Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0618%/8h= −67.7% APRpaid last 24h −0.005%

Price spread now: Bybit against Backpack−0.407%7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1111.115% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.546%+$55 on $10k

Price spread, last 4 days (all we have)+0.520%+$52 · spread now −0.407%, 7d avg −0.133%

Together, before fees+1.065%+$107 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.274% cheaper against Backpack than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.133%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.546%, 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	0.03930	0.0718	pay 0.0090% / 1h	57m 56s	$114K	$298K	5x
Short	Bybit SUSDT	0.03914	0.0100	get 0.0050% / 4h	1h 57m	$5.6M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.407%Rate

Funding earned: −$129.88
Price spread: −0.407% → −0.133%: −$27.39
Slippage, 4 orders: −$90.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$268.77
Costs to cover: 1.115%
Break-even: never at this rate

Slippage from Backpack: live order book, 25 min ago; Bybit: live order book, 5 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, 25 min ago	12.71 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.56 bp	29.2 bp −$29	77.8 bp −$778	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
Kraken Futures PF_SUSD	−0.1594%	1h	0.03921	−0.241%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.646%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0787%	4h	0.03914	−0.411%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0192% / S +0.0186%	1h	0.03927	−0.084%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03919	−0.274%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	−0.0005%	1h	0.03927	−0.076%	$66K	$10K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03920	−0.254%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03925	−0.117%	$605	—	150x	as long as short
Orderly PERP_S_USDC	+0.0018%	4h	0.03922	−0.204%	$100K	$349K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.326%	$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
Aster SUSDT	+0.0043%	4h	0.03923	−0.183%	$43K	$212K	10x	as long as short
Hyperliquid S	+0.0084%	1h	0.03920	−0.242%	$984K	$878K	5x	as long as short
Lighter S	+0.0096%	1h	0.03925	−0.127%	$164K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03919	−0.274%	$5.3M	$22.5M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03914	−0.407%	$5.6M	$6.2M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03918	−0.305%	$978K	$7.1M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03917	−0.331%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03919	−0.280%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03918	−0.305%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03925	−0.127%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03919	−0.280%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	−0.254%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03917	−0.321%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03921	−0.229%	$269K	$133K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0718%	1h	0.03930	long leg	$114K	$298K	5x