Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0768%/8h= +84.1% APRpaid last 24h +0.138%

Price spread now: Bybit against Backpack+0.115%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 Bybit

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

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Bybit is 0.115% dearer against Backpack than usual: you sell high and buy low: +$12 more if the spread 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	0.05211	−0.0668	get 0.0084% / 1h	8m 48s	$45K	$22K	5x
Short	Bybit 2ZUSDT	0.05217	0.0100	get 0.0050% / 4h	3h 08m	$727K	$892K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.115%Rate

Funding earned: $161.32
Price spread: +0.115% → 0.000%: $11.51
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $151.84
Costs to cover: 0.210%
Break-even: 0.4 days

Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 27 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 Bybit live order book, 27 min ago	3.82 bp	23.7 bp −$24	539.3 bp −$5,393	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	−0.0668%	1h	0.05211	long leg	$45K	$22K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.433%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05225	+0.269%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05217	+0.115%	$673K	$339K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05218	+0.140%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05220	+0.173%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05214	+0.058%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDTshort	+0.0100%	4h	0.05217	+0.115%	$727K	$892K	50x
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05218	+0.134%	$447K	$684K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05220	+0.173%	$91K	$61K	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	0.05217	+0.115%	$327K	$133K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05214	+0.059%	$178K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05220	+0.173%	$157K	$614K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05218	+0.134%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05228	+0.317%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05221	+0.192%	$1K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0569%	1h	0.05225	+0.264%	$5K	$2K	10x	as long as short