ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0123%/8h= +13.5% APRnext payment +$0.15 per $10,000 · paid last 24h +0.009%

Price spread now: Backpack against Phoenix−0.102%80s7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.182% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 7 days−0.611%−$61 · spread now −0.102%, 7d avg −0.109%

Together, before fees−0.599%−$60 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.109%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,771.3	−0.0023	get 0.0003% / 1h	43m 58s	$795K	$3.7M	25x
Short	Backpack ETH_USDC_PERP	2,768.5	0.0100	get 0.0013% / 1h	43m 58s	$15.4M	$42.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.102%Rate

Funding earned: $25.83
Price spread: −0.102% → −0.109%: $0.75
Slippage, 4 orders: −$1.24
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $8.34
Costs to cover: 0.182%
Break-even: 4.7 days

Slippage from Phoenix: 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 Phoenix live order book, 5 min ago	0.18 bp	3.8 bp −$4	7.2 bp −$72	19.5 bp −$1,946	doesn't fit
Sell Backpack live order book, 5 min ago	0.02 bp	5.0 bp −$5	7.6 bp −$76	30.9 bp −$3,089	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	2,768	−0.118%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.022%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0095%	1h	2,771.1	−0.007%	$10.5M	$31.0M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.4	−0.105%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,768.4	−0.105%	$172K	$1.2M	50x	as long as short
Phoenix ETHlong	−0.0023%	1h	2,771.3	long leg	$795K	$3.7M	25x
RISEx ETH/USDC	−0.0011%	1h	2,768.4	−0.104%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	−0.079%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.5	−0.102%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,768.1	−0.116%	$266.3M	$66.0M	150x	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	+0.0023%	8h	2,768	−0.119%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,771.8	+0.017%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,768.5	−0.101%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,768.5	−0.101%	$255.8M	$995.5M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,769	−0.082%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,768.5	−0.102%	$6.43B	$17.18B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.8	−0.197%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0060%	8h	2,769.1	−0.079%	$3.29B	$9.57B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,769	−0.085%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,767.8	−0.126%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,771.1	−0.008%	$141.1M	$318.8M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	−0.109%	$115.1M	$509.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.6	−0.062%	$25.3M	$121.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.9	−0.086%	—	$41.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.7	−0.128%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.7	−0.094%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.119%	$16.0M	$114.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.8	−0.018%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.6	−0.097%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.1	−0.116%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.8	−0.126%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.3	−0.035%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.017%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.2	−0.077%	$424.9M	$742.3M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,768.2	−0.113%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERPshort	+0.0100%	1h	2,768.5	−0.102%	$15.4M	$42.4M	50x
edgeX ETHUSDC	+0.0100%	4h	2,771.4	+0.004%	$178.2M	$790.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.7	+0.014%	$161.2M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	−0.032%	$21.4M	$57.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.2	−0.076%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.8	−0.054%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.3	−0.107%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.8	−0.053%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.6	−0.133%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,767.3	−0.144%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,767	−0.155%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.6	−0.097%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.9	−0.086%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.9	−0.087%	$8.7M	$671.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,770.3	−0.038%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,767.9	−0.122%	$286.6M	$195.3M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0173%	1h	2,769.4	−0.069%	$259.0M	$223.4M	50x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,767.5	−0.138%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768.6	−0.097%	$88.4M	$329.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0392%	1h	2,770.3	−0.037%	$273K	$1.5M	20x	as long as short