Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0565%/8h= −61.8% APRpaid last 24h −0.093%

Price spread now: Gate against Backpack−0.147%7-day average −0.811% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs+$15as in the Price arb table

costs, in and out, $10k−$510.512% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.276%−$28 on $10k

Price spread, last 7 days+0.261%+$26 · spread now −0.147%, 7d avg −0.811%

Together, before fees−0.015%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.664% dearer against Backpack than usual: you sell high and buy low (spread −0.147% now, against its 7-day average of −0.811%): +$66 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.276% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.276% in total (about -14.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ARB_USDC_PERP	0.2248	0.0577	pay 0.0072% / 1h	18m 58s	$1.1M	$2.7M	20x
Short	Gate ARB_USDT	0.2244	0.0012	get 0.0012% / 8h	2h 18m	$5.5M	$21.6M	60x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now −0.147%Rate

Funding earned: −$118.61
Price spread: −0.147% → −0.811%: $66.37
Slippage, 4 orders: −$26.15
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$103.39
Costs to cover: 0.512%
Break-even: from the start

Slippage from Backpack: live order book, 5 min ago; Gate: live order book, 5 min ago.

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 live order book, 5 min ago	1.56 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.45 bp	14.5 bp −$14	28.6 bp −$286	83.7 bp −$8,373	doesn't fit

ARB on 36 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
Injective ARB/USDC PERP	−0.1675%	1h	0.2231	−0.739%	$40K	$197K	12x	as long as short
01 Exchange ARBUSD	−0.0280%	1h	0.2244	−0.174%	$7K	$2K	10x	as long as short
Variational Omni ARB	−0.0161%	8h	0.2240	−0.332%	$1.9M	$2.8M	—	as long as short
Bybit ARBUSDT	−0.0159%	8h	0.2244	−0.178%	$56.4M	$135.9M	50x	as long as short
SoDEX ARB-USD	−0.0106%	1h	0.2244	−0.169%	$4K	$2.9M	5x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0106%	1h	0.2245	−0.116%	$38K	$20K	25x	as long as short
OKX ARB-USDT-SWAP	−0.0100%	8h	0.2242	−0.258%	$22.3M	$165.2M	50x	as long as short
MEXC ARB_USDT	−0.0099%	8h	0.2243	−0.182%	$37.4M	$63.7M	200x	as long as short
Kraken Futures PF_ARBUSD	−0.0053%	1h	0.2246	−0.092%	$1.1M	$5.2M	50x	as long as short
Polymarket Perps ARB-USD	−0.0025%	1h	0.2244	−0.142%	$77K	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ARB_USDC	−0.0018%	8h	0.2244	−0.160%	$11K	$388K	10x	as long as short
Extended ARB-USD	−0.0008%	1h	0.2243	−0.185%	$357K	$2.4M	25x	as long as short
Binance ARBUSDT	−0.0007%	8h	0.2244	−0.165%	$63.8M	$324.7M	75x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2244	−0.151%	$66K	$4K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0005%	1h	0.2246	−0.071%	$56K	—	150x	as long as short
Gate ARB_USDTshort	+0.0012%	8h	0.2244	−0.147%	$5.5M	$21.6M	60x
BloFin ARB-USDT	+0.0080%	8h	0.2244	−0.169%	$3.0M	$3.3M	75x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2246	−0.065%	$147K	$12K	3x	as long as short
BingX ARB-USDT	+0.0086%	8h	0.2243	−0.182%	—	$54.0M	—	as long as short
Bitget ARBUSDT	+0.0088%	8h	0.2242	−0.249%	$21.0M	$38.4M	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2246	−0.080%	$1.3M	$7.7M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2246	−0.058%	$40.2M	$52.8M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2243	−0.195%	$697K	$1.8M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2245	−0.129%	$47K	$199K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2245	−0.129%	$20.6M	$17.0M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2241	−0.305%	$40K	$456K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2241	−0.294%	$483K	$4.1M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2242	−0.249%	$121K	$297K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2245	−0.116%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2244	−0.169%	$276K	$1.2M	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2244	−0.160%	$5.3M	$13.7M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0154% / S −0.0018%	1h	0.2246	−0.079%	$852K	—	150x	as long as short
Coinbase International ARB-PERP-INTX	+0.0288%	1h	0.2249	+0.062%	$504K	$2.5M	50x	as long as short
Reya ARBRUSDPERP	+0.0291%	1h	0.2244	−0.152%	$2K	$695	20x	as long as short
RISEx ARB/USDC	+0.0546%	1h	0.2246	−0.065%	$498K	$2.9M	10x	as long as short
Backpack ARB_USDC_PERPlong	+0.0577%	1h	0.2248	long leg	$1.1M	$2.7M	20x