Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0329%/8h= +36.1% APRpaid last 24h +0.103%

Price spread now: Backpack against Orderly+0.178%7-day average +0.088% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now +0.178%, 7d avg +0.088%

Together, before fees+0.314%+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.090% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.088%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.188% in total (about 9.8% 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	Orderly PERP_S_USDC	0.03933	−0.0015	get 0.0007% / 4h	2h 18m	$101K	$338K	10x
Short	Backpack S_USDC_PERP	0.03940	0.0315	get 0.0039% / 1h	18m 01s	$115K	$294K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.178%Rate

Funding earned: $69.19
Price spread: +0.178% → +0.088%: $8.99
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $62.18
Costs to cover: 0.160%
Break-even: 0.7 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 5 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 5 min ago	12.71 bp	32.3 bp −$32	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_SUSD	−0.1451%	1h	0.03932	−0.016%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.721%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0936%	4h	0.03921	−0.311%	$610K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0190% / S +0.0184%	1h	0.03934	+0.015%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03932	−0.029%	$4	—	15x	as long as short
Orderly PERP_S_USDClong	−0.0015%	4h	0.03933	long leg	$101K	$338K	10x
01 Exchange SUSD	0.0000%	1h	0.03930	−0.076%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03935	+0.041%	$606	—	150x	as long as short
Aster SUSDT	+0.0011%	4h	0.03935	+0.058%	$43K	$212K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.246%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03935	+0.051%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03931	−0.051%	$993K	$899K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03932	−0.026%	$5.4M	$23.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03926	−0.178%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03931	−0.051%	$979K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03929	−0.102%	$321K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03933	0.000%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03928	−0.127%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03935	+0.051%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03931	−0.051%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.076%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03930	−0.069%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERPshort	+0.0315%	1h	0.03940	+0.178%	$115K	$294K	5x
BloFin S-USDT	+0.0340%	4h	0.03927	−0.153%	$267K	$159K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0512%	1h	0.03938	+0.127%	$66K	$10K	10x	as long as short