Settings8H · net · $10k
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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 01:00 UTC+0.0084%/8h= +9.3% APRnext payment +$0.11 per $10,000 · paid last 24h +0.007%
Price spread now: Backpack against Bullet+0.049%7-day average −0.016% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$230.228% of the position
Long on BulletShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.047%+$5 on $10k
Price spread, last 7 days−0.739%−$74 · spread now +0.049%, 7d avg −0.016%
Together, before fees−0.692%−$69 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.065% dearer against Bullet than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.016%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBullet ETH-USD2,772.60.0016pay 0.0002% / 1h14m 02s$185K$1.7M20x
ShortBackpack ETH_USDC_PERP2,773.90.0100get 0.0013% / 1h14m 02s$15.1M$42.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Bullet. 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
$17.74
Price spread: +0.049% → −0.016%
$6.46
Slippage, 4 orders
−$4.82
Fee Bullet: 4 bp × 2 orders
−$8
Fee Backpack: 5 bp × 2 orders
−$10
Net
$1.38
Costs to cover
0.228%
Break-even
6.5 days
Slippage from Bullet: 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
LegHalf-spread$10k$100k$1M$5M
Buy Bullet live order book, 5 min ago0.18 bp5.2 bp −$57.8 bp −$78doesn't fitdoesn't fit
Sell Backpack live order book, 5 min ago0.02 bp5.0 bp −$58.0 bp −$8032.0 bp −$3,205doesn'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
Injective ETH/USDC PERP−0.0752%1h2,765.8−0.244%$119K$22.5M52xas long as short
RISEx ETH/USDC−0.0128%1h2,772−0.020%$5.6M$11.2M25xas long as short
Perpl ETH−0.0112%43m2,771−0.055%$340K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,771.1−0.053%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,771.8−0.028%$169K$1.1M50xas long as short
Phoenix ETH−0.0003%1h2,770.2−0.086%$874K$3.7M25xas long as short
dYdX ETH-USD0.0000%1h2,771.8−0.029%$12.3M$43.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,773.5+0.035%$22.4M—200xas long as short
Bullet ETH-USDlong+0.0016%1h2,772.6long leg$185K$1.7M20x
OKX ETH-USDT-SWAP+0.0029%8h2,770.6−0.072%$1.71B$11.14B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SoDEX ETH-USD+0.0036%1h2,773+0.015%$55.2M$188.0M40xas long as short
Phemex ETHUSDT+0.0042%8h2,773+0.016%$269.9M$67.1M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0043% / S −0.0009%1h2,773.3+0.027%$12.7M—200xas long as short
Aster ETHUSDT+0.0050%8h2,773.6+0.038%$256.9M$886.2M200xas long as short
Aevo ETH-PERP+0.0056%1h2,771.2−0.051%$5.0M$156K20xas long as short
MEXC ETH_USDT+0.0059%8h2,773.3+0.025%$1.62B$2.66B500xas long as short
Binance ETHUSDT+0.0061%8h2,774+0.051%$6.49B$16.26B150xas long as short
Gate ETH_USDT+0.0076%8h2,774+0.051%$3.38B$9.08B200xas long as short
Bitget ETHUSDT+0.0077%8h2,774.1+0.053%$2.10B$2.86B150xas long as short
Aftermath Perps ETHUSD+0.0079%1h2,770.5−0.074%$31K$21K20xas long as short
Coinbase International ETH-PERP-INTX+0.0080%1h2,774.9+0.082%$60.5M$4.43B50xas long as short
Vest ETH-PERP+0.0081%1h2,772.1−0.017%—$876K50xas long as short
HTX ETH-USDT+0.0084%8h2,772.5−0.003%$1.08B$1.24B200xas long as short
KuCoin ETHUSDTM+0.0088%8h2,774+0.051%$421.3M$604.2M100xas long as short
ApeX Omni ETHUSDT+0.0094%1h2,768.5−0.148%$8.6M$32.1M100xas long as short
Lighter ETH+0.0096%1h2,773.9+0.047%$115.1M$459.4M50xas long as short
Lighter RH ETH+0.0096%1h2,775.2+0.094%$25.6M$111.8M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,775.3+0.100%$15.9M$8.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,771.7−0.031%$488K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,771.8−0.028%$14.6M$113.5M50xas long as short
Hyperliquid ETH+0.0100%1h2,776.4+0.138%$3.17B$2.19B25xas long as short
Pacifica ETH+0.0100%1h2,771.8−0.028%$31.2M$328.0M50xas long as short
Bybit ETHUSDT+0.0100%8h2,771.3−0.044%$2.51B$4.32B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,770.8−0.064%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,772.4−0.008%$2.8M$16.9M25xas long as short
Bulk ETH-USD+0.0100%1h2,763.5−0.326%$172.0M$292.0M25xas long as short
BingX ETH-USDT+0.0100%8h2,774.1+0.053%—$1.21B—as long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,773.9+0.049%$15.1M$42.1M50x
Variational Omni ETH+0.0100%8h2,768.4−0.149%$133.7M$347.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,766.7−0.212%$181.6M$786.5M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,766.3−0.228%$161.0M$84.5M50xas long as short
StandX ETH-USD+0.0100%1h2,769.2−0.122%$21.4M$64.0M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,772.6+0.001%$10.5M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,772.9+0.013%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,774.7+0.076%$42.6M$28.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,772.4−0.006%$972K$12.9M100xas long as short
Extended ETH-USD+0.0104%1h2,772.8+0.009%$30.9M$75.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,770.8−0.064%—$36.2M500xas long as short
Kalshi KXETHPERP+0.0110%8h2,772.4−0.006%$8.1M$676.2M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0134%1h2,775.1+0.091%$98.0M$320.2M100xas long as short
Hibachi ETH/USDT-P+0.0152%1h2,771.2−0.049%$253K$1.5M20xas long as short
Orderly PERP_ETH_USDC+0.0155%8h2,775.3+0.099%$32.7M$11.1M100xas long as short
BloFin ETH-USDT+0.0180%8h2,769.8−0.100%$288.0M$178.8M150xas long as short
Deribit ETH-PERPETUAL+0.0197%1h2,774.9+0.084%$259.1M$203.1M50xas long as short
Reya ETHRUSDPERP+0.0213%1h2,772.5−0.004%$7.3M$1.1M25xas long as short