Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.025%

Price spread now: KuCoin against Backpack−0.077%7-day average −0.132% · you buy dearer than you sell

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$220as in the Price arb table

costs, in and out, $10k−$2262.257% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.497%+$50 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.077%, 7d avg −0.132%

Together, before fees+0.511%+$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.056% dearer against Backpack than usual: you sell high and buy low (spread −0.077% now, against its 7-day average of −0.132%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.497%, 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	0.0173	pay 0.0022% / 1h	31m 36s	$114K	$312K	5x
Short	KuCoin SUSDTM	0.03917	0.0100	get 0.0050% / 4h	31m 36s	$1.8M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$15.42
Price spread: −0.077% → −0.132%: $5.58
Slippage, 4 orders: −$203.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$235.51
Costs to cover: 2.257%
Break-even: never at this rate

Slippage from Backpack: live order book, 47 min ago; KuCoin: live order book, 6 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, 47 min ago	12.77 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	3.84 bp	99.9 bp −$100	224.4 bp −$2,244	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	−0.6168%	1h	0.03850	−1.786%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2130%	1h	0.03916	−0.096%	$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	−0.1003%	4h	0.03900	−0.509%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0202% / S +0.0194%	1h	0.03919	−0.031%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03915	−0.120%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03919	−0.017%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03916	−0.102%	$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
Lighter S	+0.0096%	1h	0.03921	+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	0.03918	−0.043%	$982K	$695K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03928	+0.208%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03918	−0.056%	$5.4M	$17.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03913	−0.179%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03916	−0.102%	$980K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03913	−0.179%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	−0.051%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTMshort	+0.0100%	4h	0.03917	−0.077%	$1.8M	$2.9M	50x
Bitget SUSDT	+0.0100%	4h	0.03920	0.000%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03916	−0.102%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.255%	$25K	$454K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03916	−0.100%	$220K	$877K	10x	as long as short
Backpack S_USDC_PERPlong	+0.0173%	1h	0.03920	long leg	$114K	$312K	5x
BloFin S-USDT	+0.0340%	4h	0.03910	−0.255%	$267K	$125K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0515%	1h	0.03922	+0.051%	$66K	$10K	10x	as long as short