Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.190%

Price spread now: OKX against Backpack+0.042%7-day average +0.157% · you sell dearer than you buy

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$790.792% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.546%−$55 on $10k

Price spread, last 4 days (all we have)+0.243%+$24 · spread now +0.042%, 7d avg +0.157%

Together, before fees−0.303%−$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.116% cheaper against Backpack than usual: you would sell low and buy high (spread +0.042% now, against its 7-day average of +0.157%). If the spread goes back, that is −$12 on $10k: about 36 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 7 days funding on this pair cost −0.546%, 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	0.6017	0.0100	pay 0.0013% / 1h	39m 58s	$57K	$123K	3.3x
Short	OKX EDGE-USDT-SWAP	0.6019	0.0360	get 0.0180% / 4h	39m 58s	$3.8M	$6.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.042%Rate

Funding earned: $54.57
Price spread: +0.042% → +0.157%: −$11.59
Slippage, 4 orders: −$59.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$36.19
Costs to cover: 0.792%
Break-even: 11.6 days

Slippage from Backpack: live order book, 39 min ago; OKX: 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, 39 min ago	3.98 bp	12.5 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	3.30 bp	21.1 bp −$21	125.3 bp −$1,253	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	0.6004	−0.203%	$44K	$22K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.6005	−0.191%	$7.3M	$3.4M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.6018	+0.025%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.6010	−0.108%	$4.8M	$1.1M	20x	as long as short
Backpack EDGE_USDC_PERPlong	+0.0100%	1h	0.6017	long leg	$57K	$123K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.6047	+0.504%	$191K	$145K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.6053	+0.605%	$9K	$3.1M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.6056	+0.657%	$9K	$295K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5970	−0.773%	$3K	$644K	10x	as long as short
Aster EDGEUSDT	+0.0273%	4h	0.6021	+0.068%	$53K	$153K	5x	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-SWAPshort	+0.0360%	4h	0.6019	+0.042%	$3.8M	$6.1M	20x
edgeX EDGEUSDC	+0.0365%	4h	0.6060	+0.731%	$14.5M	$3.7M	30x	as long as short
Extended EDGE-USD	+0.0448%	1h	0.6014	−0.036%	$32K	$269K	5x	as long as short
MEXC EDGE_USDT	+0.0448%	4h	0.6016	−0.008%	$1.1M	$759K	50x	as long as short
Binance EDGEUSDT	+0.0449%	4h	0.6015	−0.028%	$10.4M	$10.9M	50x	as long as short
BloFin EDGE-USDT	+0.0461%	4h	0.6052	+0.590%	$676K	$107K	50x	as long as short
Orderly PERP_EDGE_USDC	+0.0627%	4h	0.6013	−0.058%	$3K	$1K	10x	as long as short