Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.029%

Price spread now: Backpack against BloFin+0.009%7-day average −0.003% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.009%, 7d avg −0.003%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.134% in total (about -7.0% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,731	0.0376	pay 0.0376% / 8h	2h 19m	$281.5M	$174.8M	150x
Short	Backpack ETH_USDC_PERP	2,731.3	0.0100	get 0.0013% / 1h	19m 10s	$15.0M	$42.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$57.9
Price spread: +0.009% → −0.003%: $1.19
Slippage, 4 orders: −$0.09
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$78.81
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Backpack: live order book, 5 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 BloFin live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.5 bp −$645	9.2 bp −$4,612
Sell Backpack live order book, 5 min ago	0.02 bp	5.0 bp −$5	7.2 bp −$72	29.6 bp −$2,960	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	2,729.9	−0.041%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.7	−0.012%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	+0.006%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,725.4	−0.206%	$815K	$3.0M	25x	as long as short
HTX ETH-USDT	−0.0005%	8h	2,731.2	+0.005%	$1.05B	$1.22B	200x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,731.6	+0.022%	$32.9M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,730.7	−0.013%	$10.4M	$42.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.510%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0035%	8h	2,731.1	+0.001%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,730.6	−0.016%	$190K	$841K	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	+0.0042%	8h	2,731.7	+0.023%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0075%	8h	2,730.7	−0.012%	$957K	$11.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,731.3	+0.011%	$375.3M	$577.7M	100x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,730.9	−0.005%	$181K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,731.7	+0.025%	$263.3M	$65.0M	150x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,731.4	+0.014%	$252.7M	$846.0M	200x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,724.3	−0.247%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,731.9	+0.032%	$1.54B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,731.6	+0.021%	$6.33B	$16.12B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.8	+0.028%	$112.5M	$435.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.8	+0.066%	$23.5M	$104.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.2	−0.068%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0097%	8h	2,732.3	+0.046%	$1.67B	$10.87B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.392%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.056%	$504K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.5	+0.089%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.6	−0.015%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734	+0.109%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.3	−0.027%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	−0.052%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	−0.012%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.312%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.1	+0.039%	$3.29B	$9.02B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.3	+0.047%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,731.3	+0.009%	$15.0M	$42.2M	50x
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.240%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.3	−0.208%	$184.6M	$678.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.386%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.8	−0.082%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.6	+0.019%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.2	+0.043%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.7	+0.026%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.1	+0.075%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,731.4	+0.014%	$54.4M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.6	−0.017%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,731.4	+0.012%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,732.4	+0.051%	$49.8M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.6	−0.015%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,730.8	−0.008%	$6.9M	$692.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0175%	1h	2,732.6	+0.057%	$259.3M	$207.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,732	+0.034%	$83.2M	$311.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,733.5	+0.090%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,730.3	−0.028%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,729.6	−0.054%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDTlong	+0.0376%	8h	2,731	long leg	$281.5M	$174.8M	150x