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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%
Price spread now: Katana Perps against Backpack+0.027%7-day average −0.047% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Katana Perps
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.003%$0 on $10k
Price spread, last 7 days+0.287%+$29 · spread now +0.027%, 7d avg −0.047%
Together, before fees+0.285%+$28 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: Katana Perps is 0.074% dearer against Backpack than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.047%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,738.50.0100pay 0.0013% / 1h39m 03s$14.9M$40.9M50x
ShortKatana Perps ETH-USD2,739.20.0100get 0.0100% / 8h5h 39m$468K$3.0M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Katana Perps 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
−$0.04
Price spread: +0.027% → −0.047%
$7.42
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Net
−$6.43
Costs to cover
0.138%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 5 min ago; Katana Perps: 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, 5 min ago0.02 bp5.0 bp −$57.7 bp −$7744.5 bp −$4,446doesn't fit
Sell Katana Perps no order-book sample—————
Katana Perps: 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 55 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−0.0112%43m2,740.3+0.067%$304K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,741.3+0.104%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0044%1h2,743.1+0.170%$118K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,738.7+0.009%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,740.8+0.086%$10.8M$41.8M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,738.8+0.014%$22.1M—200xas long as short
Phoenix ETH+0.0017%1h2,744.7+0.228%$846K$2.9M25xas long as short
01 Exchange ETHUSD+0.0040%1h2,739.7+0.046%$182K$916K50xas long as short
BingX ETH-USDT+0.0049%8h2,739.4+0.033%—$1.15B—as long as short
OKX ETH-USDT-SWAP+0.0063%8h2,739.2+0.026%$1.70B$10.56B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin ETHUSDTM+0.0063%8h2,738.9+0.015%$383.0M$597.9M100xas long as short
RISEx ETH/USDC+0.0077%1h2,739.7+0.044%$5.6M$11.2M25xas long as short
Bullet ETH-USD+0.0077%1h2,738.4−0.002%$181K$1.7M20xas long as short
Aster ETHUSDT+0.0080%8h2,738.5+0.003%$251.9M$841.2M200xas long as short
Aevo ETH-PERP+0.0088%1h2,735.6−0.104%$4.9M$155K20xas long as short
MEXC ETH_USDT+0.0089%8h2,738.4−0.002%$1.56B$2.53B500xas long as short
Binance ETHUSDT+0.0090%8h2,738.2−0.010%$6.36B$15.71B150xas long as short
HTX ETH-USDT+0.0095%8h2,738.1−0.014%$1.06B$1.18B200xas long as short
Lighter ETH+0.0096%1h2,738.7+0.007%$112.6M$432.7M50xas long as short
Lighter RH ETH+0.0096%1h2,740.2+0.064%$24.6M$103.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,741.2+0.100%—$30.8M500xas long as short
Coinbase International ETH-PERP-INTX+0.0096%1h2,739.3+0.030%$58.7M$4.26B50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,743.1+0.170%$16.0M$8.0M50xas long as short
Katana Perps ETH-USDshort+0.0100%8h2,739.2+0.027%$468K$3.0M50x
Nado ETH-PERP+0.0100%1h2,739.2+0.027%$13.9M$106.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,741+0.093%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,740.3+0.068%$31.6M$335.1M50xas long as short
Bybit ETHUSDT+0.0100%8h2,738.40.000%$2.45B$4.18B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,738.3−0.005%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,739.5+0.040%$2.7M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,743.5+0.185%$165.1M$304.9M25xas long as short
Gate ETH_USDT+0.0100%8h2,739.6+0.041%$3.39B$8.71B200xas long as short
Bitget ETHUSDT+0.0100%8h2,739.3+0.030%$2.08B$2.73B150xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,738.5long leg$14.9M$40.9M50x
Variational Omni ETH+0.0100%8h2,736.2−0.082%$132.4M$335.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,739.2+0.028%$182.0M$689.8M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,743.5+0.185%$159.5M$82.5M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,742.5+0.146%$8.9M$31.0M100xas long as short
StandX ETH-USD+0.0100%1h2,740.8+0.086%$21.2M$68.9M40xas long as short
Vest ETH-PERP+0.0100%1h2,740.6+0.079%—$819K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,740.2+0.064%$11.0M$8.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,739.1+0.023%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,740.2+0.063%$41.5M$29.5M15xas long as short
SunX ETH-USDT+0.0100%8h2,738.3−0.004%$960K$11.5M100xas long as short
SoDEX ETH-USD+0.0100%1h2,738.2−0.009%$54.5M$187.5M40xas long as short
Phemex ETHUSDT+0.0100%8h2,738.2−0.008%$266.3M$65.1M150xas long as short
Extended ETH-USD+0.0104%1h2,737.6−0.032%$30.6M$72.4M50xas long as short
Deribit ETH-PERPETUAL+0.0126%1h2,739.7+0.044%$258.7M$196.1M50xas long as short
Aftermath Perps ETHUSD+0.0136%1h2,742.2+0.136%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0156%8h2,740.5+0.075%$7.7M$668.6M4.9xas long as short
Orderly PERP_ETH_USDC+0.0189%8h2,740.6+0.078%$32.2M$11.4M100xas long as short
BloFin ETH-USDT+0.0210%8h2,738.4−0.002%$284.3M$177.3M150xas long as short
Kraken Futures PF_ETHUSD+0.0222%1h2,739+0.022%$87.0M$310.4M100xas long as short
Reya ETHRUSDPERP+0.0226%1h2,739+0.020%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0240%1h2,742+0.128%$250K$1.4M20xas long as short