Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.048%

Price spread now: BloFin against Backpack−0.102%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$860.860% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.729%+$73 on $10k

Price spread, last 3 days (all we have)−0.034%−$3 · spread now −0.102%, 7d avg −0.126%

Together, before fees+0.695%+$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.024% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03910	0.0294	pay 0.0037% / 1h	34m 56s	$114K	$311K	5x
Short	BloFin S-USDT	0.03906	0.0340	get 0.0170% / 4h	34m 56s	$267K	$126K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.102%Rate

Funding earned: $9.62
Price spread: −0.102% → −0.126%: $2.36
Slippage, 4 orders: −$63.99
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$74.01
Costs to cover: 0.860%
Break-even: 60.9 days

Slippage from Backpack: live order book, 43 min ago; BloFin: live order book, 36 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, 43 min ago	12.77 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 36 min ago	1.28 bp	19.9 bp −$20	44.5 bp −$445	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	−0.6288%	1h	0.03840	−1.790%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2137%	1h	0.03903	−0.185%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.148%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1003%	4h	0.03900	−0.254%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0201% / S +0.0194%	1h	0.03907	−0.066%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03905	−0.140%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03909	−0.033%	$602	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03905	−0.128%	$99K	$340K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.859%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03911	+0.026%	$164K	$217K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03910	−0.008%	$980K	$694K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03920	+0.258%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03908	−0.046%	$5.3M	$17.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03903	−0.179%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03907	−0.077%	$977K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03906	−0.102%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03909	−0.026%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03908	−0.051%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03911	+0.026%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03907	−0.077%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	0.000%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03907	−0.087%	$220K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03911	+0.026%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.0294%	1h	0.03910	long leg	$114K	$311K	5x
BloFin S-USDTshort	+0.0340%	4h	0.03906	−0.102%	$267K	$126K	75x