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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%
Price spread now: Derive against Backpack+0.079%7-day average +0.065% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Derive
What this pair did over the last
the charts below follow
Funding, last 7 days+0.051%+$5 on $10k
Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.079%, 7d avg +0.065%
Together, before fees+0.009%+$1 on $10k · with fees, hour by hour
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,747.50.0100pay 0.0013% / 1h30m 45s$15.1M$41.7M50x
ShortDerive ETH-PERP2,749.70.0100get 0.0013% / 1h30m 45s$41.8M$29.3M15x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Derive 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

Funding earned
$0
Price spread: +0.079% → +0.065%
$1.43
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Derive: 3 bp × 2 orders
−$6
Net
−$14.57
Costs to cover
0.160%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 3 min ago; Derive: no order-book sample. 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 Backpack live order book, 3 min ago0.02 bp5.5 bp −$67.9 bp −$7931.8 bp −$3,183doesn't fit
Sell Derive no order-book sample—————
Derive: 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 54 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−0.0447%43m2,748.2+0.025%$310K$6.0M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,748.4+0.033%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,748.8+0.047%$5.5M$11.2M25xas long as short
ApeX Omni ETHUSDT−0.0042%1h2,744.9−0.093%$8.7M$31.8M100xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,748.6+0.039%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,746.4−0.040%$847K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,748+0.019%$10.8M$41.8M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,748.4+0.033%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0016%1h2,749.1+0.059%$181K$1.1M50xas long as short
BingX ETH-USDC+0.0032%8h2,749.1+0.058%—$17.3M—as long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0043%8h2,749.6+0.078%$1.69B$11.02B100xas long as short
HTX ETH-USDT+0.0044%8h2,747.9+0.014%$1.07B$1.21B200xas long as short
Aster ETHUSDT+0.0063%8h2,748.8+0.048%$252.9M$859.0M200xas long as short
MEXC ETH_USDT+0.0072%8h2,749.5+0.072%$1.56B$2.56B500xas long as short
Aevo ETH-PERP+0.0072%1h2,746.2−0.047%$4.9M$168K20xas long as short
KuCoin ETHUSDTM+0.0073%8h2,748.9+0.051%$381.3M$605.9M100xas long as short
Binance ETHUSDT+0.0074%8h2,749.4+0.069%$6.36B$16.23B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,748.8+0.046%$59.0M$4.38B50xas long as short
Bitget ETHUSDT+0.0091%8h2,749.8+0.083%$2.08B$2.85B150xas long as short
Gate ETH_USDT+0.0094%8h2,748.9+0.051%$3.39B$8.86B200xas long as short
Lighter ETH+0.0096%1h2,748.7+0.042%$112.8M$442.2M50xas long as short
Lighter RH ETH+0.0096%1h2,750.2+0.097%$24.9M$106.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,748.2+0.026%—$35.4M500xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,753.3+0.213%$15.9M$8.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,747.8+0.011%$468K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,747.6+0.005%$14.0M$113.1M50xas long as short
Hyperliquid ETH+0.0100%1h2,750.7+0.117%$3.13B$2.12B25xas long as short
Pacifica ETH+0.0100%1h2,749.7+0.080%$31.5M$333.7M50xas long as short
Bybit ETHUSDT+0.0100%8h2,749.5+0.074%$2.46B$4.34B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,748+0.019%$2.8M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,750.5+0.110%$2.8M$16.5M25xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,747.5long leg$15.1M$41.7M50x
Variational Omni ETH+0.0100%8h2,747.4−0.002%$133.1M$346.1M—as long as short
edgeX ETHUSDC+0.0100%4h2,744.4−0.114%$181.5M$729.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,745.8−0.062%$159.7M$84.5M50xas long as short
StandX ETH-USD+0.0100%1h2,749+0.055%$21.3M$67.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,749.3+0.067%—$869K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,748.4+0.033%$10.3M$8.0M50xas long as short
Bullet ETH-USD+0.0100%1h2,748.4+0.033%$183K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,748.5+0.036%$21K$22K25xas long as short
Derive ETH-PERPshort+0.0100%1h2,749.7+0.079%$41.8M$29.3M15x
SunX ETH-USDT+0.0100%8h2,747.7+0.008%$964K$12.5M100xas long as short
SoDEX ETH-USD+0.0100%1h2,748+0.019%$54.7M$187.6M40xas long as short
Phemex ETHUSDT+0.0100%8h2,748.1+0.021%$267.1M$66.5M150xas long as short
Bulk ETH-USD+0.0100%1h2,743.9−0.130%$165.5M$306.7M25xas long as short
Aftermath Perps ETHUSD+0.0102%1h2,746.9−0.023%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,747.5+0.002%$30.5M$74.3M50xas long as short
Kalshi KXETHPERP+0.0138%8h2,748.9+0.051%$7.8M$674.2M4.9xas long as short
Orderly PERP_ETH_USDC+0.0168%8h2,750.6+0.112%$32.4M$11.1M100xas long as short
Deribit ETH-PERPETUAL+0.0168%1h2,749.3+0.065%$258.5M$201.0M50xas long as short
Hibachi ETH/USDT-P+0.0192%1h2,750.7+0.117%$250K$1.5M20xas long as short
Injective ETH/USDC PERP+0.0209%1h2,748.3+0.029%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0219%1h2,748.4+0.034%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,748.6+0.042%$89.9M$316.5M100xas long as short