Funding arb · Price arb /

EDGE

all EDGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0477%/8h= −52.2% APRpaid last 24h −0.128%

Price spread now: Backpack against Bitget−0.022%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1191.185% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.713%+$71 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now −0.022%, 7d avg −0.071%

Together, before fees+0.593%+$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.049% dearer against Bitget than usual: you sell high and buy low (spread −0.022% now, against its 7-day average of −0.071%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.713%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget EDGEUSDT	0.5888	0.0100	pay 0.0050% / 4h	2h 52m	$4.7M	$1.0M	20x
Short	Backpack EDGE_USDC_PERP	0.5887	−0.0377	pay 0.0047% / 1h	52m 50s	$59K	$101K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$100.18
Price spread: −0.022% → −0.071%: $4.93
Slippage, 4 orders: −$96.52
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$213.77
Costs to cover: 1.185%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 56 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 Bitget live order book, 5 min ago	5.04 bp	38.8 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 56 min ago	1.09 bp	27.9 bp −$28	doesn't fit	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_PERPshort	−0.0377%	1h	0.5887	−0.022%	$59K	$101K	3.3x
Lighter EDGE	+0.0096%	1h	0.5871	−0.292%	$49K	$13K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5880	−0.136%	$7.1M	$3.4M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5877	−0.187%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDTlong	+0.0100%	4h	0.5888	long leg	$4.7M	$1.0M	20x
Variational Omni EDGE	+0.0100%	4h	0.5910	+0.375%	$188K	$128K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5856	−0.543%	$2K	$1.9M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5950	+1.053%	$11K	$296K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5833	−0.934%	$3K	$618K	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0414%	4h	0.5897	+0.153%	$3.6M	$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	+0.0458%	4h	0.5958	+1.182%	$14.2M	$3.6M	30x	as long as short
Aster EDGEUSDT	+0.0483%	4h	0.5878	−0.165%	$68K	$132K	5x	as long as short
Binance EDGEUSDT	+0.0527%	4h	0.5890	+0.032%	$10.0M	$10.4M	50x	as long as short
Extended EDGE-USD	+0.0528%	1h	0.5885	−0.050%	$27K	$194K	5x	as long as short
MEXC EDGE_USDT	+0.0528%	4h	0.5889	+0.017%	$1.1M	$909K	50x	as long as short
BloFin EDGE-USDT	+0.0580%	4h	0.5890	+0.034%	$658K	$97K	50x	as long as short
Orderly PERP_EDGE_USDC	+0.0764%	4h	0.5877	−0.187%	$3K	—	10x	as long as short