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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 23:29 UTC−0.0323%/8h= −35.4% APRpaid last 24h −0.035%
Price spread now: Perpl against Backpack−0.060%7-day average +0.026% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on BackpackShort on Perpl
What this pair did over the last
the charts below follow
Funding, last 7 days+0.030%+$3 on $10k
Price spread, last 7 days+0.801%+$80 · spread now −0.060%, 7d avg +0.026%
Together, before fees+0.830%+ Points / potential airdropPerpl: Active · farm board+$83 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Perpl is 0.086% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.026%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.030% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,772.50.0100pay 0.0013% / 1h7m 44s$15.1M$44.2M50x
ShortPerpl ETH2,770.8−0.0223pay 0.0020% / 43m3m 44s$286K$6.9M8.3x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Perpl 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
−$67.88
Price spread: −0.060% → +0.026%
−$8.61
Slippage, 4 orders
no order book: not counted
Fee Backpack: 5 bp × 2 orders
−$10
Fee Perpl: 6.9 bp × 2 orders
−$13.8
Net
−$100.3
Costs to cover
0.238%
Break-even
never at this rate
Slippage unknown: Backpack: live order book, 1 min ago; Perpl: 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, 1 min ago0.02 bp5.0 bp −$56.9 bp −$6928.6 bp −$2,858doesn't fit
Sell Perpl no order-book sample—————
Perpl: 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 ETHshort−0.0223%43m2,770.8−0.060%$286K$6.9M8.3x
RISEx ETH/USDC−0.0206%1h2,770.6−0.068%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.374%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,770.6−0.067%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0023%1h2,770.5−0.071%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,771.5−0.035%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,771.3−0.042%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,771.5−0.035%$876K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,773.2+0.026%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,770.2−0.083%$1.71B$11.88B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,772.6+0.006%$12.8M—200xas long as short
Phemex ETHUSDT+0.0027%8h2,771.9−0.021%$270.2M$68.8M150xas long as short
Aftermath Perps ETHUSD+0.0028%1h2,771.5−0.034%$29K$22K20xas long as short
Aster ETHUSDT+0.0031%8h2,770.9−0.056%$255.7M$1.00B200xas long as short
SoDEX ETH-USD+0.0033%1h2,772.1−0.013%$55.2M$228.8M40xas long as short
Bullet ETH-USD+0.0036%1h2,771.8−0.023%$181K$1.7M20xas long as short
MEXC ETH_USDT+0.0055%8h2,771.1−0.050%$1.62B$2.66B500xas long as short
Binance ETHUSDT+0.0055%8h2,770.2−0.080%$6.45B$17.30B150xas long as short
Aevo ETH-PERP+0.0056%1h2,772.5+0.001%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0065%8h2,770.3−0.076%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0067%8h2,771.1−0.049%$3.29B$9.69B200xas long as short
KuCoin ETHUSDTM+0.0081%8h2,772.2−0.009%$421.4M$738.6M100xas long as short
Bybit ETHUSDT+0.0088%8h2,770.5−0.072%$2.51B$4.62B150xas long as short
BingX ETH-USDC+0.0088%8h2,770.8−0.059%—$17.4M—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,773.6+0.043%$60.3M$4.59B50xas long as short
HTX ETH-USDT+0.0093%8h2,772.1−0.013%$1.08B$1.32B200xas long as short
Nado ETH-PERP+0.0095%1h2,770.1−0.086%$14.3M$118.2M50xas long as short
Lighter ETH+0.0096%1h2,770.8−0.060%$115.1M$501.7M50xas long as short
Lighter RH ETH+0.0096%1h2,772.3−0.005%$25.3M$122.1M50xas long as short
Vest ETH-PERP+0.0096%1h2,771.1−0.048%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,769.7−0.101%$15.9M$10.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,770.2−0.082%$475K$2.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,772.6+0.005%$3.17B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,770.5−0.071%$31.2M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,769.6−0.103%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,771.2−0.045%$2.7M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.4−0.110%$169.4M$262.8M25xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,772.5long leg$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,768.4−0.145%$147.1M$335.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,770−0.089%$181.8M$783.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,768.7−0.135%$161.0M$89.8M50xas long as short
StandX ETH-USD+0.0100%1h2,771.1−0.049%$21.4M$58.6M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,772.1−0.013%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,772.50.000%$21K$24K25xas long as short
SunX ETH-USDT+0.0100%8h2,771.3−0.042%$973K$13.9M100xas long as short
Derive ETH-PERP+0.0100%1h2,774.5+0.075%$42.7M$29.4M15xas long as short
Extended ETH-USD+0.0104%1h2,771.1−0.051%$32.5M$78.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,771.8−0.024%—$43.8M500xas long as short
Kalshi KXETHPERP+0.0105%8h2,771.7−0.027%$8.2M$688.1M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,773.5+0.039%$90.4M$338.6M100xas long as short
Deribit ETH-PERPETUAL+0.0125%1h2,773.8+0.049%$259.0M$222.2M50xas long as short
Orderly PERP_ETH_USDC+0.0143%8h2,774.9+0.087%$32.6M$12.2M100xas long as short
BloFin ETH-USDT+0.0176%8h2,770.7−0.063%$286.6M$194.4M150xas long as short
Reya ETHRUSDPERP+0.0205%1h2,771.7−0.029%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0208%1h2,771.9−0.019%$252K$1.6M20xas long as short