Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h −0.015%

Price spread now: Phemex against Backpack−0.021%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.113%−$11 on $10k

Price spread, last 4 days (all we have)−0.015%−$1 · spread now −0.021%, 7d avg +0.006%

Together, before fees−0.128%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.027% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ETH_USDC_PERP	2,730	0.0100	pay 0.0013% / 1h	19m 55s	$15.0M	$42.2M	50x
Short	Phemex ETHUSDT	2,729.4	0.0085	get 0.0085% / 8h	2h 19m	$263.0M	$64.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$3.16
Price spread: −0.021% → +0.006%: −$2.67
Slippage, 4 orders: −$2.62
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.46
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Phemex: 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	5.0 bp −$5	8.1 bp −$81	33.1 bp −$3,311	doesn't fit
Sell Phemex live order book, 4 min ago	0.86 bp	6.9 bp −$7	9.5 bp −$95	24.4 bp −$2,440	doesn't fit

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	2,728	−0.074%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.6	−0.014%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.5	−0.019%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.366%	$814K	$3.0M	25x	as long as short
HTX ETH-USDT	−0.0007%	8h	2,729.4	−0.021%	$1.05B	$1.22B	200x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.7	−0.011%	$32.8M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,729	−0.035%	$10.4M	$42.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.472%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0035%	8h	2,729.3	−0.026%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,729.4	−0.021%	$192K	$831K	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	2,729.3	−0.025%	$2.35B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0073%	8h	2,728.9	−0.041%	$958K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,729	−0.036%	$181K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,730.7	+0.025%	$374.8M	$577.3M	100x	as long as short
Phemex ETHUSDTshort	+0.0085%	8h	2,729.4	−0.021%	$263.0M	$64.9M	150x
Aster ETHUSDT	+0.0087%	8h	2,729.7	−0.010%	$252.5M	$845.9M	200x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,722.9	−0.259%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,729.6	−0.015%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,729.7	−0.010%	$6.32B	$16.11B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.1	+0.004%	$112.3M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.3	+0.047%	$23.5M	$103.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727	−0.108%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,729.2	−0.029%	$1.66B	$10.86B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.354%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.1	−0.032%	$504K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.4	+0.088%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.9	−0.041%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.4	+0.089%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.8	−0.008%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.6	−0.051%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.8	−0.005%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.274%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.5	−0.017%	$3.28B	$9.01B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.4	−0.022%	$2.09B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERPlong	+0.0100%	1h	2,730	long leg	$15.0M	$42.2M	50x
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.201%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,720	−0.364%	$184.3M	$677.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.348%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.3	−0.135%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.7	−0.011%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.2	+0.008%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.6	−0.014%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	+0.039%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,729.6	−0.014%	$54.4M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.4	−0.057%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.3	−0.026%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,731.1	+0.042%	$49.8M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,729.7	−0.009%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,727.7	−0.084%	$7.0M	$693.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0171%	1h	2,731	+0.036%	$259.3M	$207.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,730.3	+0.014%	$83.2M	$311.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,731.6	+0.058%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,728.2	−0.066%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,724.9	−0.186%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0369%	8h	2,725	−0.181%	$280.9M	$174.3M	150x	as long as short