Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0493%/8h= −54.0% APRpaid last 24h −0.120%

Price spread now: Backpack against Binance−0.076%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Backpack

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 against this trade now: funding costs −$15 a day on $10k at the current rate, and Backpack is 0.076% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 2ZUSDT	0.05239	0.0100	pay 0.0050% / 4h	1h 20m	$2.1M	$2.2M	50x
Short	Backpack 2Z_USDC_PERP	0.05235	−0.0393	pay 0.0049% / 1h	20m 06s	$46K	$29K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$103.53
Price spread: −0.076% → 0.000%: −$7.64
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$131.16
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 15 min ago; Backpack: 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 Binance live order book, 15 min ago	2.89 bp	25.1 bp −$25	133.7 bp −$1,337	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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_PERPshort	−0.0393%	1h	0.05235	−0.076%	$46K	$29K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.944%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05249	+0.191%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05239	+0.010%	$668K	$368K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05241	+0.031%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05240	+0.019%	$75K	$14K	3x	as long as short
Binance 2ZUSDTlong	+0.0100%	4h	0.05239	long leg	$2.1M	$2.2M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05241	+0.038%	$690K	$954K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05241	+0.038%	$453K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05236	−0.057%	$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_USDT	+0.0100%	4h	0.05240	+0.019%	$296K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05236	−0.055%	$193K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05237	−0.038%	$157K	$632K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05241	+0.038%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05241	+0.029%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05242	+0.057%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.2478%	1h	0.05241	+0.045%	$6K	$3K	10x	as long as short