Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Backpack against Bulk−0.159%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days−0.562%−$56 · spread now −0.159%, 7d avg −0.011%

Together, before fees−0.558%−$56 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: Backpack is 0.147% cheaper against Bulk than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,777.9	0.0100	pay 0.0013% / 1h	31m 04s	$167.7M	$256.4M	25x
Short	Backpack ETH_USDC_PERP	2,773.5	0.0100	get 0.0013% / 1h	31m 04s	$15.1M	$44.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now −0.159%Rate

Funding earned: $0
Price spread: −0.159% → −0.011%: −$14.74
Slippage, 4 orders: −$0.14
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.89
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Bulk: live order book, 3 min ago; Backpack: live order book, 3 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 Bulk live order book, 3 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$375	5.1 bp −$2,545
Sell Backpack live order book, 3 min ago	0.02 bp	5.1 bp −$5	7.3 bp −$73	30.1 bp −$3,015	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	2,773.7	−0.151%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.8	−0.147%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.145%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.2	−0.132%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	−0.133%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.7	−0.114%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.6	−0.116%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	−0.082%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.5	−0.122%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0012%	1h	2,776.7	−0.043%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,772.8	−0.182%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773.1	−0.173%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774.4	−0.123%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,773.8	−0.145%	$270.4M	$69.1M	150x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.5	−0.158%	$256.4M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,773.2	−0.168%	$55.2M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,773.7	−0.150%	$183K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,773.2	−0.167%	$1.60B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,773.1	−0.171%	$6.45B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.8	−0.256%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,773.2	−0.167%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0067%	1h	2,774.6	−0.119%	$258.9M	$222.3M	50x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,773.3	−0.164%	$3.29B	$9.64B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,773.6	−0.153%	$421.4M	$739.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774.7	−0.114%	$60.0M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.4	−0.161%	$2.50B	$4.62B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,774.3	−0.128%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,773.2	−0.168%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,774.2	−0.134%	$116.0M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	−0.100%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	−0.121%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.2	−0.167%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.9	−0.143%	$478K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.6	−0.154%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.7	−0.078%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.1	−0.136%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.5	−0.158%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.9	−0.108%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,777.9	long leg	$167.7M	$256.4M	25x
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,773.5	−0.159%	$15.1M	$44.5M	50x
Variational Omni ETH	+0.0100%	8h	2,773.3	−0.166%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	−0.155%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.2	−0.133%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.9	−0.071%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774	−0.140%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.5	−0.122%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	−0.074%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.3	−0.164%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.5	−0.194%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,774.5	−0.122%	$8.3M	$684.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.5	−0.120%	$86.5M	$333.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,776.3	−0.056%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,773.3	−0.163%	$286.5M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,773.6	−0.156%	$7.4M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,775.5	−0.085%	$252K	$1.6M	20x	as long as short