Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: edgeX against Backpack−0.260%85s7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as 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−$230.225% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 7 days+0.933%+$93 · spread now −0.260%, 7d avg −0.028%

Together, before fees+0.949%+ Points / potential airdropedgeX: Active · farm board+$95 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: edgeX is 0.232% cheaper against Backpack than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of −0.028%. The two prices were read 85 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	2,773.9	0.0100	pay 0.0013% / 1h	14m 02s	$15.1M	$42.1M	50x
Short	edgeX ETHUSDC	2,766.7	0.0100	get 0.0050% / 4h	3h 14m	$181.6M	$786.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.260%Rate

Funding earned: $0
Price spread: −0.260% → −0.028%: −$23.24
Slippage, 4 orders: −$3.55
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$45.79
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; edgeX: live order book, 5 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, 5 min ago	0.02 bp	6.1 bp −$6	7.9 bp −$79	30.8 bp −$3,084	doesn't fit
Sell edgeX live order book, 5 min ago	0.04 bp	6.7 bp −$7	7.0 bp −$70	7.1 bp −$709	9.2 bp −$4,599

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
Injective ETH/USDC PERP	−0.0752%	1h	2,765.8	−0.293%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,772	−0.069%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,771	−0.104%	$340K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.1	−0.102%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.8	−0.077%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.2	−0.134%	$874K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.8	−0.078%	$12.3M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.5	−0.014%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0016%	1h	2,772.6	−0.049%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0029%	8h	2,770.6	−0.121%	$1.71B	$11.14B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0036%	1h	2,773	−0.034%	$55.2M	$188.0M	40x	as long as short
Phemex ETHUSDT	+0.0042%	8h	2,773	−0.032%	$269.9M	$67.1M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,773.3	−0.022%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,773.6	−0.011%	$256.9M	$886.2M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.2	−0.100%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,773.3	−0.024%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,774	+0.003%	$6.49B	$16.26B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,774	+0.002%	$3.38B	$9.08B	200x	as long as short
Bitget ETHUSDT	+0.0077%	8h	2,774.1	+0.004%	$2.10B	$2.86B	150x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,770.5	−0.123%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,774.9	+0.034%	$60.5M	$4.43B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,772.1	−0.066%	—	$876K	50x	as long as short
HTX ETH-USDT	+0.0084%	8h	2,772.5	−0.052%	$1.08B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,774	+0.002%	$421.3M	$604.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,768.5	−0.197%	$8.6M	$32.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,773.9	−0.001%	$115.1M	$459.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.2	+0.045%	$25.6M	$111.8M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.3	+0.051%	$15.9M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.7	−0.080%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.8	−0.076%	$14.6M	$113.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.4	+0.089%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.8	−0.077%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.3	−0.093%	$2.51B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.8	−0.113%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.4	−0.057%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.375%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,774.1	+0.004%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,773.9	long leg	$15.1M	$42.1M	50x
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.198%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,766.7	−0.260%	$181.6M	$786.5M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,766.3	−0.276%	$161.0M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.2	−0.171%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.6	−0.048%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.9	−0.036%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.7	+0.027%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.4	−0.055%	$972K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.8	−0.040%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.8	−0.113%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,772.4	−0.055%	$8.1M	$676.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.1	+0.042%	$98.0M	$320.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.2	−0.098%	$253K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,775.3	+0.050%	$32.7M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,769.8	−0.149%	$288.0M	$178.8M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0197%	1h	2,774.9	+0.035%	$259.1M	$203.1M	50x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,772.5	−0.053%	$7.3M	$1.1M	25x	as long as short