Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1797%/8h= +196.8% APRpaid last 24h +0.069%

Price spread now: BingX against Backpack−0.022%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.354%−$35 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now −0.022%, 7d avg −0.005%

Together, before fees−0.389%−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: +$54 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.354%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.354% in total (about -18.4% 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 CHIP_USDC_PERP	0.04590	−0.1697	get 0.0212% / 1h	33m 40s	$16K	$233K	5x
Short	BingX CHIP-USDT	0.04589	0.0100	get 0.0050% / 4h	2h 33m	—	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $377.4
Price spread: −0.022% → −0.005%: −$1.66
Slippage, 4 orders: −$43.98
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $311.77
Costs to cover: 0.640%
Break-even: 1.2 days

Slippage from Backpack: live order book, 54 min ago; BingX: live order book, 4 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, 54 min ago	3.21 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	3.28 bp	24.8 bp −$25	72.3 bp −$723	659.6 bp −$66.0K	doesn't fit

CHIP on 23 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
Backpack CHIP_USDC_PERPlong	−0.1697%	1h	0.04590	long leg	$16K	$233K	5x
ApeX Omni CHIPUSDT	−0.0721%	1h	0.04577	−0.283%	$14K	$249K	50x	as long as short
Bybit CHIPUSDT	−0.0386%	4h	0.04593	+0.065%	$10.7M	$8.9M	20x	as long as short
OKX CHIP-USDT-SWAP	−0.0197%	4h	0.04591	+0.022%	$1.9M	$9.1M	20x	as long as short
Nado CHIP-PERP	−0.0190%	1h	0.04587	−0.065%	$230K	$18K	5x	as long as short
Phoenix CHIP	−0.0173%	1h	0.04578	−0.261%	$3K	$143K	5x	as long as short
Deribit CHIP_USDC-PERPETUAL	−0.0163%	1h	0.04594	+0.098%	$10K	$24K	10x	as long as short
BloFin CHIP-USDT	−0.0117%	4h	0.04579	−0.240%	$543K	$66K	50x	as long as short
Extended CHIP-USD	−0.0112%	1h	0.04588	−0.033%	$209K	$1.3M	5x	as long as short
Binance CHIPUSDT	−0.0112%	4h	0.04587	−0.065%	$13.8M	$25.7M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CHIP_USDT	−0.0110%	4h	0.04587	−0.065%	$1.8M	$1.2M	50x	as long as short
Aster CHIPUSDT	−0.0052%	4h	0.04594	+0.085%	$43K	$229K	5x	as long as short
Aftermath Perps CHIPUSD	−0.0013%	1h	0.04581	−0.190%	$130	$39K	5x	as long as short
Lighter CHIP	+0.0096%	1h	0.04590	0.000%	$85K	$110K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04598	+0.170%	$14.8M	$6.6M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04591	+0.022%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04591	+0.022%	$690K	$898K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04589	−0.022%	$983K	$1.0M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04591	+0.022%	$2.0M	$3.0M	50x	as long as short
BingX CHIP-USDTshort	+0.0100%	4h	0.04589	−0.022%	—	$1.9M	—
Variational Omni CHIP	+0.0100%	4h	0.04575	−0.319%	$834K	$462K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04586	−0.087%	$670	$1.0M	10x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0816%	1h	0.04757	+3.627%	$46K	$41K	50x	as long as short