Funding arb · Price arb /

CHIP

all CHIP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0496%/8h= +54.3% APRpaid last 24h +0.115%

Price spread now: BingX against Backpack0.000%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$630.635% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$27 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now 0.000%, 7d avg −0.009%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.275%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.275% in total (about -14.3% 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	Backpack CHIP_USDC_PERP	0.04643	−0.0396	get 0.0049% / 1h	51m 53s	$14K	$219K	5x
Short	BingX CHIP-USDT	0.04643	0.0100	get 0.0050% / 4h	2h 51m	—	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $104.14
Price spread: 0.000% → −0.009%: $0.87
Slippage, 4 orders: −$43.46
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $41.54
Costs to cover: 0.635%
Break-even: 4.2 days

Slippage from Backpack: live order book, 16 min ago; BingX: live order book, 10 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, 16 min ago	1.07 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	4.28 bp	19.7 bp −$20	70.0 bp −$700	doesn't fit	doesn't fit

CHIP on 23 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
ApeX Omni CHIPUSDT	−0.1319%	1h	0.04662	+0.409%	$16K	$251K	50x	as long as short
Backpack CHIP_USDC_PERPlong	−0.0396%	1h	0.04643	long leg	$14K	$219K	5x
Phoenix CHIP	−0.0172%	1h	0.04612	−0.668%	$3K	$129K	5x	as long as short
Nado CHIP-PERP	−0.0016%	1h	0.04641	−0.032%	$234K	$19K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0011%	4h	0.04646	+0.065%	$1.9M	$9.2M	20x	as long as short
BloFin CHIP-USDT	+0.0080%	4h	0.04613	−0.646%	$556K	$63K	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04641	−0.043%	$86K	$108K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04652	+0.194%	$14.6M	$6.4M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04636	−0.161%	$48K	$255K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04636	−0.155%	$13K	$628	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CHIPUSDT	+0.0100%	4h	0.04642	−0.022%	$14.0M	$26.2M	50x	as long as short
Bybit CHIPUSDT	+0.0100%	4h	0.04644	+0.022%	$10.8M	$8.7M	20x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04634	−0.194%	$684K	$911K	50x	as long as short
MEXC CHIP_USDT	+0.0100%	4h	0.04643	0.000%	$1.8M	$1.1M	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04639	−0.086%	$975K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04642	−0.022%	$2.0M	$3.2M	50x	as long as short
BingX CHIP-USDTshort	+0.0100%	4h	0.04643	0.000%	—	$1.9M	—
Variational Omni CHIP	+0.0100%	4h	0.04631	−0.263%	$870K	$458K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04615	−0.603%	$708	$1.1M	10x	as long as short
Extended CHIP-USD	+0.0104%	1h	0.04642	−0.026%	$216K	$1.9M	5x	as long as short
Aftermath Perps CHIPUSD	+0.0288%	1h	0.04638	−0.113%	$118	$38K	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0848%	1h	0.04715	+1.542%	$45K	$40K	50x	as long as short
Deribit CHIP_USDC-PERPETUAL	+0.1236%	1h	0.04649	+0.123%	$10K	$24K	10x	as long as short