Funding arb · Price arb /

STRK

all STRK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.033%

Price spread now: Backpack against Bybit+0.114%45s7-day average +0.084% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$630.626% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.692%+$69 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now +0.114%, 7d avg +0.084%

Together, before fees+0.739%+$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.030% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.084%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STRKUSDT	0.04373	0.0013	pay 0.0006% / 4h	1h 01m	$15.4M	$21.3M	50x
Short	Backpack STRK_USDC_PERP	0.04378	0.0100	get 0.0013% / 1h	1m 28s	$25K	$148K	10x

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 +0.114%Rate

Funding earned: $18.3
Price spread: +0.114% → +0.084%: $3.04
Slippage, 4 orders: −$41.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.22
Costs to cover: 0.626%
Break-even: 22.8 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 17 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, 2 min ago	1.14 bp	13.0 bp −$13	39.9 bp −$399	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	2.28 bp	21.0 bp −$21	doesn't fit	doesn't fit	doesn't fit

STRK 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
Coinbase International STRK-PERP-INTX	−0.0592%	1h	0.04355	−0.412%	$62K	$95K	25x	as long as short
dYdX STRK-USD	0.0000%	1h	0.04380	+0.169%	$20K	$24K	5x	as long as short
Bybit STRKUSDTlong	+0.0013%	4h	0.04373	long leg	$15.4M	$21.3M	50x
Injective STRK/USDC PERP	+0.0033%	1h	0.05070	+15.939%	$3K	$38K	5.5x	as long as short
BloFin STRK-USDT	+0.0069%	4h	0.04381	+0.183%	$753K	$718K	75x	as long as short
Paradex STRK-USD-PERP	+0.0100%	8h	0.04377	+0.101%	$8K	$144	20x	as long as short
Hyperliquid STRK	+0.0100%	1h	0.04379	+0.137%	$15.0M	$7.4M	5x	as long as short
Aster STRKUSDT	+0.0100%	4h	0.04380	+0.158%	$34K	$361K	10x	as long as short
Pacifica STRK	+0.0100%	1h	0.04380	+0.160%	$44K	$69K	5x	as long as short
Binance STRKUSDT	+0.0100%	4h	0.04379	+0.137%	$12.5M	$49.8M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX STRK-USDT-SWAP	+0.0100%	4h	0.04375	+0.046%	$4.9M	$23.3M	50x	as long as short
Gate STRK_USDT	+0.0100%	4h	0.04376	+0.069%	$583K	$1.4M	50x	as long as short
MEXC STRK_USDT	+0.0100%	4h	0.04378	+0.114%	$12.3M	$2.2M	100x	as long as short
KuCoin STRKUSDTM	+0.0100%	4h	0.04377	+0.091%	$1.5M	$1.9M	50x	as long as short
Bitget STRKUSDT	+0.0100%	4h	0.04374	+0.032%	$3.1M	$4.1M	75x	as long as short
BingX STRK-USDC	+0.0100%	4h	0.04377	+0.091%	—	$720K	—	as long as short
Backpack STRK_USDC_PERPshort	+0.0100%	1h	0.04378	+0.114%	$25K	$148K	10x
Variational Omni STRK	+0.0100%	4h	0.04364	−0.208%	$258K	$1.9M	—	as long as short
GRVT STRK_USDT_Perp	+0.0100%	4h	0.04370	−0.069%	$194K	$3.5M	10x	as long as short
SunX STRK-USDT	+0.0100%	4h	0.04480	+2.447%	$1K	$830K	20x	as long as short
Extended STRK-USD	+0.0104%	1h	0.04375	+0.038%	$121K	$626K	10x	as long as short
Lighter STRK	+0.0352%	1h	0.04387	+0.320%	$271K	$541K	5x	as long as short
Deribit STRK_USDC-PERPETUAL	+0.0663%	1h	0.04385	+0.274%	$8K	$24K	25x	as long as short
Kraken Futures PF_STRKUSD	+0.1171%	1h	0.04380	+0.163%	$469K	$511K	20x	as long as short