Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.001%

Price spread now: Paradex against Backpack−0.047%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.047% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack CC_USDC_PERP	0.1197	0.0100	pay 0.0013% / 1h	48m 44s	$16K	$22K	10x
Short	Paradex CC-USD-PERP	0.1196	0.0099	get 0.0099% / 8h	7h 48m	$1K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$0.15
Price spread: −0.047% → 0.000%: −$4.73
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$18.87
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Paradex: 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 Backpack no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Backpack and Paradex: 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.

CC on 19 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 CC/USDC PERP	+0.0033%	1h	0.1180	−1.412%	$402	$3K	5.5x	as long as short
Paradex CC-USD-PERPshort	+0.0099%	8h	0.1196	−0.047%	$1K	—	5x
Aster CCUSDT	+0.0100%	4h	0.1197	−0.013%	$35K	$27K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1197	−0.024%	$11.3M	$12.0M	75x	as long as short
Bybit CCUSDT	+0.0100%	4h	0.1197	+0.008%	$11.0M	$3.7M	25x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1197	0.000%	$2.6M	$3.0M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1196	−0.117%	$366K	$168K	50x	as long as short
MEXC CC_USDT	+0.0100%	4h	0.1196	−0.042%	$1.8M	$351K	100x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1197	+0.017%	$494K	$100K	50x	as long as short
Bitget CCUSDT	+0.0100%	4h	0.1197	+0.025%	$930K	$744K	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CC-USDT	+0.0100%	4h	0.1197	0.000%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERPlong	+0.0100%	1h	0.1197	long leg	$16K	$22K	10x
Variational Omni CC	+0.0100%	4h	0.1194	−0.217%	$608K	$55K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1194	−0.217%	$80K	$3.1M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1195	−0.137%	$6K	$33K	6.7x	as long as short
BloFin CC-USDT	+0.0340%	4h	0.1194	−0.242%	$606K	$103K	75x	as long as short
Hyperliquid CC	+0.0352%	1h	0.1200	+0.242%	$5.6M	$1.3M	3x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0454% / S −0.0241%	1h	0.1197	−0.004%	$45K	—	50x	as long as short
Lighter CC	+0.0832%	1h	0.1202	+0.426%	$256K	$169K	5x	as long as short