Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0462%/8h= −50.6% APRpaid last 24h −0.078%

Price spread now: Phemex against Backpack0.000%7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 3 days (all we have)+1.341%+$134 · spread now 0.000%, 7d avg −0.054%

Together, before fees+1.118%+$112 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.054% dearer against Backpack than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.054%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.223% in total) that is about 41 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.223% in total (about -11.6% 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	Backpack ARB_USDC_PERP	0.2234	0.0562	pay 0.0070% / 1h	14m 18s	$1.1M	$2.7M	20x
Short	Phemex ARBUSDT	0.2234	0.0100	get 0.0100% / 8h	2h 14m	$5.2M	$13.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$97.08
Price spread: 0.000% → −0.054%: $5.42
Slippage, 4 orders: −$25.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$139.01
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Phemex: live order book, 5 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 Backpack live order book, 5 min ago	1.34 bp	11.9 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	6.69 bp	15.2 bp −$15	29.0 bp −$290	doesn't fit	doesn't fit

ARB on 36 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
Injective ARB/USDC PERP	−0.1675%	1h	0.2224	−0.448%	$40K	$197K	12x	as long as short
01 Exchange ARBUSD	−0.0272%	1h	0.2230	−0.201%	$7K	$2K	10x	as long as short
Variational Omni ARB	−0.0162%	8h	0.2234	−0.020%	$1.9M	$2.8M	—	as long as short
Bybit ARBUSDT	−0.0152%	8h	0.2229	−0.206%	$56.1M	$135.8M	50x	as long as short
SoDEX ARB-USD	−0.0109%	1h	0.2231	−0.148%	$4K	$2.9M	5x	as long as short
OKX ARB-USDT-SWAP	−0.0103%	8h	0.2229	−0.233%	$22.2M	$164.1M	50x	as long as short
MEXC ARB_USDT	−0.0102%	8h	0.2229	−0.215%	$37.0M	$63.8M	200x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0064%	1h	0.2232	−0.107%	$38K	$20K	25x	as long as short
Kraken Futures PF_ARBUSD	−0.0053%	1h	0.2232	−0.083%	$1.1M	$5.2M	50x	as long as short
Polymarket Perps ARB-USD	−0.0045%	1h	0.2229	−0.224%	$77K	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ARB_USDC	−0.0019%	8h	0.2230	−0.179%	$11K	$388K	10x	as long as short
Extended ARB-USD	−0.0016%	1h	0.2229	−0.233%	$355K	$2.4M	25x	as long as short
Binance ARBUSDT	−0.0015%	8h	0.2229	−0.206%	$63.4M	$324.5M	75x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2230	−0.184%	$66K	$4K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0005%	1h	0.2231	−0.142%	$56K	—	150x	as long as short
Gate ARB_USDT	+0.0007%	8h	0.2230	−0.188%	$5.5M	$21.6M	60x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2230	−0.164%	$146K	$12K	3x	as long as short
BingX ARB-USDT	+0.0088%	8h	0.2229	−0.228%	—	$54.0M	—	as long as short
Bitget ARBUSDT	+0.0089%	8h	0.2229	−0.224%	$20.9M	$38.3M	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2231	−0.130%	$1.3M	$7.7M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2232	−0.107%	$39.8M	$52.9M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2231	−0.141%	$692K	$1.8M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2231	−0.144%	$47K	$199K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2230	−0.179%	$20.5M	$17.0M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2240	+0.248%	$40K	$457K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2241	+0.313%	$483K	$4.1M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2238	+0.179%	$121K	$297K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2231	−0.134%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2230	−0.201%	$274K	$1.2M	50x	as long as short
Phemex ARBUSDTshort	+0.0100%	8h	0.2234	0.000%	$5.2M	$13.7M	50x
BloFin ARB-USDT	+0.0106%	8h	0.2232	−0.107%	$3.0M	$3.3M	75x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0154% / S −0.0018%	1h	0.2231	−0.156%	$846K	—	150x	as long as short
Coinbase International ARB-PERP-INTX	+0.0288%	1h	0.2249	+0.671%	$504K	$2.5M	50x	as long as short
Reya ARBRUSDPERP	+0.0291%	1h	0.2229	−0.228%	$2K	$695	20x	as long as short
RISEx ARB/USDC	+0.0546%	1h	0.2232	−0.098%	$495K	$2.8M	10x	as long as short
Backpack ARB_USDC_PERPlong	+0.0562%	1h	0.2234	long leg	$1.1M	$2.7M	20x