Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.036%

Price spread now: Gate against Backpack−0.002%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 7 days+0.739%+$74 · spread now −0.002%, 7d avg +0.004%

Together, before fees+0.596%+$60 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,774.3	0.0100	pay 0.0013% / 1h	33m 17s	$15.1M	$44.5M	50x
Short	Gate ETH_USDT	2,774.3	0.0071	get 0.0071% / 8h	33m 17s	$3.29B	$9.63B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.002%Rate

Funding earned: −$6.09
Price spread: −0.002% → +0.004%: −$0.59
Slippage, 4 orders: −$0.14
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$31.82
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Gate: live order book, 6 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, 1 min ago	0.02 bp	5.0 bp −$5	5.7 bp −$57	27.7 bp −$2,771	doesn't fit
Sell Gate live order book, 6 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	9.9 bp −$987	18.6 bp −$9,278

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	2,774.6	+0.009%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,774.4	+0.002%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.273%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.4	+0.003%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,775.4	+0.038%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.8	+0.017%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.6	+0.012%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,778.6	+0.154%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.1	+0.026%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0010%	1h	2,777.6	+0.120%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,773.7	−0.021%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,774.2	−0.005%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774.9	+0.021%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,774.3	−0.001%	$270.4M	$69.0M	150x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,774.2	−0.006%	$256.5M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0048%	1h	2,774.1	−0.008%	$183K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,774.3	−0.001%	$55.2M	$229.1M	40x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,774	−0.013%	$6.46B	$17.28B	150x	as long as short
MEXC ETH_USDT	+0.0063%	8h	2,774	−0.013%	$1.59B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,771.9	−0.087%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,774.4	+0.003%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,775.8	+0.054%	$259.0M	$222.3M	50x	as long as short
Gate ETH_USDTshort	+0.0071%	8h	2,774.3	−0.002%	$3.29B	$9.63B	200x
KuCoin ETHUSDTM	+0.0087%	8h	2,774.1	−0.007%	$421.7M	$739.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,775.3	+0.034%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,774.1	−0.009%	$2.51B	$4.62B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,774.7	+0.015%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,774.2	−0.005%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	+0.004%	$116.0M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.9	+0.056%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.7	+0.015%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.4	−0.035%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.3	−0.001%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,774	−0.013%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.7	+0.086%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.4	+0.003%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.5	−0.030%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.4	+0.037%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.128%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,774.3	long leg	$15.1M	$44.5M	50x
Variational Omni ETH	+0.0100%	8h	2,775.8	+0.052%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	+0.087%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.078%	$161.4M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.2	+0.032%	$21.5M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.4	+0.003%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.2	+0.031%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.9	+0.093%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.6	−0.025%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.9	−0.016%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,775	+0.025%	$8.3M	$684.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,775.1	+0.030%	$86.5M	$333.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,776.9	+0.093%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,774	−0.012%	$286.4M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.8	−0.019%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,776.6	+0.082%	$252K	$1.6M	20x	as long as short