Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: HTX against Backpack−0.005%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.005%, 7d avg −0.008%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$3 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	2,732.4	0.0100	pay 0.0013% / 1h	14m 48s	$15.0M	$42.2M	50x
Short	HTX ETH-USDT	2,732.3	0.0000	get 0.0000% / 8h	2h 14m	$1.05B	$1.22B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$20.92
Price spread: −0.005% → −0.008%: $0.26
Slippage, 4 orders: −$0.28
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$42.93
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; HTX: live order book, 4 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, 4 min ago	0.02 bp	5.2 bp −$5	8.4 bp −$84	31.8 bp −$3,179	doesn't fit
Sell HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.9 bp −$793	11.7 bp −$5,833

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	2,732.1	−0.012%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.2	+0.028%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.5	+0.003%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,732.6	+0.006%	$819K	$3.0M	25x	as long as short
HTX ETH-USDTshort	0.0000%	8h	2,732.3	−0.005%	$1.05B	$1.22B	200x
dYdX ETH-USD	+0.0007%	1h	2,732.3	−0.006%	$10.4M	$42.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.7	+0.009%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,730.8	−0.060%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0034%	8h	2,732	−0.016%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,733.2	+0.028%	$193K	$850K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,732.8	+0.012%	$2.35B	$4.41B	150x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,728.9	−0.131%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0079%	8h	2,732.7	+0.008%	$375.3M	$578.0M	100x	as long as short
SunX ETH-USDT	+0.0081%	8h	2,732.2	−0.010%	$959K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,732.4	−0.003%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0092%	8h	2,732.9	+0.016%	$252.4M	$846.2M	200x	as long as short
Phemex ETHUSDT	+0.0092%	8h	2,732.4	−0.003%	$263.4M	$65.0M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.2	+0.029%	$112.7M	$436.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.4	+0.070%	$23.5M	$104.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.3	−0.078%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0097%	8h	2,732.9	+0.017%	$1.55B	$2.60B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,732.7	+0.009%	$1.66B	$10.89B	100x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,732.9	+0.017%	$6.34B	$16.12B	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.3	−0.005%	$505K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.5	+0.149%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.4	−0.003%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.9	+0.090%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.6	+0.041%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.2	−0.009%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.3	+0.031%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.364%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.6	+0.006%	$3.29B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733	+0.019%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,732.4	long leg	$15.0M	$42.2M	50x
Variational Omni ETH	+0.0100%	8h	2,731.7	−0.028%	$134.3M	$327.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.2	−0.047%	$185.1M	$680.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.6	−0.031%	$158.9M	$87.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.2	−0.010%	$8.7M	$31.4M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.2	−0.009%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.9	+0.054%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.9	+0.053%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,732.6	+0.007%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.1	+0.061%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,732.6	+0.006%	$54.4M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.8	−0.022%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,732.8	+0.014%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,733.8	+0.048%	$49.8M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,733.2	+0.028%	$5.6M	$11.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0134%	1h	2,733.9	+0.052%	$259.3M	$207.7M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,732.8	+0.013%	$6.9M	$692.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,733.4	+0.034%	$83.2M	$311.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,734.6	+0.080%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,731.6	−0.031%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,733.5	+0.037%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,732.4	−0.001%	$281.6M	$174.9M	150x	as long as short