Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0297%/8h= +32.6% APRpaid last 24h +0.006%

Price spread now: Backpack against BingX+0.256%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$850.852% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.551%−$55 on $10k

Price spread, last 4 days (all we have)−0.215%−$21 · spread now +0.256%, 7d avg +0.091%

Together, before fees−0.766%−$77 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.164% dearer against BingX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.091%. Mind the row above: over the last 7 days funding on this pair cost −0.551%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX S-USDT	0.03910	0.0100	pay 0.0050% / 4h	1h 02m	—	$6.7M	—
Short	Backpack S_USDC_PERP	0.03920	0.0397	get 0.0050% / 1h	2m 54s	$114K	$302K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.256%Rate

Funding earned: $62.46
Price spread: +0.256% → +0.091%: $16.43
Slippage, 4 orders: −$65.23
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$6.34
Costs to cover: 0.852%
Break-even: 7.7 days

Slippage from BingX: live order book, 14 min ago; Backpack: live order book, 15 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 BingX live order book, 14 min ago	3.85 bp	20.1 bp −$20	55.6 bp −$556	443.0 bp −$44.3K	748.0 bp −$374.0K
Sell Backpack live order book, 15 min ago	12.77 bp	29.2 bp −$29	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	−0.1960%	1h	0.03850	−1.535%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1598%	1h	0.03912	+0.046%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.148%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0957%	4h	0.03896	−0.359%	$606K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0198% / S +0.0191%	1h	0.03918	+0.192%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03913	+0.076%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03918	+0.194%	$604	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03918	+0.205%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03915	+0.128%	$100K	$343K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.859%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03918	+0.205%	$164K	$223K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03914	+0.113%	$982K	$712K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03916	+0.161%	$43K	$212K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03914	+0.092%	$5.3M	$18.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03907	−0.077%	$5.6M	$5.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03913	+0.077%	$977K	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03910	0.000%	$319K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03913	+0.077%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03911	+0.026%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03914	+0.102%	$1.2M	$2.5M	50x	as long as short
BingX S-USDTlong	+0.0100%	4h	0.03910	long leg	—	$6.7M	—
ApeX Omni SUSDT	+0.0100%	1h	0.03900	−0.256%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03913	+0.070%	$219K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03914	+0.102%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0397%	1h	0.03920	+0.256%	$114K	$302K	5x