Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1340%/8h= +146.7% APRpaid last 24h +0.035%

Price spread now: Backpack against MEXC+0.171%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$720.716% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.414%−$41 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now +0.171%, 7d avg +0.064%

Together, before fees−0.680%−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$40 a day on $10k at the current rate, and Backpack is 0.107% dearer against MEXC than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.064%. Mind the row above: over the last 7 days funding on this pair cost −0.414%, 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 -0.414% in total (about -21.6% 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	MEXC S_USDT	0.04103	0.0100	pay 0.0050% / 4h	1h 45m	$4.0M	$1.8M	200x
Short	Backpack S_USDC_PERP	0.04110	0.1440	get 0.0180% / 1h	45m 02s	$121K	$359K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.171%Rate

Funding earned: $281.35
Price spread: +0.171% → +0.064%: $10.67
Slippage, 4 orders: −$57.62
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $220.4
Costs to cover: 0.716%
Break-even: 1.5 days

Slippage from MEXC: live order book, 2 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 MEXC live order book, 2 min ago	1.22 bp	4.4 bp −$4	57.3 bp −$573	262.0 bp −$26.2K	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	−1.0624%	1h	0.03950	−3.729%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1678%	1h	0.04095	−0.201%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.974%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0306%	4h	0.04092	−0.273%	$634K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04099	−0.110%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04093	−0.236%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04099	−0.098%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.073%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0065%	4h	0.04100	−0.073%	$102K	$333K	10x	as long as short
Lighter S	+0.0096%	1h	0.04105	+0.049%	$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	+0.024%	$1.0M	$556K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04101	−0.041%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04101	−0.039%	$5.7M	$14.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04096	−0.171%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04103	0.000%	$1.0M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04096	−0.171%	$336K	$200K	50x	as long as short
MEXC S_USDTlong	+0.0100%	4h	0.04103	long leg	$4.0M	$1.8M	200x
KuCoin SUSDTM	+0.0100%	4h	0.04101	−0.049%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04105	+0.049%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04099	−0.097%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04090	−0.317%	$25K	$451K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04102	−0.013%	$230K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04088	−0.366%	$280K	$111K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0482%	1h	0.04104	+0.024%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERPshort	+0.1440%	1h	0.04110	+0.171%	$121K	$359K	5x