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 −0.013%

Price spread now: BingX against Backpack−0.383%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$830.832% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.541%+$54 on $10k

Price spread, last 4 days (all we have)+0.376%+$38 · spread now −0.383%, 7d avg −0.094%

Together, before fees+0.917%+$92 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 BingX is 0.289% cheaper against Backpack than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.094%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.541%, 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 17s	$114K	$311K	5x
Short	BingX S-USDT	0.03905	0.0100	get 0.0050% / 4h	37m 17s	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.383%Rate

Funding earned: −$59.18
Price spread: −0.383% → −0.094%: −$28.86
Slippage, 4 orders: −$63.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$171.21
Costs to cover: 0.832%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; BingX: live order book, just now.

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 BingX live order book, just now	5.12 bp	18.9 bp −$19	54.9 bp −$549	298.6 bp −$29.9K	669.3 bp −$334.7K

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	−0.6472%	1h	0.03840	−2.041%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2138%	1h	0.03902	−0.470%	$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	0.03909	−0.291%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03903	−0.426%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03909	−0.281%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03910	−0.251%	$603	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03907	−0.332%	$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	0.03905	−0.370%	$979K	$694K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03919	−0.037%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03904	−0.408%	$5.3M	$17.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03901	−0.485%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03904	−0.408%	$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	0.03904	−0.408%	$3.5M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03906	−0.357%	$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-USDTshort	+0.0100%	4h	0.03905	−0.383%	—	$6.7M	—
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.255%	$25K	$454K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03903	−0.431%	$220K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03908	−0.306%	$267K	$126K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0382%	1h	0.03920	long leg	$114K	$311K	5x