Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2058%/8h= −225.3% APRpaid last 24h −0.062%

Price spread now: Backpack against KuCoin−0.109%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1321.316% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.562%+$56 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.109%, 7d avg −0.041%

Together, before fees+0.511%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$62 a day on $10k at the current rate, and Backpack is 0.068% cheaper against KuCoin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.041%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.562%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.562% in total (about 29.3% 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	KuCoin CHIPUSDTM	0.04578	0.0100	pay 0.0050% / 4h	2h 40m	$980K	$1.0M	50x
Short	Backpack CHIP_USDC_PERP	0.04573	−0.1958	pay 0.0245% / 1h	40m 06s	$16K	$233K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$432.11
Price spread: −0.109% → −0.041%: −$6.85
Slippage, 4 orders: −$109.63
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$570.58
Costs to cover: 1.316%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Backpack: live order book, 48 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 KuCoin live order book, 4 min ago	10.93 bp	77.9 bp −$78	612.3 bp −$6,123	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	3.21 bp	10.9 bp −$11	doesn't fit	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_PERPshort	−0.1958%	1h	0.04573	−0.109%	$16K	$233K	5x
Deribit CHIP_USDC-PERPETUAL	−0.0776%	1h	0.04577	−0.024%	$10K	$24K	10x	as long as short
ApeX Omni CHIPUSDT	−0.0734%	1h	0.04572	−0.131%	$14K	$249K	50x	as long as short
Bybit CHIPUSDT	−0.0421%	4h	0.04575	−0.066%	$10.6M	$8.9M	20x	as long as short
Nado CHIP-PERP	−0.0196%	1h	0.04573	−0.098%	$229K	$18K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0192%	4h	0.04573	−0.109%	$1.9M	$9.1M	20x	as long as short
Phoenix CHIP	−0.0173%	1h	0.04579	+0.022%	$3K	$143K	5x	as long as short
Extended CHIP-USD	−0.0104%	1h	0.04575	−0.075%	$209K	$1.3M	5x	as long as short
Binance CHIPUSDT	−0.0101%	4h	0.04571	−0.153%	$13.8M	$25.7M	50x	as long as short
MEXC CHIP_USDT	−0.0100%	4h	0.04571	−0.153%	$1.8M	$1.2M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin CHIP-USDT	−0.0096%	4h	0.04568	−0.218%	$545K	$65K	50x	as long as short
Aster CHIPUSDT	−0.0067%	4h	0.04576	−0.047%	$41K	$228K	5x	as long as short
Aftermath Perps CHIPUSD	+0.0020%	1h	0.04582	+0.091%	$84	$39K	5x	as long as short
Lighter CHIP	+0.0096%	1h	0.04574	−0.087%	$85K	$110K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04579	+0.013%	$14.7M	$6.6M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04574	−0.094%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04579	+0.022%	$688K	$898K	50x	as long as short
KuCoin CHIPUSDTMlong	+0.0100%	4h	0.04578	long leg	$980K	$1.0M	50x
Bitget CHIPUSDT	+0.0100%	4h	0.04575	−0.066%	$2.0M	$3.0M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04572	−0.131%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04576	−0.054%	$835K	$462K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04568	−0.218%	$832	$1.0M	10x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0816%	1h	0.04757	+3.899%	$46K	$41K	50x	as long as short