Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0779%/8h= +85.3% APRpaid last 24h +0.055%

Price spread now: Backpack against Bybit+0.322%7-day average +0.146% · you sell dearer than you buy

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$1061.059% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.461%−$46 on $10k

Price spread, last 4 days (all we have)−0.435%−$43 · spread now +0.322%, 7d avg +0.146%

Together, before fees−0.895%−$90 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Backpack is 0.176% dearer against Bybit than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.146%. Mind the row above: over the last 7 days funding on this pair cost −0.461%, 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 -0.461% in total (about -24.0% 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	Bybit SUSDT	0.04037	0.0100	pay 0.0050% / 4h	31m 56s	$5.8M	$4.5M	50x
Short	Backpack S_USDC_PERP	0.04050	0.0879	get 0.0110% / 1h	31m 56s	$118K	$403K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.322%Rate

Funding earned: $163.51
Price spread: +0.322% → +0.146%: $17.64
Slippage, 4 orders: −$84.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $75.26
Costs to cover: 1.059%
Break-even: 3.8 days

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 27 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 Bybit live order book, 1 min ago	1.24 bp	34.1 bp −$34	89.0 bp −$890	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	12.15 bp	24.7 bp −$25	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	−0.7880%	1h	0.03960	−1.907%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2528%	1h	0.04038	+0.021%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.03986	−1.263%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04038	+0.020%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04036	−0.029%	$4	—	15x	as long as short
Variational Omni S	−0.0016%	4h	0.04037	−0.005%	$626K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04040	+0.074%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.561%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0063%	4h	0.04040	+0.074%	$100K	$298K	10x	as long as short
Lighter S	+0.0096%	1h	0.04042	+0.124%	$169K	$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	0.04040	+0.079%	$1.0M	$554K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04038	+0.023%	$44K	$131K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04042	+0.124%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.04037	long leg	$5.8M	$4.5M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04042	+0.124%	$1.0M	$3.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04040	+0.074%	$331K	$188K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04041	+0.099%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04038	+0.025%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04042	+0.124%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04040	+0.074%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04030	−0.173%	$24K	$458K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04040	+0.073%	$231K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	−0.322%	$279K	$97K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0740%	1h	0.04044	+0.173%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERPshort	+0.0879%	1h	0.04050	+0.322%	$118K	$403K	5x