Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0757%/8h= −82.9% APRpaid last 24h −0.141%

Price spread now: Backpack against BingX−0.134%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Backpack

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 against this trade now: funding costs −$23 a day on $10k at the current rate, and Backpack is 0.134% cheaper against BingX than usual: you would sell low and buy high (−$13 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	BingX 2Z-USDT	0.05236	0.0100	pay 0.0050% / 4h	3h 33m	—	$6.5M	—
Short	Backpack 2Z_USDC_PERP	0.05229	−0.0657	pay 0.0082% / 1h	33m 52s	$45K	$22K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$159.05
Price spread: −0.134% → 0.000%: −$13.37
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$192.42
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 2 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 BingX live order book, 2 min ago	6.68 bp	36.4 bp −$36	93.2 bp −$932	810.1 bp −$81.0K	1183.4 bp −$591.7K
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	−0.0657%	1h	0.05229	−0.134%	$45K	$22K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.889%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05243	+0.134%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05236	0.000%	$676K	$353K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05237	+0.026%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05235	−0.029%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05233	−0.057%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05238	+0.038%	$721K	$963K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05233	−0.057%	$449K	$713K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05241	+0.095%	$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	0.05239	+0.057%	$328K	$131K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05233	−0.061%	$179K	$55K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05240	+0.076%	$162K	$625K	50x	as long as short
BingX 2Z-USDTlong	+0.0100%	4h	0.05236	long leg	—	$6.5M	—
Variational Omni 2Z	+0.0100%	4h	0.05239	+0.049%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05237	+0.019%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0567%	1h	0.05242	+0.110%	$5K	$3K	10x	as long as short