Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.031%

Price spread now: Gate against Backpack−0.195%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$2042.044% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.494%+$49 on $10k

Price spread, last 4 days (all we have)+0.290%+$29 · spread now −0.195%, 7d avg −0.118%

Together, before fees+0.785%+$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.077% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.118%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.494%, 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	0.04110	0.0228	pay 0.0028% / 1h	58m 14s	$121K	$384K	5x
Short	Gate S_USDT	0.04102	0.0100	get 0.0050% / 4h	58m 14s	$337K	$186K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.195%Rate

Funding earned: −$26.83
Price spread: −0.195% → −0.118%: −$7.67
Slippage, 4 orders: −$179.39
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$238.9
Costs to cover: 2.044%
Break-even: never at this rate

Slippage from Backpack: live order book, 65 min ago; Gate: live order book, 62 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, 65 min ago	12.24 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 62 min ago	8.67 bp	75.6 bp −$76	doesn't fit	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	−1.1056%	1h	0.03960	−3.650%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2494%	1h	0.04093	−0.415%	$34K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.04022	−2.141%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04101	−0.221%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04100	−0.252%	$4	—	15x	as long as short
Variational Omni S	−0.0076%	4h	0.04088	−0.531%	$635K	$31K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04101	−0.215%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.243%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0068%	4h	0.04097	−0.316%	$102K	$311K	10x	as long as short
Lighter S	+0.0096%	1h	0.04102	−0.195%	$172K	$153K	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	0.04104	−0.144%	$1.0M	$558K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04105	−0.111%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04097	−0.323%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04093	−0.414%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04094	−0.389%	$1.1M	$4.0M	20x	as long as short
Gate S_USDTshort	+0.0100%	4h	0.04102	−0.195%	$337K	$186K	50x
MEXC S_USDT	+0.0100%	4h	0.04105	−0.122%	$4.0M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04104	−0.146%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04102	−0.195%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04103	−0.170%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04100	−0.243%	$25K	$452K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04095	−0.357%	$231K	$1.1M	10x	as long as short
Backpack S_USDC_PERPlong	+0.0228%	1h	0.04110	long leg	$121K	$384K	5x
Deribit S_USDC-PERPETUAL	+0.0238%	1h	0.04100	−0.243%	$69K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04103	−0.170%	$284K	$100K	75x	as long as short