Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0359%/8h= −39.3% APRpaid last 24h +0.140%

Price spread now: KuCoin against Backpack+0.008%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$454as in the Funding arb table

Net, price: spread back to 7d avg − costs−$402as in the Price arb table

costs, in and out, $10k−$3913.910% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.635%−$63 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now +0.008%, 7d avg +0.116%

Together, before fees−0.477%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and KuCoin is 0.108% cheaper against Backpack than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.116%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5961	0.0533	pay 0.0067% / 1h	55m 48s	$60K	$124K	3.3x
Short	KuCoin EDGEUSDTM	0.5962	0.0174	get 0.0087% / 4h	2h 55m	$2.1M	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$75.35
Price spread: +0.008% → +0.116%: −$10.77
Slippage, 4 orders: −$369.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$477.13
Costs to cover: 3.910%
Break-even: never at this rate

Slippage from Backpack: live order book, 13 min ago; KuCoin: live order book, 11 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, 13 min ago	3.87 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	4.20 bp	191.2 bp −$191	912.8 bp −$9,128	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
Lighter EDGE	+0.0096%	1h	0.5951	−0.173%	$43K	$21K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5955	−0.109%	$7.2M	$3.4M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5953	−0.143%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5954	−0.120%	$188K	$145K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5949	−0.215%	$11K	$3.4M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5958	−0.059%	$9K	$295K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5924	−0.629%	$4K	$649K	10x	as long as short
KuCoin EDGEUSDTMshort	+0.0174%	4h	0.5962	+0.008%	$2.1M	$2.2M	50x
Aster EDGEUSDT	+0.0415%	4h	0.5968	+0.107%	$58K	$159K	5x	as long as short
edgeX EDGEUSDC	+0.0507%	4h	0.5949	−0.205%	$14.4M	$3.7M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX EDGE-USDT-SWAP	+0.0515%	4h	0.5961	−0.008%	$3.7M	$6.1M	20x	as long as short
Backpack EDGE_USDC_PERPlong	+0.0533%	1h	0.5961	long leg	$60K	$124K	3.3x
BloFin EDGE-USDT	+0.0548%	4h	0.5965	+0.059%	$669K	$105K	50x	as long as short
MEXC EDGE_USDT	+0.0588%	4h	0.5959	−0.042%	$1.1M	$697K	50x	as long as short
Binance EDGEUSDT	+0.0590%	4h	0.5965	+0.059%	$10.4M	$11.1M	50x	as long as short
Extended EDGE-USD	+0.0592%	1h	0.5965	+0.054%	$27K	$269K	5x	as long as short
Orderly PERP_EDGE_USDC	+0.0686%	4h	0.5961	−0.008%	$2K	$1K	10x	as long as short