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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0180%/8h= +19.7% APRnext payment +$0.23 per $10,000 · paid last 24h +0.054%
Price spread now: Backpack against Hotstuff+0.037%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on HotstuffShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)—no history yet
Price spread, last 7 days—no price history on both exchanges yet
Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories
Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.037% dearer against Hotstuff than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHotstuff ETH-PERP2,738.3−0.0080get 0.0010% / 1h29m 23s$5K$1K50x
ShortBackpack ETH_USDC_PERP2,739.30.0100get 0.0013% / 1h29m 23s$15.0M$39.6M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Hotstuff. 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
$37.8
Price spread: +0.037% → 0.000%
$3.72
Slippage, 4 orders
no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders
−$5
Fee Backpack: 5 bp × 2 orders
−$10
Net
$26.52
Costs to cover
0.150%
Break-even
2.1 days
Slippage unknown: Hotstuff: no order-book sample; Backpack: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hotstuff no order-book sample—————
Sell Backpack live order book, 5 min ago0.02 bp5.0 bp −$56.5 bp −$6529.5 bp −$2,953doesn't fit
Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Perpl ETH−0.0447%43m2,738.2−0.005%$298K$5.6M8.3xas long as short
Injective ETH/USDC PERP−0.0141%1h2,730.9−0.270%$117K$22.5M52xas long as short
Hotstuff ETH-PERPlong−0.0080%1h2,738.3long leg$5K$1K50x
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,738.30.000%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,739+0.026%$10.8M$41.6M50xas long as short
01 Exchange ETHUSD0.0000%1h2,737.8−0.018%$188K$822K50xas long as short
Phoenix ETH0.0000%1h2,738.5+0.007%$831K$2.9M25xas long as short
Bullet ETH-USD+0.0006%1h2,738−0.010%$179K$1.7M20xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,738.3+0.001%$28.1M—200xas long as short
ApeX Omni ETHUSDT+0.0036%1h2,732.9−0.196%$8.7M$31.3M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDC+0.0056%8h2,737.3−0.037%—$18.5M—as long as short
Phemex ETHUSDT+0.0061%8h2,738.9+0.020%$266.3M$65.6M150xas long as short
HTX ETH-USDT+0.0062%8h2,737.6−0.027%$1.06B$1.19B200xas long as short
KuCoin ETHUSDTM+0.0066%8h2,737.8−0.017%$380.5M$575.0M100xas long as short
Bybit ETHUSDT+0.0069%8h2,737.6−0.027%$2.39B$4.35B150xas long as short
OKX ETH-USDT-SWAP+0.0069%8h2,737.5−0.028%$1.67B$10.73B100xas long as short
SoDEX ETH-USD+0.0077%1h2,738.5+0.007%$54.5M$187.6M40xas long as short
Aster ETHUSDT+0.0087%8h2,737.7−0.021%$251.2M$843.6M200xas long as short
Aevo ETH-PERP+0.0088%1h2,735.7−0.094%$4.9M$155K20xas long as short
MEXC ETH_USDT+0.0090%8h2,738.4+0.005%$1.53B$2.56B500xas long as short
Binance ETHUSDT+0.0093%8h2,737.9−0.013%$6.35B$15.87B150xas long as short
Lighter ETH+0.0096%1h2,738.4+0.002%$113.3M$438.6M50xas long as short
Lighter RH ETH+0.0096%1h2,740+0.062%$23.4M$106.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,738−0.010%—$30.9M500xas long as short
Paradex ETH-USD-PERP+0.0098%8h2,742.9+0.170%$15.5M$8.0M50xas long as short
RISEx ETH/USDC+0.0099%1h2,738−0.011%$5.6M$11.6M25xas long as short
Katana Perps ETH-USD+0.0100%8h2,737.4−0.033%$500K$3.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,737.7−0.022%$13.8M$104.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,740.2+0.069%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,738.6+0.011%$31.9M$334.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,738.2−0.004%$2.7M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,738.2−0.004%$1.6M$16.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,728.7−0.352%$166.6M$310.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,738−0.012%$3.35B$8.88B200xas long as short
Bitget ETHUSDT+0.0100%8h2,737.9−0.015%$2.07B$2.74B150xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,739.3+0.037%$15.0M$39.6M50x
Variational Omni ETH+0.0100%8h2,736.1−0.080%$133.6M$325.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,736.5−0.066%$184.1M$672.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,737.2−0.040%$159.2M$86.8M50xas long as short
StandX ETH-USD+0.0100%1h2,737.2−0.040%$21.1M$68.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,738.9+0.023%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,739.7+0.051%$11.2M$9.1M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,739.1+0.027%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,740.1+0.064%$41.4M$29.8M15xas long as short
SunX ETH-USDT+0.0100%8h2,736.4−0.071%$960K$11.4M100xas long as short
Extended ETH-USD+0.0104%1h2,736.5−0.066%$30.3M$72.6M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,740.1+0.065%$51.5M$4.28B50xas long as short
Aftermath Perps ETHUSD+0.0124%1h2,735.3−0.109%$30K$20K20xas long as short
Deribit ETH-PERPETUAL+0.0133%1h2,740.1+0.066%$260.2M$196.5M50xas long as short
Kalshi KXETHPERP+0.0144%8h2,738.6+0.011%$6.6M$678.5M4.9xas long as short
Orderly PERP_ETH_USDC+0.0193%8h2,740.4+0.076%$32.2M$11.5M100xas long as short
Reya ETHRUSDPERP+0.0221%1h2,737.4−0.033%$7.3M$1.2M25xas long as short
Kraken Futures PF_ETHUSD+0.0221%1h2,739.6+0.047%$83.6M$314.8M100xas long as short
Hibachi ETH/USDT-P+0.0248%1h2,739.3+0.035%$254K$1.4M20xas long as short
BloFin ETH-USDT+0.0361%8h2,736.8−0.056%$283.7M$175.6M150xas long as short