Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0786%/8h= −86.1% APRpaid last 24h −0.182%

Price spread now: Backpack against Orderly−0.012%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Backpack

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$24 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_EDGE_USDC	0.5846	0.0353	pay 0.0177% / 4h	3h 03m	$3K	—	10x
Short	Backpack EDGE_USDC_PERP	0.5845	−0.0432	pay 0.0054% / 1h	3m 07s	$59K	$100K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$165.03
Price spread: −0.012% → 0.000%: −$1.2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$182.23
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 89 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 89 min ago	2.51 bp	27.4 bp −$27	doesn't fit	doesn't fit	doesn't fit

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
Backpack EDGE_USDC_PERPshort	−0.0432%	1h	0.5845	−0.012%	$59K	$100K	3.3x
Lighter EDGE	+0.0096%	1h	0.5831	−0.255%	$54K	$9K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5838	−0.137%	$6.9M	$3.3M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5842	−0.068%	$2.1M	$2.3M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5835	−0.188%	$4.6M	$980K	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5822	−0.408%	$190K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5843	−0.048%	$10K	$1.7M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5849	+0.051%	$1K	$292K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6099	+4.328%	$4K	$595K	10x	as long as short
BloFin EDGE-USDT	+0.0104%	4h	0.5845	−0.017%	$639K	$125K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0119%	4h	0.5844	−0.038%	$14.0M	$3.4M	30x	as long as short
Aster EDGEUSDT	+0.0145%	4h	0.5836	−0.167%	$67K	$134K	5x	as long as short
MEXC EDGE_USDT	+0.0154%	4h	0.5849	+0.051%	$1.2M	$941K	50x	as long as short
Extended EDGE-USD	+0.0160%	1h	0.5846	−0.001%	$26K	$230K	5x	as long as short
Binance EDGEUSDT	+0.0160%	4h	0.5849	+0.058%	$9.9M	$9.9M	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0164%	4h	0.5849	+0.051%	$3.6M	$5.7M	20x	as long as short
Orderly PERP_EDGE_USDClong	+0.0353%	4h	0.5846	long leg	$3K	—	10x