ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0084%/8h= −9.2% APRnext payment −$0.10 per $10,000 · paid last 24h −0.024%

Price spread now: Backpack against Hibachi−0.025%7-day average −0.038% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$270.265% of the position

Long on Hibachi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.335%+$33 on $10k

Price spread, last 7 days−0.636%−$64 · spread now −0.025%, 7d avg −0.038%

Together, before fees−0.301%+ Points / potential airdropHibachi: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.335%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,773.7	0.0184	pay 0.0023% / 1h	28m 15s	$278K	$1.5M	20x
Short	Backpack ETH_USDC_PERP	2,773	0.0100	get 0.0013% / 1h	28m 15s	$15.2M	$44.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hibachi. 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 HibachibpFee BackpackbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$17.64
Price spread: −0.025% → −0.038%: $1.27
Slippage, 4 orders: −$7.52
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.9
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from Hibachi: live order book, 1 min ago; Backpack: live order book, 1 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 Hibachi live order book, 1 min ago	0.02 bp	7.2 bp −$7	14.0 bp −$140	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	25.9 bp −$2,586	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	−0.002%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773.3	−0.013%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.8	+0.004%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.123%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.3	−0.015%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0018%	1h	2,774.1	+0.013%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.4	−0.010%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,769.6	−0.148%	$883K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.9	−0.029%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,771.8	−0.069%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.7	−0.109%	$1.70B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,772.1	−0.060%	$269.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.8	−0.031%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,771.8	−0.070%	$255.8M	$990.9M	200x	as long as short
Bullet ETH-USD	+0.0035%	1h	2,771.9	−0.065%	$181K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,772.5	−0.042%	$258.3M	$222.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.143%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,771.1	−0.093%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,771.3	−0.087%	$6.42B	$17.16B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,773.7	−0.002%	$14.3M	$118.0M	50x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,770.3	−0.124%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,772.5	−0.043%	$3.29B	$9.62B	200x	as long as short
SoDEX ETH-USD	+0.0077%	1h	2,770.7	−0.108%	$55.2M	$228.8M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,771.1	−0.093%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,770.7	−0.107%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.082%	$114.8M	$500.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.6	−0.039%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	+0.020%	—	$41.6M	500x	as long as short
ApeX Omni ETHUSDT	+0.0097%	1h	2,777.8	+0.146%	$8.7M	$32.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,771	−0.097%	$423.2M	$739.4M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.6	−0.005%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.8	+0.004%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.2	+0.054%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774	+0.011%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.051%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.3	+0.059%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.226%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,773	−0.025%	$15.2M	$44.6M	50x
Variational Omni ETH	+0.0100%	8h	2,769.4	−0.153%	$135.0M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.1	+0.121%	$180.0M	$780.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	−0.152%	$161.1M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.7	−0.072%	$21.4M	$58.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.5	+0.029%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.6	−0.041%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.6	−0.002%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773	−0.024%	$972K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	−0.019%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.6	−0.112%	$31.4M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	−0.061%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0122%	8h	2,773.4	−0.011%	$8.6M	$676.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774.1	+0.016%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.4	−0.084%	$86.0M	$331.8M	100x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,773	−0.025%	$285.2M	$194.3M	150x	as long as short
Hibachi ETH/USDT-Plong	+0.0184%	1h	2,773.7	long leg	$278K	$1.5M	20x
Reya ETHRUSDPERP	+0.0191%	1h	2,772.3	−0.052%	$7.4M	$1.2M	25x	as long as short