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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 00:00 UTC−0.0106%/8h= −11.6% APRnext payment −$0.13 per $10,000 · paid last 24h −0.010%
Price spread now: Backpack against Reya+0.011%7-day average +0.020% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on ReyaShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.033%−$3 on $10k
Price spread, last 7 days−0.717%−$72 · spread now +0.011%, 7d avg +0.020%
Together, before fees−0.751%+ Points / potential airdropReya: Active · farm board−$75 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongReya ETHRUSDPERP2,774.80.0206pay 0.0026% / 1h1m 17s$7.4M$1.2M25x
ShortBackpack ETH_USDC_PERP2,775.10.0100get 0.0013% / 1h1m 17s$15.1M$44.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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
−$22.26
Price spread: +0.011% → +0.020%
−$0.92
Slippage, 4 orders
no order book: not counted
Fee Reya: 3 bp × 2 orders
−$6
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$39.18
Costs to cover
0.160%
Break-even
never at this rate
Slippage unknown: Reya: no order-book sample; Backpack: live order book, 3 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 Reya no order-book sample—————
Sell Backpack live order book, 3 min ago0.02 bp5.2 bp −$57.6 bp −$7629.7 bp −$2,965doesn't fit
Reya: 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−0.0223%43m2,774.9+0.002%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,774.2−0.022%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.459%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,775.5+0.024%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0008%1h2,774.7−0.005%$168K$1.2M50xas long as short
ApeX Omni ETHUSDT−0.0007%1h2,775.8+0.034%$8.7M$32.9M100xas long as short
dYdX ETH-USD0.0000%1h2,775.8+0.036%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,776+0.042%$877K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,776.7+0.067%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,776+0.042%$1.71B$11.91B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0023%8h2,776.1+0.047%$270.5M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,776.4+0.056%$12.8M—200xas long as short
SoDEX ETH-USD+0.0028%1h2,776.4+0.057%$55.3M$228.8M40xas long as short
Bullet ETH-USD+0.0033%1h2,775.1+0.011%$182K$1.7M20xas long as short
Aftermath Perps ETHUSD+0.0033%1h2,773.6−0.043%$29K$22K20xas long as short
Aster ETHUSDT+0.0035%8h2,775+0.006%$256.2M$1.00B200xas long as short
MEXC ETH_USDT+0.0055%8h2,775+0.006%$1.62B$2.67B500xas long as short
Aevo ETH-PERP+0.0056%1h2,773.6−0.043%$5.0M$636K20xas long as short
Binance ETHUSDT+0.0056%8h2,776+0.041%$6.47B$17.29B150xas long as short
Bitget ETHUSDT+0.0065%8h2,776.7+0.069%$2.11B$3.10B150xas long as short
Gate ETH_USDT+0.0066%8h2,776+0.042%$3.29B$9.71B200xas long as short
Deribit ETH-PERPETUAL+0.0074%1h2,778.1+0.118%$259.1M$222.1M50xas long as short
KuCoin ETHUSDTM+0.0080%8h2,775+0.005%$422.9M$738.8M100xas long as short
Bybit ETHUSDT+0.0087%8h2,776.4+0.057%$2.51B$4.62B150xas long as short
BingX ETH-USDT+0.0088%8h2,776+0.044%—$1.24B—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,778.3+0.124%$60.7M$4.60B50xas long as short
Nado ETH-PERP+0.0092%1h2,774.1−0.026%$14.4M$118.2M50xas long as short
HTX ETH-USDT+0.0094%8h2,775.9+0.039%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,774.5−0.011%$115.2M$502.1M50xas long as short
Lighter RH ETH+0.0096%1h2,776.3+0.053%$25.3M$122.2M50xas long as short
Vest ETH-PERP+0.0097%1h2,775.2+0.015%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,774.4−0.017%$15.9M$10.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,774.2−0.023%$483K$2.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,777.6+0.100%$3.18B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,774.8−0.001%$31.3M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,773.9−0.033%$2.8M$17.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,775+0.007%$2.7M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.4−0.196%$169.4M$262.8M25xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,775.1+0.011%$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,773.8−0.036%$151.5M$345.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,775+0.006%$182.2M$785.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.2−0.165%$161.1M$89.4M50xas long as short
StandX ETH-USD+0.0100%1h2,774.6−0.008%$21.5M$58.7M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,775.4+0.021%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776.8+0.072%$21K$24K25xas long as short
Derive ETH-PERP+0.0100%1h2,779+0.149%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,773.7−0.039%$973K$13.9M100xas long as short
Kalshi KXETHPERP+0.0100%8h2,775.6+0.028%$8.1M$688.9M4.9xas long as short
Extended ETH-USD+0.0104%1h2,776+0.041%$32.5M$78.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,775.1+0.011%—$43.8M500xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,777.9+0.112%$90.9M$338.7M100xas long as short
Orderly PERP_ETH_USDC+0.0145%8h2,779+0.152%$32.7M$12.2M100xas long as short
BloFin ETH-USDT+0.0176%8h2,776.5+0.060%$287.4M$193.9M150xas long as short
Hibachi ETH/USDT-P+0.0192%1h2,775.9+0.040%$253K$1.6M20xas long as short
Reya ETHRUSDPERPlong+0.0206%1h2,774.8long leg$7.4M$1.2M25x