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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Polymarket Perps against Backpack+0.090%7-day average +0.006% · you sell dearer than you buy
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$10as in the Price arb table
costs, in and out, $10k−$190.187% of the position
Long on BackpackShort on Polymarket Perps
What this pair did over the last
the charts below follow
Funding, last 7 days−0.012%−$1 on $10k
Price spread, last 7 days+0.267%+$27 · spread now +0.090%, 7d avg +0.006%
Together, before fees+0.256%+$26 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: Polymarket Perps is 0.084% dearer against Backpack than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.006%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,743.30.0100pay 0.0013% / 1h41m 35s$15.0M$40.9M50x
ShortPolymarket Perps ETH-USD2,745.80.0100get 0.0013% / 1h41m 35s$11.0M$8.8M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Polymarket 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
Price spread: +0.090% → +0.006%
$8.4
Slippage, 4 orders
−$0.74
Fee Backpack: 5 bp × 2 orders
−$10
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Net
−$10.34
Costs to cover
0.187%
Break-even
never at this rate
Slippage from Backpack: live order book, 3 min ago; Polymarket Perps: live order book, 3 min ago.

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, 3 min ago0.02 bp5.0 bp −$57.7 bp −$7744.5 bp −$4,446doesn't fit
Sell Polymarket Perps live order book, 3 min ago0.18 bp4.2 bp −$44.2 bp −$4213.5 bp −$1,349doesn't fit

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%43m2,743.9+0.022%$305K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,740−0.121%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0044%1h2,743.1−0.008%$118K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,745+0.060%$12.1M—200xas long as short
dYdX ETH-USD0.0000%1h2,739.2−0.152%$10.8M$41.8M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,745+0.059%$22.2M—200xas long as short
Phoenix ETH+0.0017%1h2,740.6−0.100%$845K$2.9M25xas long as short
01 Exchange ETHUSD+0.0040%1h2,738.3−0.183%$182K$916K50xas long as short
BingX ETH-USDT+0.0047%8h2,738.7−0.170%—$1.15B—as long as short
OKX ETH-USDT-SWAP+0.0062%8h2,737.9−0.198%$1.70B$10.56B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin ETHUSDTM+0.0063%8h2,738.8−0.166%$383.2M$597.9M100xas long as short
RISEx ETH/USDC+0.0077%1h2,738.3−0.183%$5.6M$11.2M25xas long as short
Aster ETHUSDT+0.0081%8h2,739.1−0.153%$251.9M$841.2M200xas long as short
Aevo ETH-PERP+0.0088%1h2,741.7−0.060%$4.9M$159K20xas long as short
MEXC ETH_USDT+0.0089%8h2,738.1−0.189%$1.56B$2.53B500xas long as short
Binance ETHUSDT+0.0089%8h2,738−0.196%$6.36B$15.71B150xas long as short
Bullet ETH-USD+0.0090%1h2,744.5+0.044%$183K$1.7M20xas long as short
Lighter ETH+0.0096%1h2,739.2−0.150%$112.6M$432.2M50xas long as short
Lighter RH ETH+0.0096%1h2,740.6−0.099%$24.6M$103.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,743.6+0.011%—$30.9M500xas long as short
Coinbase International ETH-PERP-INTX+0.0096%1h2,746+0.097%$59.0M$4.28B50xas long as short
HTX ETH-USDT+0.0096%8h2,744+0.024%$1.06B$1.18B200xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,741.5−0.065%$16.0M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,738.5−0.176%$467K$3.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,738.2−0.188%$13.9M$106.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,740.9−0.089%$3.12B$2.06B25xas long as short
Pacifica ETH+0.0100%1h2,739.3−0.147%$31.6M$334.0M50xas long as short
Bybit ETHUSDT+0.0100%8h2,738.7−0.169%$2.45B$4.18B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,738.4−0.180%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,739.1−0.155%$2.7M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,743.5+0.007%$165.1M$304.9M25xas long as short
Gate ETH_USDT+0.0100%8h2,738.9−0.162%$3.39B$8.70B200xas long as short
Bitget ETHUSDT+0.0100%8h2,738.6−0.173%$2.08B$2.73B150xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,743.3long leg$15.0M$40.9M50x
Variational Omni ETH+0.0100%8h2,740.4−0.107%$132.4M$336.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,742.3−0.037%$182.2M$689.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,743.5+0.007%$159.5M$82.5M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,742.5−0.032%$8.9M$31.0M100xas long as short
StandX ETH-USD+0.0100%1h2,744.7+0.050%$21.2M$69.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,740.2−0.113%—$819K50xas long as short
Polymarket Perps ETH-USDshort+0.0100%1h2,745.8+0.090%$11.0M$8.8M50x
Bluefin ETH-PERP+0.0100%1h2,744.5+0.042%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,746.5+0.117%$41.6M$29.5M15xas long as short
SunX ETH-USDT+0.0100%8h2,743.9+0.021%$962K$11.5M100xas long as short
SoDEX ETH-USD+0.0100%1h2,744.8+0.054%$54.7M$187.5M40xas long as short
Phemex ETHUSDT+0.0100%8h2,744.3+0.037%$267.0M$65.0M150xas long as short
Extended ETH-USD+0.0104%1h2,738.1−0.190%$30.6M$72.4M50xas long as short
Aftermath Perps ETHUSD+0.0133%1h2,743.6+0.010%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0154%8h2,745+0.061%$7.7M$668.4M4.9xas long as short
Deribit ETH-PERPETUAL+0.0176%1h2,746.2+0.103%$258.8M$195.8M50xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,746.6+0.121%$32.3M$11.3M100xas long as short
BloFin ETH-USDT+0.0209%8h2,743−0.011%$286.0M$177.5M150xas long as short
Kraken Futures PF_ETHUSD+0.0221%1h2,745.6+0.084%$87.3M$310.4M100xas long as short
Reya ETHRUSDPERP+0.0225%1h2,744.3+0.034%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,742.4−0.033%$249K$1.4M20xas long as short