Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1684%/8h= −184.3% APRpaid last 24h −0.110%

Price spread now: MEXC against Backpack+0.124%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.319%+$32 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now +0.124%, 7d avg −0.067%

Together, before fees+0.190%+$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.191% dearer against Backpack than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of −0.067%): +$19 on $10k if it goes back. Holding the pair costs −$51 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 7 days funding on this pair paid +0.319%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.319% in total (about 16.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.04030	0.1784	pay 0.0223% / 1h	3m 43s	$117K	$426K	5x
Short	MEXC S_USDT	0.04035	0.0100	get 0.0050% / 4h	1h 03m	$4.1M	$1.8M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$353.54
Price spread: +0.124% → −0.067%: $19.06
Slippage, 4 orders: −$49.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$398.14
Costs to cover: 0.637%
Break-even: never at this rate

Slippage from Backpack: live order book, 40 min ago; MEXC: live order book, 4 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, 40 min ago	12.30 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	2.48 bp	6.5 bp −$6	77.4 bp −$774	272.3 bp −$27.2K	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	−0.7632%	1h	0.03950	−1.985%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2396%	1h	0.04024	−0.148%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−1.712%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04026	−0.092%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04021	−0.227%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04025	−0.128%	$620	—	150x	as long as short
Variational Omni S	+0.0010%	4h	0.04022	−0.191%	$625K	$22K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.737%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0086%	4h	0.04024	−0.149%	$100K	$591K	10x	as long as short
Lighter S	+0.0096%	1h	0.04037	+0.174%	$172K	$139K	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	0.04033	+0.067%	$1.0M	$579K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04032	+0.062%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04033	+0.085%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04029	−0.025%	$5.7M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04032	+0.050%	$1.0M	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04024	−0.149%	$327K	$179K	50x	as long as short
MEXC S_USDTshort	+0.0100%	4h	0.04035	+0.124%	$4.1M	$1.8M	200x
KuCoin SUSDTM	+0.0100%	4h	0.04022	−0.199%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04032	+0.050%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04028	−0.050%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04040	+0.248%	$23K	$487K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04026	−0.091%	$232K	$396K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04029	−0.025%	$280K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0744%	1h	0.04030	0.000%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.1784%	1h	0.04030	long leg	$117K	$426K	5x