Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0559%/8h= +61.2% APRpaid last 24h +0.018%

Price spread now: Backpack against Bitget−0.075%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$930.932% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.448%−$45 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.075%, 7d avg +0.026%

Together, before fees−0.374%−$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.100% cheaper against Bitget than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of +0.026%). If the spread goes back, that is −$10 on $10k: about 14 hours of funding at the current rate (+$17 a day). Mind the row above: over the last 7 days funding on this pair cost −0.448%, 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	Bitget SUSDT	0.04003	0.0100	pay 0.0050% / 4h	2h 52m	$1.2M	$2.4M	50x
Short	Backpack S_USDC_PERP	0.04000	0.0659	get 0.0082% / 1h	52m 29s	$116K	$331K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.075%Rate

Funding earned: $117.39
Price spread: −0.075% → +0.026%: −$10.04
Slippage, 4 orders: −$71.25
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $14.1
Costs to cover: 0.932%
Break-even: 6.2 days

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 16 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 Bitget live order book, 5 min ago	6.28 bp	22.7 bp −$23	85.8 bp −$858	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	12.45 bp	26.9 bp −$27	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	−0.2800%	1h	0.03840	−4.072%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.424%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1271%	1h	0.03988	−0.380%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0631%	4h	0.03947	−1.389%	$614K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03989	−0.357%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04001	−0.046%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03991	−0.294%	$615	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.423%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.03991	−0.300%	$102K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.03999	−0.100%	$164K	$165K	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	0.04004	+0.012%	$1.0M	$609K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03996	−0.181%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04002	−0.022%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03997	−0.150%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04002	−0.025%	$973K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03991	−0.300%	$329K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03999	−0.100%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03997	−0.150%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDTlong	+0.0100%	4h	0.04003	long leg	$1.2M	$2.4M	50x
BingX S-USDT	+0.0100%	4h	0.03997	−0.150%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	−0.575%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03998	−0.132%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03981	−0.550%	$272K	$120K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0659%	1h	0.04000	−0.075%	$116K	$331K	5x
Deribit S_USDC-PERPETUAL	+0.1002%	1h	0.03999	−0.100%	$67K	$10K	10x	as long as short