Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0510%/8h= +55.8% APRpaid last 24h −0.036%

Price spread now: Backpack against Binance−0.019%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Backpack

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance WUSDT	0.01192	0.0100	pay 0.0050% / 4h	1h 22m	$3.0M	$6.6M	50x
Short	Backpack W_USDC_PERP	0.01191	0.0610	get 0.0076% / 1h	22m 37s	$44K	$45K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.019%Rate

Funding earned: $107.1
Price spread: −0.019% → 0.000%: −$1.92
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $85.18
Costs to cover: 0.200%
Break-even: 1.4 days

Slippage unknown: Binance: live order book, 16 min ago; Backpack: no order-book sample. 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 Binance live order book, 16 min ago	2.53 bp	32.3 bp −$32	145.1 bp −$1,451	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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
Deribit W_USDC-PERPETUAL	0.0000%	1h	0.01189	−0.187%	$16K	$2K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+1.458%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01192	+0.031%	$2.0M	$383K	5x	as long as short
Binance WUSDTlong	+0.0100%	4h	0.01192	long leg	$3.0M	$6.6M	50x
Bybit WUSDT	+0.0100%	4h	0.01192	+0.023%	$4.2M	$1.9M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01192	+0.006%	$1.3M	$1.9M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01186	−0.456%	$449K	$253K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01192	+0.023%	$12.9M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01190	−0.137%	$387K	$213K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01192	+0.031%	$1.3M	$568K	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	0.01190	−0.145%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01183	−0.736%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01183	−0.704%	$126K	$413K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01191	−0.028%	$61K	$237K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0312%	1h	0.01190	−0.103%	$14K	$16K	50x	as long as short
Backpack W_USDC_PERPshort	+0.0610%	1h	0.01191	−0.019%	$44K	$45K	15x
Kraken Futures PF_WUSD	+0.1705%	1h	0.01192	+0.044%	$148K	$184K	20x	as long as short