Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1563%/8h= −171.2% APRpaid last 24h −0.098%

Price spread now: OKX against Backpack−0.253%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

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

costs, in and out, $10k−$1251.253% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.240%+$24 on $10k

Price spread, last 4 days (all we have)+0.338%+$34 · spread now −0.253%, 7d avg −0.117%

Together, before fees+0.578%+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and OKX is 0.136% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.117%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.240%, 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 0.240% in total (about 12.5% 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	0.03950	0.1663	pay 0.0208% / 1h	33m 04s	$115K	$424K	5x
Short	OKX S-USDT-SWAP	0.03940	0.0100	get 0.0050% / 4h	3h 33m	$980K	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$328.26
Price spread: −0.253% → −0.117%: −$13.6
Slippage, 4 orders: −$105.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$467.21
Costs to cover: 1.253%
Break-even: never at this rate

Slippage from Backpack: live order book, 21 min ago; OKX: 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, 21 min ago	12.45 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	2.53 bp	41.0 bp −$41	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
Kraken Futures PF_SUSD	−0.2259%	1h	0.03943	−0.188%	$33K	$13K	10x	as long as short
01 Exchange SUSD	−0.1536%	1h	0.03850	−2.532%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03927	−0.582%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03943	−0.177%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03941	−0.233%	$4	—	15x	as long as short
Variational Omni S	−0.0027%	4h	0.03942	−0.207%	$612K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03943	−0.179%	$608	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.797%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0081%	4h	0.03944	−0.152%	$98K	$280K	10x	as long as short
Lighter S	+0.0096%	1h	0.03948	−0.051%	$166K	$156K	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	0.03945	−0.119%	$988K	$591K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03946	−0.094%	$47K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03944	−0.152%	$5.5M	$14.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03937	−0.329%	$5.6M	$4.5M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.03940	−0.253%	$980K	$3.8M	20x
Gate S_USDT	+0.0100%	4h	0.03942	−0.203%	$321K	$189K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03944	−0.152%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03941	−0.228%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03945	−0.127%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03942	−0.203%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03960	+0.253%	$20K	$462K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03940	−0.244%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03949	−0.025%	$273K	$102K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0764%	1h	0.03947	−0.076%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.1663%	1h	0.03950	long leg	$115K	$424K	5x