Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.119%

Price spread now: Backpack against Bybit−0.008%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.750%+$75 on $10k

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

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EDGEUSDT	0.5901	0.0100	pay 0.0050% / 4h	1h 40m	$7.0M	$3.3M	25x
Short	Backpack EDGE_USDC_PERP	0.5900	0.0100	get 0.0013% / 1h	40m 53s	$59K	$100K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → 0.000%: −$0.85
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.85
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Backpack: 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 Bybit live order book, 2 min ago	2.54 bp	62.7 bp −$63	369.4 bp −$3,694	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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	0.5892	−0.159%	$55K	$8K	3x	as long as short
Bybit EDGEUSDTlong	+0.0100%	4h	0.5901	long leg	$7.0M	$3.3M	25x
Bitget EDGEUSDT	+0.0100%	4h	0.5906	+0.085%	$4.7M	$995K	20x	as long as short
Backpack EDGE_USDC_PERPshort	+0.0100%	1h	0.5900	−0.008%	$59K	$100K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5856	−0.764%	$191K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5873	−0.475%	$8K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5878	−0.390%	$8K	$295K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6184	+4.796%	$4K	$605K	10x	as long as short
KuCoin EDGEUSDTM	+0.0248%	4h	0.5908	+0.119%	$2.1M	$2.3M	50x	as long as short
BloFin EDGE-USDT	+0.0404%	4h	0.5906	+0.085%	$629K	$125K	50x	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	+0.0424%	4h	0.5907	+0.102%	$1.2M	$919K	50x	as long as short
Binance EDGEUSDT	+0.0445%	4h	0.5907	+0.109%	$10.0M	$10.1M	50x	as long as short
Extended EDGE-USD	+0.0448%	1h	0.5907	+0.099%	$27K	$230K	5x	as long as short
Aster EDGEUSDT	+0.0469%	4h	0.5897	−0.059%	$68K	$136K	5x	as long as short
Orderly PERP_EDGE_USDC	+0.0506%	4h	0.5907	+0.102%	$3K	—	10x	as long as short
edgeX EDGEUSDC	+0.0512%	4h	0.5901	+0.003%	$14.1M	$3.4M	30x	as long as short
OKX EDGE-USDT-SWAP	+0.0527%	4h	0.5911	+0.169%	$3.6M	$5.8M	20x	as long as short