Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0619%/8h= +67.8% APRpaid last 24h +0.186%

Price spread now: OKX against Backpack+0.147%7-day average +0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$810.805% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.565%−$57 on $10k

Price spread, last 4 days (all we have)+0.152%+$15 · spread now +0.147%, 7d avg +0.160%

Together, before fees−0.413%−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.160%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.565%, 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	0.5913	−0.0137	get 0.0017% / 1h	43m 58s	$59K	$114K	3.3x
Short	OKX EDGE-USDT-SWAP	0.5922	0.0482	get 0.0241% / 4h	2h 43m	$3.7M	$5.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.147%Rate

Funding earned: $129.94
Price spread: +0.147% → +0.160%: −$1.27
Slippage, 4 orders: −$60.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $48.15
Costs to cover: 0.805%
Break-even: 4.4 days

Slippage from Backpack: live order book, 45 min ago; OKX: live order book, 4 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, 45 min ago	3.11 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.68 bp	24.3 bp −$24	126.4 bp −$1,264	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	−0.0137%	1h	0.5913	long leg	$59K	$114K	3.3x
Lighter EDGE	+0.0096%	1h	0.5912	−0.022%	$43K	$19K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5910	−0.056%	$7.1M	$3.3M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5918	+0.079%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5916	+0.046%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5914	+0.011%	$187K	$144K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5927	+0.232%	$11K	$2.7M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5927	+0.232%	$9K	$303K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5888	−0.428%	$4K	$631K	10x	as long as short
Aster EDGEUSDT	+0.0378%	4h	0.5919	+0.097%	$52K	$155K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC EDGE_USDT	+0.0470%	4h	0.5917	+0.063%	$1.0M	$813K	50x	as long as short
Binance EDGEUSDT	+0.0471%	4h	0.5919	+0.096%	$10.1M	$10.5M	50x	as long as short
Extended EDGE-USD	+0.0472%	1h	0.5912	−0.023%	$27K	$86K	5x	as long as short
OKX EDGE-USDT-SWAPshort	+0.0482%	4h	0.5922	+0.147%	$3.7M	$5.8M	20x
BloFin EDGE-USDT	+0.0500%	4h	0.5929	+0.266%	$656K	$103K	50x	as long as short
edgeX EDGEUSDC	+0.0516%	4h	0.5937	+0.401%	$14.2M	$3.7M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0581%	4h	0.5919	+0.096%	$3K	$1K	10x	as long as short