Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0519%/8h= +56.8% APRpaid last 24h +0.120%

Price spread now: Binance against Backpack+0.102%55s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Binance is 0.102% dearer against Backpack than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 55 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	Backpack 2Z_USDC_PERP	0.05234	−0.0419	get 0.0052% / 1h	22m 11s	$46K	$29K	5x
Short	Binance 2ZUSDT	0.05239	0.0100	get 0.0050% / 4h	1h 22m	$2.1M	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.102%Rate

Funding earned: $108.98
Price spread: +0.102% → 0.000%: $10.19
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $99.18
Costs to cover: 0.200%
Break-even: 0.6 days

Slippage unknown: Backpack: no order-book sample; Binance: live order book, 12 min ago. Net counts fees only.

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 Backpack no order-book sample	—	—	—	—	—
Sell Binance live order book, 12 min ago	2.89 bp	22.5 bp −$23	123.9 bp −$1,239	doesn't fit	doesn't fit

Backpack: 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.

2Z on 17 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
Backpack 2Z_USDC_PERPlong	−0.0419%	1h	0.05234	long leg	$46K	$29K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.853%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05248	+0.267%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05243	+0.172%	$669K	$368K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05242	+0.155%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05241	+0.141%	$75K	$14K	3x	as long as short
Binance 2ZUSDTshort	+0.0100%	4h	0.05239	+0.102%	$2.1M	$2.2M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05243	+0.172%	$690K	$954K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05240	+0.115%	$453K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05239	+0.096%	$91K	$68K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05245	+0.210%	$297K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05239	+0.103%	$193K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05239	+0.096%	$157K	$632K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05246	+0.229%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05224	−0.183%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05244	+0.191%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.2477%	1h	0.05244	+0.196%	$6K	$3K	10x	as long as short