Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1566%/8h= −171.5% APRpaid last 24h −0.121%

Price spread now: Orderly against Backpack−0.073%7-day average −0.090% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 4 days (all we have)−0.628%−$63 · spread now −0.073%, 7d avg −0.090%

Together, before fees−0.845%−$84 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.090%, so right now this pair is about funding alone: −$47 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.217% in total (about -11.3% 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	0.04110	0.1634	pay 0.0204% / 1h	21m 05s	$121K	$373K	5x
Short	Orderly PERP_S_USDC	0.04107	0.0068	get 0.0034% / 4h	1h 21m	$102K	$331K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.073%Rate

Funding earned: −$328.9
Price spread: −0.073% → −0.090%: $1.71
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$343.18
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 42 min ago; Orderly: no order-book sample. Net counts fees only.

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, 42 min ago	12.24 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−1.1560%	1h	0.03950	−3.893%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1675%	1h	0.04102	−0.190%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	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	0.04107	−0.071%	$1K	—	100x	as long as short
Variational Omni S	−0.0185%	4h	0.04083	−0.653%	$633K	$31K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04111	+0.032%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04107	−0.074%	$2K	—	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_USDCshort	+0.0068%	4h	0.04107	−0.073%	$102K	$331K	10x
Lighter S	+0.0096%	1h	0.04112	+0.049%	$172K	$157K	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	0.04109	−0.012%	$1.0M	$554K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04110	−0.004%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04108	−0.049%	$5.7M	$13.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04103	−0.170%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04107	−0.073%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04101	−0.219%	$337K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04108	−0.049%	$4.0M	$1.8M	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	0.04109	−0.024%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04106	−0.097%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04090	−0.487%	$25K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04105	−0.111%	$232K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04105	−0.122%	$286K	$104K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0967%	1h	0.04113	+0.073%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.1634%	1h	0.04110	long leg	$121K	$373K	5x