Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0113%/8h= +12.3% APRpaid last 24h +0.128%

Price spread now: Bybit against Backpack−0.086%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$329as in the Funding arb table

Net, price: spread back to 7d avg − costs−$273as in the Price arb table

costs, in and out, $10k−$2592.595% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.700%−$70 on $10k

Price spread, last 4 days (all we have)+0.324%+$32 · spread now −0.086%, 7d avg +0.048%

Together, before fees−0.375%−$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.134% cheaper against Backpack than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of +0.048%). If the spread goes back, that is −$13 on $10k: about 4.0 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.700%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5959	−0.0013	get 0.0002% / 1h	59m 40s	$58K	$111K	3.3x
Short	Bybit EDGEUSDT	0.5954	0.0100	get 0.0050% / 4h	3h 59m	$7.2M	$3.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.086%Rate

Funding earned: $23.63
Price spread: −0.086% → +0.048%: −$13.38
Slippage, 4 orders: −$238.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$249.23
Costs to cover: 2.595%
Break-even: 80.8 days

Slippage from Backpack: live order book, 34 min ago; Bybit: live order book, 3 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, 34 min ago	3.01 bp	14.1 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.36 bp	118.7 bp −$119	342.3 bp −$3,423	doesn't fit	doesn't fit

EDGE 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
Backpack EDGE_USDC_PERPlong	−0.0013%	1h	0.5959	long leg	$58K	$111K	3.3x
Lighter EDGE	+0.0096%	1h	0.5954	−0.086%	$43K	$19K	3x	as long as short
Bybit EDGEUSDTshort	+0.0100%	4h	0.5954	−0.086%	$7.2M	$3.4M	25x
KuCoin EDGEUSDTM	+0.0100%	4h	0.5960	+0.015%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5961	+0.032%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5952	−0.120%	$189K	$136K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5960	+0.011%	$10K	$2.4M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5965	+0.099%	$9K	$305K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5921	−0.639%	$4K	$626K	10x	as long as short
edgeX EDGEUSDC	+0.0403%	4h	0.5961	+0.031%	$14.3M	$3.6M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin EDGE-USDT	+0.0440%	4h	0.5973	+0.233%	$659K	$103K	50x	as long as short
MEXC EDGE_USDT	+0.0454%	4h	0.5964	+0.082%	$1.1M	$861K	50x	as long as short
Binance EDGEUSDT	+0.0454%	4h	0.5964	+0.075%	$10.3M	$10.5M	50x	as long as short
Extended EDGE-USD	+0.0456%	1h	0.5963	+0.071%	$30K	$193K	5x	as long as short
Aster EDGEUSDT	+0.0457%	4h	0.5961	+0.032%	$58K	$152K	5x	as long as short
OKX EDGE-USDT-SWAP	+0.0470%	4h	0.5963	+0.065%	$3.7M	$5.8M	20x	as long as short
Orderly PERP_EDGE_USDC	+0.0564%	4h	0.5959	−0.002%	$3K	$359	10x	as long as short