Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0496%/8h= −54.3% APRpaid last 24h +0.061%

Price spread now: KuCoin against Backpack+0.102%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. KuCoin is 0.102% dearer against Backpack than usual: you sell high and buy low (spread +0.102% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack W_USDC_PERP	0.01181	0.0596	pay 0.0075% / 1h	29m 54s	$44K	$47K	15x
Short	KuCoin WUSDTM	0.01182	0.0100	get 0.0050% / 4h	29m 54s	$465K	$215K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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 BackpackbpFee KuCoinbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$104.22
Price spread: +0.102% → 0.000%: $10.16
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$116.06
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; KuCoin: live order book, 32 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 Backpack no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 32 min ago	12.72 bp	75.4 bp −$75	276.4 bp −$2,764	doesn't fit	doesn't fit

Backpack: 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.

W on 17 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
OKX W-USDT-SWAP	−0.0032%	4h	0.01179	−0.169%	$1.3M	$2.0M	20x	as long as short
Deribit W_USDC-PERPETUAL	−0.0004%	1h	0.01180	−0.034%	$17K	$1K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.388%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01180	−0.068%	$2.0M	$423K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01179	−0.110%	$3.0M	$6.8M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01178	−0.246%	$4.1M	$1.9M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01178	−0.212%	$445K	$290K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01179	−0.119%	$12.8M	$1.5M	50x	as long as short
KuCoin WUSDTMshort	+0.0100%	4h	0.01182	+0.102%	$465K	$215K	50x
Bitget WUSDT	+0.0100%	4h	0.01181	+0.017%	$1.3M	$572K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01180	−0.076%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01178	−0.202%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01178	−0.237%	$129K	$385K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01180	−0.075%	$59K	$228K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0248%	1h	0.01188	+0.584%	$14K	$16K	50x	as long as short
Backpack W_USDC_PERPlong	+0.0596%	1h	0.01181	long leg	$44K	$47K	15x
Kraken Futures PF_WUSD	+0.0719%	1h	0.01182	+0.142%	$147K	$181K	20x	as long as short