Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Backpack against Derive+0.102%7-day average — · you sell dearer than you buy

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

Long on Derive Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.102% dearer against Derive than usual: you sell high and buy low, +$10 on $10k if it 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	Derive CC-PERP	0.1164	0.0100	pay 0.0013% / 1h	5m 59s	$7K	$35K	6.7x
Short	Backpack CC_USDC_PERP	0.1165	0.0100	get 0.0013% / 1h	5m 59s	$17K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Derive. 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 DerivebpFee BackpackbpOrdersPrice spread, now +0.102%Rate

Funding earned: $0
Price spread: +0.102% → 0.000%: $10.19
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5.81
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Derive and 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.

CC on 19 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 CC/USDC PERP	−0.3588%	1h	0.1152	−1.015%	$6K	$100	5.5x	as long as short
Paradex CC-USD-PERP	+0.0098%	8h	0.1166	+0.163%	$1K	—	5x	as long as short
Aster CCUSDT	+0.0100%	4h	0.1166	+0.177%	$35K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1165	+0.102%	$11.1M	$10.8M	75x	as long as short
Bybit CCUSDT	+0.0100%	4h	0.1165	+0.076%	$10.4M	$3.6M	25x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1165	+0.119%	$2.5M	$3.4M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1164	−0.018%	$362K	$213K	50x	as long as short
MEXC CC_USDT	+0.0100%	4h	0.1166	+0.145%	$1.7M	$297K	100x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1165	+0.136%	$492K	$116K	50x	as long as short
Bitget CCUSDT	+0.0100%	4h	0.1166	+0.171%	$958K	$751K	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CC-USDT	+0.0100%	4h	0.1165	+0.128%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERPshort	+0.0100%	1h	0.1165	+0.102%	$17K	$21K	10x
Variational Omni CC	+0.0100%	4h	0.1162	−0.148%	$579K	$43K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1166	+0.160%	$83K	$2.2M	10x	as long as short
Derive CC-PERPlong	+0.0100%	1h	0.1164	long leg	$7K	$35K	6.7x
BloFin CC-USDT	+0.0340%	4h	0.1166	+0.188%	$589K	$100K	75x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0441% / S −0.0239%	1h	0.1166	+0.166%	$43K	—	50x	as long as short
Hyperliquid CC	+0.0761%	1h	0.1168	+0.325%	$5.4M	$1.3M	3x	as long as short
Lighter CC	+0.1640%	1h	0.1170	+0.523%	$234K	$163K	5x	as long as short