Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.143%

Price spread now: Bitget against Backpack+0.114%7-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 Bitget

What this pair did over the last

the charts below follow

Funding, last 6 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.114% dearer against Backpack than usual: you sell high and buy low, +$11 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack 2Z_USDC_PERP	0.05242	0.0100	pay 0.0013% / 1h	43m 42s	$46K	$20K	5x
Short	Bitget 2ZUSDT	0.05248	0.0100	get 0.0050% / 4h	43m 42s	$174K	$675K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.114%Rate

Funding earned: $0
Price spread: +0.114% → 0.000%: $11.45
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$10.55
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bitget: live order book, 57 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 Bitget live order book, 57 min ago	8.59 bp	42.4 bp −$42	166.8 bp −$1,668	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
Kraken Futures PF_2ZUSD	−0.3865%	1h	0.05230	−0.225%	$5K	$3K	10x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.998%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05251	+0.172%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05242	−0.010%	$660K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05248	+0.122%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05247	+0.093%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05244	+0.038%	$2.1M	$2.1M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05244	+0.038%	$710K	$963K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05242	0.000%	$440K	$732K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05241	−0.019%	$93K	$70K	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	0.05247	+0.095%	$346K	$134K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05241	−0.013%	$180K	$53K	50x	as long as short
Bitget 2ZUSDTshort	+0.0100%	4h	0.05248	+0.114%	$174K	$675K	50x
BingX 2Z-USDT	+0.0100%	4h	0.05243	+0.019%	—	$6.5M	—	as long as short
Backpack 2Z_USDC_PERPlong	+0.0100%	1h	0.05242	long leg	$46K	$20K	5x
Variational Omni 2Z	+0.0100%	4h	0.05255	+0.248%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05251	+0.172%	$2K	$1.1M	20x	as long as short