0.023%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.6	+0.018%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	−0.002%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.3	+0.042%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.4	−0.060%	$970K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.2	−0.069%	$31.4M	$75.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	−0.004%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,772.1	0.000%	$8.5M	$673.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,773.7	+0.057%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.7	−0.013%	$86.1M	$330.7M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,771	−0.039%	$285.0M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,770.9	−0.043%	$7.3M	$1.1M	25x	as long as short