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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 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%
Price spread now: Backpack against SunX+0.034%7-day average +0.011% · you sell dearer than you buy
Net, funding: paid 7d − costs−$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$210.214% of the position
Long on SunXShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.008%+$1 on $10k
Price spread, last 3 days (all we have)+0.070%+$7 · spread now +0.034%, 7d avg +0.011%
Together, before fees+0.078%+$8 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.023% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.011%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongSunX ETH-USDT2,766.20.0100pay 0.0100% / 8h2h 37m$971K$14.3M100x
ShortBackpack ETH_USDC_PERP2,767.20.0100get 0.0013% / 1h37m 09s$15.3M$42.4M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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
$0
Price spread: +0.034% → +0.011%
$2.31
Slippage, 4 orders
−$3.36
Fee SunX: 4 bp × 2 orders
−$8
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$19.05
Costs to cover
0.214%
Break-even
never at this rate
Slippage from SunX: live order book, 12 min ago; Backpack: live order book, 2 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 SunX live order book, 12 min ago0.58 bp6.7 bp −$76.7 bp −$679.8 bp −$977doesn't fit
Sell Backpack live order book, 2 min ago0.02 bp5.0 bp −$57.0 bp −$7030.5 bp −$3,046doesn'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
Perpl ETH−0.0112%43m2,767.9+0.061%$289K$6.8M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,766.1−0.005%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,763.9−0.085%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0072%1h2,765.2−0.036%$10.4M$30.9M100xas long as short
01 Exchange ETHUSD−0.0064%1h2,767.8+0.056%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,767.2+0.035%$795K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,767.8+0.055%$5.8M$11.9M25xas long as short
dYdX ETH-USD0.0000%1h2,768.8+0.092%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,768+0.062%$22.4M—200xas long as short
BingX ETH-USDT+0.0016%8h2,766.6+0.014%—$1.18B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0022%8h2,766.3+0.003%$1.70B$11.83B100xas long as short
Aftermath Perps ETHUSD+0.0025%1h2,768.1+0.065%$29K$21K20xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,767.8+0.058%$13.1M—200xas long as short
Phemex ETHUSDT+0.0029%8h2,767+0.028%$266.3M$66.0M150xas long as short
Aster ETHUSDT+0.0038%8h2,766.8+0.020%$255.8M$995.3M200xas long as short
MEXC ETH_USDT+0.0045%8h2,766.7+0.017%$1.62B$2.65B500xas long as short
Binance ETHUSDT+0.0045%8h2,766.9+0.025%$6.42B$17.18B150xas long as short
Deribit ETH-PERPETUAL+0.0046%1h2,768.6+0.085%$258.4M$224.4M50xas long as short
Aevo ETH-PERP+0.0048%1h2,765.1−0.043%$5.0M$636K20xas long as short
Gate ETH_USDT+0.0063%8h2,766.8+0.021%$3.28B$9.60B200xas long as short
Bitget ETHUSDT+0.0074%8h2,766.7+0.017%$2.09B$3.13B150xas long as short
Bullet ETH-USD+0.0085%1h2,767+0.028%$183K$1.8M20xas long as short
Variational Omni ETH+0.0091%8h2,765.4−0.031%$140.3M$319.1M—as long as short
Lighter ETH+0.0096%1h2,767.2+0.033%$115.2M$511.2M50xas long as short
Lighter RH ETH+0.0096%1h2,768.6+0.085%$25.3M$122.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,768.4+0.077%—$41.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,767.8+0.055%$15.9M$10.9M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,767.8+0.056%$481K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,767.5+0.046%$14.8M$116.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,769.6+0.121%$3.19B$2.38B25xas long as short
Pacifica ETH+0.0100%1h2,768.1+0.067%$31.2M$285.6M50xas long as short
Bybit ETHUSDT+0.0100%8h2,766.6+0.014%$2.50B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,767.4+0.042%$2.8M$16.5M25xas long as short
Arcus ETH-USD+0.0100%1h2,769.6+0.123%$2.7M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,765.5−0.026%$164.9M$254.7M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,767.1+0.032%$424.4M$741.8M100xas long as short
Backpack ETH_USDC_PERPshort+0.0100%1h2,767.2+0.034%$15.3M$42.4M50x
edgeX ETHUSDC+0.0100%4h2,763.9−0.084%$177.7M$791.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,765.7−0.019%$160.8M$97.4M50xas long as short
StandX ETH-USD+0.0100%1h2,765.1−0.041%$21.3M$57.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,767.8+0.057%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,768.7+0.089%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,768.5+0.080%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,769.5+0.119%$42.6M$29.2M15xas long as short
SunX ETH-USDTlong+0.0100%8h2,766.2long leg$971K$14.3M100x
SoDEX ETH-USD+0.0100%1h2,766.8+0.020%$55.1M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,766.6+0.013%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,766.6+0.012%$31.4M$76.2M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,768.3+0.073%$60.2M$4.62B50xas long as short
Kalshi KXETHPERP+0.0118%8h2,768.5+0.082%$8.6M$671.9M4.9xas long as short
Orderly PERP_ETH_USDC+0.0131%8h2,770+0.136%$32.5M$11.9M100xas long as short
BloFin ETH-USDT+0.0165%8h2,766.7+0.016%$286.2M$194.2M150xas long as short
Reya ETHRUSDPERP+0.0186%1h2,766.3+0.001%$7.5M$992K25xas long as short
Kraken Futures PF_ETHUSD+0.0241%1h2,768+0.065%$87.9M$329.7M100xas long as short
Hibachi ETH/USDT-P+0.0416%1h2,767.6+0.048%$272K$1.5M20xas long as short