Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0795%/8h= +87.0% APRpaid last 24h +0.084%

Price spread now: Backpack against Bybit+0.133%7-day average +0.934% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 7 days−0.282%−$28 · spread now +0.133%, 7d avg +0.934%

Together, before fees−0.065%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.802% cheaper against Bybit than usual: you would sell low and buy high (spread +0.133% now, against its 7-day average of +0.934%). If the spread goes back, that is −$80 on $10k: about 3.4 days of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.217% in total) that is about 26 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.217% in total (about 11.3% 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	Bybit ARBUSDT	0.2258	−0.0158	get 0.0158% / 8h	1h 01m	$58.4M	$130.8M	50x
Short	Backpack ARB_USDC_PERP	0.2261	0.0637	get 0.0080% / 1h	1m 06s	$910K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.133%Rate

Funding earned: $166.94
Price spread: +0.133% → +0.934%: −$80.15
Slippage, 4 orders: −$14.93
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $50.86
Costs to cover: 0.359%
Break-even: 4.9 days

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 3 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 Bybit live order book, 3 min ago	0.22 bp	9.0 bp −$9	17.3 bp −$173	48.0 bp −$4,801	doesn't fit
Sell Backpack live order book, 3 min ago	1.11 bp	8.7 bp −$9	503.6 bp −$5,036	doesn't fit	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	−0.1770%	1h	0.2250	−0.337%	$41K	$372K	12x	as long as short
01 Exchange ARBUSD	−0.0232%	1h	0.2257	−0.022%	$7K	$2K	10x	as long as short
SoDEX ARB-USD	−0.0189%	1h	0.2257	−0.035%	$4K	$2.7M	5x	as long as short
Variational Omni ARB	−0.0176%	8h	0.2250	−0.339%	$1.9M	$2.7M	—	as long as short
Bybit ARBUSDTlong	−0.0158%	8h	0.2258	long leg	$58.4M	$130.8M	50x
Polymarket Perps ARB-USD	−0.0136%	1h	0.2257	−0.027%	$76K	$2.0M	10x	as long as short
OKX ARB-USDT-SWAP	−0.0100%	8h	0.2257	−0.018%	$22.7M	$160.0M	50x	as long as short
MEXC ARB_USDT	−0.0099%	8h	0.2258	+0.031%	$37.4M	$63.1M	200x	as long as short
Orderly PERP_ARB_USDC	−0.0040%	8h	0.2258	+0.018%	$13K	$397K	10x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0016%	1h	0.2259	+0.044%	$26K	$32K	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ARBUSDT	0.0000%	8h	0.2258	+0.021%	$65.0M	$314.0M	75x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2258	+0.031%	$67K	$4K	10x	as long as short
Extended ARB-USD	0.0000%	1h	0.2257	−0.042%	$358K	$2.3M	25x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0005%	1h	0.2259	+0.040%	$56K	—	150x	as long as short
Gate ARB_USDT	+0.0039%	8h	0.2258	+0.031%	$5.5M	$20.8M	60x	as long as short
BingX ARB-USDC	+0.0067%	8h	0.2257	−0.031%	—	$6.5M	—	as long as short
Bitget ARBUSDT	+0.0068%	8h	0.2257	−0.027%	$21.4M	$36.9M	50x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2259	+0.045%	$148K	$12K	3x	as long as short
Kraken Futures PF_ARBUSD	+0.0084%	1h	0.2259	+0.071%	$1.1M	$5.0M	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2259	+0.071%	$1.4M	$7.4M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2261	+0.155%	$40.4M	$48.5M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2259	+0.042%	$703K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2259	+0.045%	$45K	$192K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2258	+0.018%	$20.8M	$16.2M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2258	+0.002%	$40K	$463K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2255	−0.123%	$477K	$3.8M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2258	+0.018%	$122K	$295K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2260	+0.106%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2258	−0.004%	$281K	$1.1M	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2257	−0.027%	$5.2M	$13.2M	50x	as long as short
BloFin ARB-USDT	+0.0120%	8h	0.2257	−0.018%	$3.1M	$3.3M	75x	as long as short
Coinbase International ARB-PERP-INTX	+0.0264%	1h	0.2260	+0.106%	$510K	$2.3M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0274% / S −0.0156%	1h	0.2258	+0.026%	$848K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0290%	1h	0.2257	−0.028%	$2K	$695	20x	as long as short
RISEx ARB/USDC	+0.0363%	1h	0.2259	+0.058%	$501K	$2.7M	10x	as long as short
Backpack ARB_USDC_PERPshort	+0.0637%	1h	0.2261	+0.133%	$910K	$2.7M	20x