Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0239%/8h= +26.2% APRpaid last 24h +0.128%

Price spread now: Bybit against Backpack−0.133%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$318as in the Funding arb table

Net, price: spread back to 7d avg − costs−$267as in the Price arb table

costs, in and out, $10k−$2482.484% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.700%−$70 on $10k

Price spread, last 4 days (all we have)+0.372%+$37 · spread now −0.133%, 7d avg +0.048%

Together, before fees−0.328%−$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.181% cheaper against Backpack than usual: you would sell low and buy high (spread −0.133% now, against its 7-day average of +0.048%). If the spread goes back, that is −$18 on $10k: about 2.5 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.700%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5942	−0.0139	get 0.0017% / 1h	6m 08s	$58K	$111K	3.3x
Short	Bybit EDGEUSDT	0.5934	0.0100	get 0.0050% / 4h	6m 08s	$7.1M	$3.4M	25x

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 −0.133%Rate

Funding earned: $50.2
Price spread: −0.133% → +0.048%: −$18.12
Slippage, 4 orders: −$227.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$216.36
Costs to cover: 2.484%
Break-even: 37.2 days

Slippage from Backpack: live order book, 28 min ago; Bybit: live order book, 2 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, 28 min ago	3.01 bp	14.1 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.37 bp	103.8 bp −$104	317.5 bp −$3,175	doesn't fit	doesn't fit

EDGE on 17 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 EDGE_USDC_PERPlong	−0.0139%	1h	0.5942	long leg	$58K	$111K	3.3x
Lighter EDGE	+0.0096%	1h	0.5932	−0.167%	$43K	$19K	3x	as long as short
Bybit EDGEUSDTshort	+0.0100%	4h	0.5934	−0.133%	$7.1M	$3.4M	25x
KuCoin EDGEUSDTM	+0.0100%	4h	0.5935	−0.116%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5941	−0.015%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5933	−0.150%	$188K	$136K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5947	+0.086%	$11K	$2.4M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5941	−0.015%	$9K	$305K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5907	−0.587%	$4K	$626K	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0366%	4h	0.5949	+0.119%	$3.7M	$5.8M	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0376%	4h	0.5959	+0.283%	$14.2M	$3.6M	30x	as long as short
BloFin EDGE-USDT	+0.0414%	4h	0.5939	−0.049%	$659K	$102K	50x	as long as short
MEXC EDGE_USDT	+0.0420%	4h	0.5945	+0.052%	$1.1M	$903K	50x	as long as short
Binance EDGEUSDT	+0.0422%	4h	0.5946	+0.066%	$10.2M	$10.5M	50x	as long as short
Extended EDGE-USD	+0.0424%	1h	0.5940	−0.035%	$30K	$193K	5x	as long as short
Aster EDGEUSDT	+0.0436%	4h	0.5937	−0.075%	$58K	$152K	5x	as long as short
Orderly PERP_EDGE_USDC	+0.0554%	4h	0.5938	−0.066%	$3K	$359	10x	as long as short