Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0356%/8h= +39.0% APRnext payment +$0.44 per $10,000 · paid last 24h —

Price spread now: Backpack against Phoenix+0.046%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 hours (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 for this trade now. Funding pays +$11 a day on $10k at the current rate, and Backpack is 0.046% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ARB	0.2176	−0.0256	get 0.0032% / 1h	34m 57s	$1K	$3K	15x
Short	Backpack ARB_USDC_PERP	0.2177	0.0100	get 0.0013% / 1h	34m 57s	$569K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now +0.046%Rate

Funding earned: $74.75
Price spread: +0.046% → 0.000%: $4.6
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $62.34
Costs to cover: 0.170%
Break-even: 1.2 days

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 2 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack live order book, 2 min ago	0.23 bp	7.3 bp −$7	447.0 bp −$4,470	doesn't fit	doesn't fit

Phoenix: 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.

ARB on 37 exchanges

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	−0.1689%	1h	0.2164	−0.533%	$39K	$217K	12x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0302%	1h	0.2175	−0.051%	$2K	$54K	25x	as long as short
Phoenix ARBlong	−0.0256%	1h	0.2176	long leg	$1K	$3K	15x
OKX ARB-USDT-SWAP	−0.0106%	8h	0.2173	−0.101%	$23.5M	$102.0M	50x	as long as short
MEXC ARB_USDT	−0.0104%	8h	0.2173	−0.110%	$50.5M	$43.2M	200x	as long as short
01 Exchange ARBUSD	−0.0088%	1h	0.2175	−0.028%	$7K	$308	10x	as long as short
SoDEX ARB-USD	−0.0046%	1h	0.2175	−0.051%	$9K	$855K	5x	as long as short
Binance ARBUSDT	−0.0027%	8h	0.2175	−0.028%	$64.4M	$180.9M	75x	as long as short
Extended ARB-USD	−0.0024%	1h	0.2173	−0.100%	$358K	$3.7M	25x	as long as short
Variational Omni ARB	−0.0008%	8h	0.2173	−0.128%	$1.8M	$1.6M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ARB/USDC	−0.0007%	1h	0.2175	−0.030%	$467K	$2.0M	10x	as long as short
Gate ARB_USDT	−0.0001%	8h	0.2175	−0.009%	$5.6M	$8.9M	50x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2176	+0.009%	$64K	$2K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0014%	1h	0.2176	+0.014%	$29K	—	150x	as long as short
Orderly PERP_ARB_USDC	+0.0006%	8h	0.2175	−0.028%	$15K	$264K	10x	as long as short
Bybit ARBUSDT	+0.0061%	8h	0.2174	−0.078%	$50.9M	$82.5M	50x	as long as short
Aevo ARB-PERP	+0.0072%	1h	0.2176	+0.012%	$138K	$4K	3x	as long as short
Bitget ARBUSDT	+0.0083%	8h	0.2173	−0.120%	$21.1M	$22.0M	50x	as long as short
BingX ARB-USDT	+0.0083%	8h	0.2175	−0.037%	—	$16.5M	—	as long as short
BloFin ARB-USDT	+0.0092%	8h	0.2174	−0.069%	$3.1M	$1.4M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2177	+0.064%	$1.6M	$3.1M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2177	+0.041%	$35.3M	$29.9M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2175	−0.031%	$646K	$1.2M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2174	−0.088%	$44K	$125K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2176	+0.014%	$19.7M	$9.3M	75x	as long as short
Backpack ARB_USDC_PERPshort	+0.0100%	1h	0.2177	+0.046%	$569K	$1.3M	20x
edgeX ARBUSDC	+0.0100%	4h	0.2175	−0.025%	$37K	$505K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2172	−0.153%	$477K	$3.3M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2175	−0.028%	$118K	$265K	50x	as long as short
Polymarket Perps ARB-USD	+0.0100%	1h	0.2174	−0.069%	$46K	$1.7M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2175	−0.028%	$1K	$855K	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2174	−0.055%	$288K	$450K	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2175	−0.028%	$4.6M	$12.5M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0266% / S −0.0148%	1h	0.2175	−0.025%	$839K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0282%	1h	0.2173	−0.107%	$2K	$440	20x	as long as short
Kraken Futures PF_ARBUSD	+0.0682%	1h	0.2176	+0.020%	$1.3M	$3.6M	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0704%	1h	0.2180	+0.184%	$635K	$1.1M	50x	as long as short