Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1320%/8h= +144.6% APRpaid last 24h +0.065%

Price spread now: Bybit against Backpack+0.022%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$860.855% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.456%−$46 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now +0.022%, 7d avg +0.037%

Together, before fees−0.547%−$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: +$40 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.456%, 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 -0.456% in total (about -23.8% 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	0.04593	−0.1270	get 0.0159% / 1h	24m 44s	$16K	$234K	5x
Short	Bybit CHIPUSDT	0.04594	0.0050	get 0.0025% / 4h	1h 24m	$10.7M	$8.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.022%Rate

Funding earned: $277.29
Price spread: +0.022% → +0.037%: −$1.53
Slippage, 4 orders: −$64.52
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $190.24
Costs to cover: 0.855%
Break-even: 2.2 days

Slippage from Backpack: live order book, 58 min ago; Bybit: 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 Backpack live order book, 58 min ago	2.17 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.18 bp	31.1 bp −$31	118.5 bp −$1,185	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
Backpack CHIP_USDC_PERPlong	−0.1270%	1h	0.04593	long leg	$16K	$234K	5x
Phoenix CHIP	−0.0352%	1h	0.04587	−0.131%	$3K	$143K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0172%	4h	0.04589	−0.087%	$1.9M	$9.1M	20x	as long as short
Aftermath Perps CHIPUSD	−0.0162%	1h	0.04593	−0.007%	$110	$39K	5x	as long as short
Nado CHIP-PERP	−0.0108%	1h	0.04590	−0.065%	$230K	$18K	5x	as long as short
MEXC CHIP_USDT	−0.0074%	4h	0.04593	0.000%	$1.8M	$1.2M	50x	as long as short
Extended CHIP-USD	−0.0072%	1h	0.04594	+0.014%	$209K	$1.3M	5x	as long as short
Binance CHIPUSDT	−0.0070%	4h	0.04592	−0.020%	$13.8M	$26.0M	50x	as long as short
ApeX Omni CHIPUSDT	−0.0049%	1h	0.04598	+0.109%	$14K	$247K	50x	as long as short
BloFin CHIP-USDT	−0.0044%	4h	0.04590	−0.065%	$539K	$67K	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CHIPUSDTshort	+0.0050%	4h	0.04594	+0.022%	$10.7M	$8.9M	20x
Aster CHIPUSDT	+0.0089%	4h	0.04594	+0.028%	$48K	$229K	5x	as long as short
Lighter CHIP	+0.0096%	1h	0.04596	+0.065%	$85K	$109K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04599	+0.126%	$14.5M	$6.7M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04590	−0.059%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04595	+0.044%	$677K	$904K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04595	+0.044%	$979K	$1.0M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04596	+0.065%	$2.0M	$3.1M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04593	0.000%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04597	+0.085%	$846K	$455K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04591	−0.044%	$692	$1.1M	10x	as long as short
Deribit CHIP_USDC-PERPETUAL	+0.0185%	1h	0.04599	+0.126%	$10K	$25K	10x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0824%	1h	0.04618	+0.551%	$45K	$39K	50x	as long as short