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: Backpack against KuCoin−0.110%7-day average — · you buy dearer than you sell

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

Long on KuCoin 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 −$20 a day on $10k at the current rate, and Backpack is 0.110% cheaper against KuCoin than usual: you would sell low and buy high (−$11 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	KuCoin 2ZUSDTM	0.05187	0.0100	pay 0.0050% / 4h	2h 06m	$191K	$52K	50x
Short	Backpack 2Z_USDC_PERP	0.05181	−0.0561	pay 0.0070% / 1h	6m 26s	$45K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$138.73
Price spread: −0.110% → 0.000%: −$10.99
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$171.71
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 29 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 KuCoin live order book, 29 min ago	10.69 bp	40.9 bp −$41	583.9 bp −$5,839	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	−0.0561%	1h	0.05181	−0.110%	$45K	$32K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.985%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05191	+0.083%	$16K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05186	−0.019%	$662K	$371K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05184	−0.058%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05185	−0.025%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05183	−0.071%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05186	−0.013%	$682K	$959K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05186	−0.013%	$445K	$705K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05181	−0.110%	$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	−0.033%	$293K	$125K	50x	as long as short
KuCoin 2ZUSDTMlong	+0.0100%	4h	0.05187	long leg	$191K	$52K	50x
Bitget 2ZUSDT	+0.0100%	4h	0.05184	−0.052%	$145K	$615K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05186	−0.013%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05185	−0.031%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05189	+0.044%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1050%	1h	0.05200	+0.259%	$6K	$3K	10x	as long as short