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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 02:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.010%
Price spread now: Backpack against BingX−0.009%7-day average −0.001% · you buy dearer than you sell
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$200.202% of the position
Long on BingXShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.099%+$10 on $10k
Price spread, last 7 days−0.686%−$69 · spread now −0.009%, 7d avg −0.001%
Together, before fees−0.587%−$59 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBingX ETH-USDT2,746.80.0040pay 0.0040% / 8h6h 07m—$1.17B—
ShortBackpack ETH_USDC_PERP2,746.50.0100get 0.0013% / 1h7m 07s$15.0M$41.6M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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
$12.6
Price spread: −0.009% → −0.001%
−$0.83
Slippage, 4 orders
−$0.23
Fee BingX: 5 bp × 2 orders
−$10
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$8.45
Costs to cover
0.202%
Break-even
11.7 days
Slippage from BingX: live order book, 2 min ago; Backpack: live order book, 2 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 BingX live order book, 2 min ago0.04 bp5.1 bp −$55.5 bp −$555.8 bp −$5796.7 bp −$3,372
Sell Backpack live order book, 2 min ago0.02 bp5.0 bp −$57.0 bp −$7030.9 bp −$3,092doesn't fit

ETH on 54 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%43m2,745.3−0.055%$310K$5.8M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,747.1+0.013%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,746.2−0.021%$5.7M$11.2M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,746.3−0.015%$12.1M—200xas long as short
Phoenix ETH−0.0006%1h2,744.8−0.071%$847K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,746.3−0.015%$10.8M$42.0M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,746.4−0.013%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0040%1h2,746.2−0.020%$181K$1.0M50xas long as short
BingX ETH-USDTlong+0.0040%8h2,746.8long leg—$1.17B—
OKX ETH-USDT-SWAP+0.0052%8h2,746.5−0.008%$1.70B$10.82B100xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
ApeX Omni ETHUSDT+0.0066%1h2,741.8−0.182%$8.7M$31.4M100xas long as short
KuCoin ETHUSDTM+0.0066%8h2,746.8+0.003%$370.2M$608.7M100xas long as short
Aster ETHUSDT+0.0067%8h2,746.6−0.007%$253.6M$853.6M200xas long as short
HTX ETH-USDT+0.0070%8h2,746.7−0.002%$1.06B$1.19B200xas long as short
Binance ETHUSDT+0.0079%8h2,746.8+0.001%$6.38B$16.06B150xas long as short
MEXC ETH_USDT+0.0080%8h2,746.9+0.004%$1.57B$2.58B500xas long as short
Aevo ETH-PERP+0.0080%1h2,744.1−0.097%$4.9M$167K20xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,748.1+0.049%$58.8M$4.31B50xas long as short
Gate ETH_USDT+0.0093%8h2,746.9+0.007%$3.40B$8.94B200xas long as short
Lighter ETH+0.0096%1h2,747.2+0.015%$113.0M$444.9M50xas long as short
Lighter RH ETH+0.0096%1h2,748.7+0.071%$24.8M$107.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,746.5−0.007%—$31.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,749.2+0.091%$16.2M$8.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,745.5−0.046%$477K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,746.5−0.011%$13.9M$109.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,749+0.082%$3.13B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,746.8+0.002%$31.7M$334.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,746.9+0.007%$2.46B$4.27B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,746.2−0.020%$2.7M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,746.5−0.011%$2.8M$16.4M25xas long as short
Bitget ETHUSDT+0.0100%8h2,746.8+0.001%$2.08B$2.78B150xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,746.5−0.009%$15.0M$41.6M50x
Variational Omni ETH+0.0100%8h2,744.9−0.066%$132.7M$345.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,742.2−0.166%$181.3M$699.8M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,743.3−0.126%$159.5M$82.2M50xas long as short
StandX ETH-USD+0.0100%1h2,745.8−0.035%$21.2M$69.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,746.2−0.021%—$849K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,746.2−0.020%$10.7M$8.6M50xas long as short
Bullet ETH-USD+0.0100%1h2,745.9−0.031%$182K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,746.2−0.020%$21K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,748.4+0.061%$41.6M$29.6M15xas long as short
SunX ETH-USDT+0.0100%8h2,745.7−0.037%$963K$12.2M100xas long as short
SoDEX ETH-USD+0.0100%1h2,747+0.009%$54.7M$187.7M40xas long as short
Phemex ETHUSDT+0.0100%8h2,747.2+0.018%$267.5M$65.8M150xas long as short
Bulk ETH-USD+0.0100%1h2,747.7+0.033%$164.0M$301.0M25xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,746.6−0.006%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,745.9−0.030%$30.5M$73.1M50xas long as short
Kalshi KXETHPERP+0.0147%8h2,746.9+0.005%$7.8M$672.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0178%8h2,748.6+0.068%$32.3M$11.1M100xas long as short
Deribit ETH-PERPETUAL+0.0209%1h2,748.4+0.062%$258.8M$198.6M50xas long as short
Injective ETH/USDC PERP+0.0209%1h2,744.7−0.075%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0222%1h2,745.6−0.042%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0224%1h2,746.6−0.004%$250K$1.5M20xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,747.8+0.039%$88.2M$315.4M100xas long as short