Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0845%/8h= +92.6% APRpaid last 24h +0.030%

Price spread now: Backpack against KuCoin+0.172%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$300as in the Funding arb table

Net, price: spread back to 7d avg − costs−$249as in the Price arb table

costs, in and out, $10k−$2532.532% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.473%−$47 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now +0.172%, 7d avg +0.132%

Together, before fees−0.541%−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Backpack is 0.040% dearer against KuCoin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.132%. Mind the row above: over the last 7 days funding on this pair cost −0.473%, 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 -0.473% in total (about -24.6% 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	KuCoin SUSDTM	0.04073	0.0100	pay 0.0050% / 4h	2h 07m	$1.9M	$2.7M	50x
Short	Backpack S_USDC_PERP	0.04080	0.0945	get 0.0118% / 1h	7m 00s	$119K	$349K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.172%Rate

Funding earned: $177.51
Price spread: +0.172% → +0.132%: $4.03
Slippage, 4 orders: −$231.24
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$71.71
Costs to cover: 2.532%
Break-even: 9.8 days

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 61 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 KuCoin live order book, 5 min ago	3.68 bp	96.7 bp −$97	319.7 bp −$3,197	doesn't fit	doesn't fit
Sell Backpack live order book, 61 min ago	12.45 bp	26.9 bp −$27	doesn't fit	doesn't fit	doesn't fit

S on 24 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	−0.8920%	1h	0.03940	−3.265%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.252%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1245%	1h	0.04071	−0.060%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0385%	4h	0.04068	−0.116%	$633K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04079	+0.160%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04078	+0.119%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04079	+0.155%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.663%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0052%	4h	0.04079	+0.147%	$101K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.04079	+0.147%	$169K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04074	+0.012%	$1.0M	$562K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04077	+0.099%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04073	0.000%	$5.6M	$14.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04071	−0.049%	$5.8M	$4.7M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04073	0.000%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04074	+0.025%	$335K	$205K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04073	0.000%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.04073	long leg	$1.9M	$2.7M	50x
Bitget SUSDT	+0.0100%	4h	0.04073	0.000%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04074	+0.025%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04070	−0.074%	$24K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04071	−0.060%	$229K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0730%	1h	0.04084	+0.270%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERPshort	+0.0945%	1h	0.04080	+0.172%	$119K	$349K	5x