Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0490%/8h= +53.7% APRpaid last 24h +0.117%

Price spread now: MEXC against Backpack+0.268%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 MEXC

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 +$15 a day on $10k at the current rate, and MEXC is 0.268% dearer against Backpack than usual: you sell high and buy low: +$27 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	0.05223	−0.0390	get 0.0049% / 1h	17m 21s	$45K	$29K	5x
Short	MEXC 2Z_USDT	0.05237	0.0100	get 0.0050% / 4h	1h 17m	$296K	$125K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.268%Rate

Funding earned: $102.95
Price spread: +0.268% → 0.000%: $26.8
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $115.75
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; MEXC: live order book, 28 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 MEXC live order book, 28 min ago	4.82 bp	10.2 bp −$10	67.1 bp −$671	224.4 bp −$22.4K	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	−0.0390%	1h	0.05223	long leg	$45K	$29K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.652%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05240	+0.325%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05230	+0.144%	$667K	$368K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05236	+0.254%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05233	+0.190%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05237	+0.268%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05240	+0.325%	$686K	$963K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05230	+0.134%	$452K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05229	+0.115%	$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_USDTshort	+0.0100%	4h	0.05237	+0.268%	$296K	$125K	50x
KuCoin 2ZUSDTM	+0.0100%	4h	0.05234	+0.203%	$193K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05235	+0.230%	$157K	$632K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05231	+0.153%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05241	+0.336%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05233	+0.191%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.2479%	1h	0.05240	+0.327%	$6K	$3K	10x	as long as short