Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1100%/8h= +120.4% APRpaid last 24h −0.030%

Price spread now: Backpack against BloFin+0.538%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$174as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$1031.032% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.707%−$71 on $10k

Price spread, last 4 days (all we have)+0.315%+$32 · spread now +0.538%, 7d avg +0.130%

Together, before fees−0.392%−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Backpack is 0.408% dearer against BloFin than usual: you sell high and buy low: +$41 more if the spread goes back to its 7-day average of +0.130%. Mind the row above: over the last 7 days funding on this pair cost −0.707%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.707% in total (about -36.9% 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	BloFin S-USDT	0.04088	0.0340	pay 0.0170% / 4h	1h 44m	$280K	$111K	75x
Short	Backpack S_USDC_PERP	0.04110	0.1440	get 0.0180% / 1h	44m 33s	$121K	$359K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.538%Rate

Funding earned: $230.95
Price spread: +0.538% → +0.130%: $40.77
Slippage, 4 orders: −$81.19
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $168.53
Costs to cover: 1.032%
Break-even: 1.9 days

Slippage from BloFin: live order book, 77 min ago; Backpack: live order book, 19 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 BloFin live order book, 77 min ago	1.25 bp	20.6 bp −$21	55.2 bp −$552	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	12.24 bp	45.6 bp −$46	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	−1.0720%	1h	0.03950	−3.376%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1678%	1h	0.04095	+0.165%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.614%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0306%	4h	0.04092	+0.093%	$634K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04099	+0.257%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04093	+0.130%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04099	+0.268%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.294%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0065%	4h	0.04100	+0.294%	$102K	$333K	10x	as long as short
Lighter S	+0.0096%	1h	0.04107	+0.465%	$171K	$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	0.04104	+0.379%	$1.0M	$556K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04103	+0.365%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04100	+0.297%	$5.7M	$14.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04090	+0.049%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04096	+0.196%	$1.0M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04098	+0.245%	$337K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04101	+0.318%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04098	+0.245%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04104	+0.391%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04099	+0.269%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04090	+0.049%	$25K	$451K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04098	+0.237%	$230K	$1.1M	10x	as long as short
BloFin S-USDTlong	+0.0340%	4h	0.04088	long leg	$280K	$111K	75x
Deribit S_USDC-PERPETUAL	+0.0482%	1h	0.04104	+0.391%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERPshort	+0.1440%	1h	0.04110	+0.538%	$121K	$359K	5x