Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0411%/8h= +45.0% APRpaid last 24h +0.201%

Price spread now: Orderly against Backpack−0.059%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.059% cheaper against Backpack than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 12 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5917	0.0100	pay 0.0013% / 1h	39m 08s	$60K	$100K	3.3x
Short	Orderly PERP_EDGE_USDC	0.5913	0.0511	get 0.0255% / 4h	1h 39m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.059%Rate

Funding earned: $86.22
Price spread: −0.059% → 0.000%: −$5.92
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $64.3
Costs to cover: 0.160%
Break-even: 1.8 days

Slippage unknown: Backpack: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Backpack and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Lighter EDGE	+0.0096%	1h	0.5907	−0.169%	$55K	$8K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5904	−0.211%	$7.0M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5906	−0.177%	$4.7M	$995K	20x	as long as short
Backpack EDGE_USDC_PERPlong	+0.0100%	1h	0.5917	long leg	$60K	$100K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5893	−0.392%	$192K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5909	−0.130%	$8K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5908	−0.144%	$8K	$294K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6181	+4.471%	$4K	$605K	10x	as long as short
KuCoin EDGEUSDTM	+0.0240%	4h	0.5916	−0.008%	$2.1M	$2.3M	50x	as long as short
Extended EDGE-USD	+0.0456%	1h	0.5920	+0.059%	$27K	$230K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin EDGE-USDT	+0.0457%	4h	0.5918	+0.025%	$630K	$126K	50x	as long as short
MEXC EDGE_USDT	+0.0458%	4h	0.5918	+0.025%	$1.2M	$919K	50x	as long as short
Binance EDGEUSDT	+0.0458%	4h	0.5923	+0.110%	$10.1M	$10.1M	50x	as long as short
Aster EDGEUSDT	+0.0472%	4h	0.5905	−0.190%	$68K	$136K	5x	as long as short
Orderly PERP_EDGE_USDCshort	+0.0511%	4h	0.5913	−0.059%	$3K	—	10x
edgeX EDGEUSDC	+0.0530%	4h	0.5916	−0.009%	$14.1M	$3.4M	30x	as long as short
OKX EDGE-USDT-SWAP	+0.0538%	4h	0.5926	+0.161%	$3.6M	$5.8M	20x	as long as short