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: Gate against Backpack−0.019%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Gate

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

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	Gate 2Z_USDT	0.05241	0.0100	get 0.0050% / 4h	43m 42s	$93K	$70K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.019%Rate

Funding earned: $0
Price spread: −0.019% → 0.000%: −$1.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$26.91
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Gate: no order-book sample. 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 Gate no order-book sample	—	—	—	—	—

Backpack and Gate: 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_USDTshort	+0.0100%	4h	0.05241	−0.019%	$93K	$70K	50x

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 2ZUSDT	+0.0100%	4h	0.05248	+0.114%	$174K	$675K	50x	as long as short
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