Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0661%/8h= +72.3% APRpaid last 24h +0.112%

Price spread now: KuCoin against Backpack+0.110%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 KuCoin

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 +$20 a day on $10k at the current rate, and KuCoin is 0.110% dearer against Backpack than usual: you sell high and buy low: +$11 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	0.05181	−0.0561	get 0.0070% / 1h	6m 25s	$45K	$32K	5x
Short	KuCoin 2ZUSDTM	0.05187	0.0100	get 0.0050% / 4h	2h 06m	$191K	$52K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.110%Rate

Funding earned: $138.73
Price spread: +0.110% → 0.000%: $11
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $127.73
Costs to cover: 0.220%
Break-even: 0.6 days

Slippage unknown: Backpack: no order-book sample; KuCoin: live order book, 29 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 KuCoin live order book, 29 min ago	10.69 bp	82.0 bp −$82	616.5 bp −$6,165	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	−0.0561%	1h	0.05181	long leg	$45K	$32K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.880%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05191	+0.193%	$16K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05186	+0.091%	$662K	$371K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05184	+0.052%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05185	+0.085%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05183	+0.039%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05186	+0.097%	$682K	$959K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05186	+0.097%	$445K	$705K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05181	0.000%	$90K	$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	0.05185	+0.077%	$293K	$125K	50x	as long as short
KuCoin 2ZUSDTMshort	+0.0100%	4h	0.05187	+0.110%	$191K	$52K	50x
Bitget 2ZUSDT	+0.0100%	4h	0.05184	+0.058%	$145K	$615K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05186	+0.097%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05185	+0.079%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05189	+0.154%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1050%	1h	0.05200	+0.370%	$6K	$3K	10x	as long as short