Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.017%

Price spread now: Binance against Backpack−0.345%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

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

costs, in and out, $10k−$870.874% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.450%+$45 on $10k

Price spread, last 4 days (all we have)+0.511%+$51 · spread now −0.345%, 7d avg −0.075%

Together, before fees+0.961%+$96 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.270% cheaper against Backpack than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.075%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.450%, 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	Backpack S_USDC_PERP	0.03920	0.0382	pay 0.0048% / 1h	37m 44s	$114K	$311K	5x
Short	Binance SUSDT	0.03906	0.0100	get 0.0050% / 4h	37m 44s	$5.3M	$17.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.345%Rate

Funding earned: −$59.18
Price spread: −0.345% → −0.075%: −$27
Slippage, 4 orders: −$67.36
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$173.53
Costs to cover: 0.874%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; Binance: live order book, 3 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, 41 min ago	12.77 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	1.27 bp	21.7 bp −$22	57.5 bp −$575	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.6544%	1h	0.03850	−1.786%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2135%	1h	0.03907	−0.326%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.398%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0972%	4h	0.03918	−0.051%	$609K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0201% / S +0.0194%	1h	0.03912	−0.207%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03910	−0.248%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03913	−0.182%	$603	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0006%	1h	0.03913	−0.179%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03909	−0.281%	$100K	$340K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.592%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03908	−0.306%	$164K	$217K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03906	−0.347%	$979K	$694K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03918	−0.039%	$43K	$145K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.03906	−0.345%	$5.3M	$17.4M	75x
Bybit SUSDT	+0.0100%	4h	0.03902	−0.459%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03906	−0.357%	$977K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03906	−0.357%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03907	−0.332%	$3.5M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03907	−0.332%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03911	−0.230%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03906	−0.357%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.255%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03906	−0.368%	$220K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	−0.051%	$267K	$126K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0382%	1h	0.03920	long leg	$114K	$311K	5x