Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0423%/8h= +46.4% APRpaid last 24h 0.000%

Price spread now: Backpack against BingX−0.068%7-day average — · you buy dearer than you sell

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

Long on BingX 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

Funding pays, the price is against you. Backpack is 0.068% cheaper against BingX than usual: you would sell low and buy high (spread −0.068% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 13 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX CC-USDT	0.1177	0.0100	pay 0.0050% / 4h	55m 01s	—	$6.6M	—
Short	Backpack CC_USDC_PERP	0.1176	0.0523	get 0.0065% / 1h	55m 01s	$15K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.068%Rate

Funding earned: $88.91
Price spread: −0.068% → 0.000%: −$6.8
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $62.11
Costs to cover: 0.200%
Break-even: 2.1 days

Slippage unknown: BingX: live order book, 7 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 BingX live order book, 7 min ago	5.16 bp	21.2 bp −$21	72.1 bp −$721	360.1 bp −$36.0K	1025.6 bp −$512.8K
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.

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	−0.3320%	1h	0.1150	−2.261%	$6K	$96	5.5x	as long as short
Paradex CC-USD-PERP	+0.0096%	8h	0.1176	−0.019%	$1K	—	5x	as long as short
Aster CCUSDT	+0.0100%	4h	0.1176	−0.022%	$35K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1176	−0.034%	$11.1M	$11.1M	75x	as long as short
Bybit CCUSDT	+0.0100%	4h	0.1176	−0.059%	$10.6M	$3.7M	25x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1178	+0.102%	$2.5M	$3.4M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1175	−0.136%	$365K	$213K	50x	as long as short
MEXC CC_USDT	+0.0100%	4h	0.1176	−0.034%	$1.6M	$312K	100x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1177	+0.008%	$498K	$115K	50x	as long as short
Bitget CCUSDT	+0.0100%	4h	0.1176	−0.068%	$937K	$787K	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-USDTlong	+0.0100%	4h	0.1177	long leg	—	$6.6M	—
Variational Omni CC	+0.0100%	4h	0.1173	−0.345%	$583K	$43K	—	as long as short
GRVT CC_USDT_Perp	+0.0100%	4h	0.1172	−0.407%	$79K	$2.3M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1175	−0.140%	$6K	$36K	6.7x	as long as short
BloFin CC-USDT	+0.0340%	4h	0.1176	−0.059%	$587K	$106K	75x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0444% / S −0.0239%	1h	0.1176	−0.027%	$44K	—	50x	as long as short
Backpack CC_USDC_PERPshort	+0.0523%	1h	0.1176	−0.068%	$15K	$22K	10x
Hyperliquid CC	+0.0891%	1h	0.1179	+0.170%	$5.5M	$1.4M	3x	as long as short
Lighter CC	+0.1520%	1h	0.1180	+0.306%	$236K	$153K	5x	as long as short