Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0471%/8h= +51.6% APRpaid last 24h +0.131%

Price spread now: Backpack against Phemex+0.156%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$480.475% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.645%−$65 · spread now +0.156%, 7d avg +0.064%

Together, before fees−0.369%−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.091% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.064%.

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	Phemex ARBUSDT	0.2185	0.0100	pay 0.0100% / 8h	59m 01s	$4.8M	$12.9M	50x
Short	Backpack ARB_USDC_PERP	0.2188	0.0571	get 0.0071% / 1h	59m 01s	$983K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.156%Rate

Funding earned: $98.96
Price spread: +0.156% → +0.064%: $9.12
Slippage, 4 orders: −$25.52
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $60.56
Costs to cover: 0.475%
Break-even: 2.7 days

Slippage from Phemex: live order book, 5 min ago; Backpack: 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 Phemex live order book, 5 min ago	4.56 bp	14.1 bp −$14	24.1 bp −$241	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.23 bp	9.2 bp −$9	426.0 bp −$4,260	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	−0.1612%	1h	0.2177	−0.366%	$39K	$372K	12x	as long as short
01 Exchange ARBUSD	−0.0200%	1h	0.2184	−0.037%	$7K	$236	10x	as long as short
Polymarket Perps ARB-USD	−0.0110%	1h	0.2185	−0.018%	$67K	$2.1M	10x	as long as short
MEXC ARB_USDT	−0.0091%	8h	0.2185	+0.005%	$41.9M	$61.4M	200x	as long as short
OKX ARB-USDT-SWAP	−0.0091%	8h	0.2185	−0.018%	$21.9M	$144.3M	50x	as long as short
Orderly PERP_ARB_USDC	−0.0038%	8h	0.2186	+0.046%	$12K	$407K	10x	as long as short
Variational Omni ARB	−0.0035%	8h	0.2185	+0.021%	$1.8M	$3.0M	—	as long as short
SoDEX ARB-USD	−0.0016%	1h	0.2185	−0.014%	$9K	$2.2M	5x	as long as short
Bybit ARBUSDT	−0.0008%	8h	0.2184	−0.027%	$53.5M	$126.4M	50x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2187	+0.087%	$65K	$5K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ARB_USDC-PERPETUAL	0.0000%	1h	0.2186	+0.032%	$28K	$38K	25x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0009%	1h	0.2186	+0.047%	$44K	—	150x	as long as short
Binance ARBUSDT	+0.0015%	8h	0.2185	+0.003%	$62.4M	$302.0M	75x	as long as short
Extended ARB-USD	+0.0016%	1h	0.2184	−0.056%	$349K	$3.0M	25x	as long as short
Gate ARB_USDT	+0.0018%	8h	0.2185	+0.023%	$5.4M	$18.3M	60x	as long as short
BloFin ARB-USDT	+0.0059%	8h	0.2184	−0.027%	$3.0M	$2.3M	75x	as long as short
RISEx ARB/USDC	+0.0069%	1h	0.2186	+0.033%	$485K	$2.6M	10x	as long as short
Bitget ARBUSDT	+0.0074%	8h	0.2184	−0.046%	$21.1M	$34.7M	50x	as long as short
BingX ARB-USDT	+0.0074%	8h	0.2185	−0.009%	—	$33.2M	—	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2186	+0.032%	$139K	$7K	3x	as long as short
Kraken Futures PF_ARBUSD	+0.0093%	1h	0.2186	+0.044%	$1.1M	$4.4M	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2185	−0.009%	$1.2M	$5.4M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2186	+0.050%	$36.9M	$49.4M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2187	+0.110%	$628K	$1.7M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2187	+0.096%	$42K	$148K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2186	+0.027%	$19.4M	$14.2M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2187	+0.078%	$39K	$466K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2188	+0.137%	$466K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2188	+0.137%	$118K	$279K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2188	+0.137%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2185	+0.014%	$292K	$832K	50x	as long as short
Phemex ARBUSDTlong	+0.0100%	8h	0.2185	long leg	$4.8M	$12.9M	50x
GMX ARB/USD [ARB-USDC]	L +0.0276% / S −0.0158%	1h	0.2186	+0.026%	$825K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0289%	1h	0.2184	−0.030%	$2K	$695	20x	as long as short
Coinbase International ARB-PERP-INTX	+0.0336%	1h	0.2196	+0.485%	$524K	$1.5M	50x	as long as short
Backpack ARB_USDC_PERPshort	+0.0571%	1h	0.2188	+0.156%	$983K	$2.8M	20x