Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0555%/8h= +60.7% APRpaid last 24h +0.255%

Price spread now: Orderly against Backpack+0.025%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Orderly

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

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Orderly is 0.025% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.6000	0.0100	pay 0.0013% / 1h	57m 26s	$58K	$122K	3.3x
Short	Orderly PERP_EDGE_USDC	0.6002	0.0655	get 0.0327% / 4h	3h 57m	$3K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.025%Rate

Funding earned: $116.49
Price spread: +0.025% → 0.000%: $2.5
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $102.99
Costs to cover: 0.160%
Break-even: 0.8 days

Slippage unknown: Backpack: live order book, 17 min ago; Orderly: 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 Backpack live order book, 17 min ago	3.09 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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.

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	0.5994	−0.102%	$44K	$22K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5995	−0.092%	$7.3M	$3.4M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.6002	+0.025%	$4.8M	$1.1M	20x	as long as short
Backpack EDGE_USDC_PERPlong	+0.0100%	1h	0.6000	long leg	$58K	$122K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5991	−0.155%	$189K	$145K	—	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.6010	+0.158%	$9K	$296K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5955	−0.758%	$4K	$644K	10x	as long as short
KuCoin EDGEUSDTM	+0.0188%	4h	0.6008	+0.125%	$2.1M	$2.2M	50x	as long as short
GRVT EDGE_USDT_Perp	+0.0302%	4h	0.6007	+0.112%	$5K	$3.2M	10x	as long as short
Aster EDGEUSDT	+0.0373%	4h	0.6005	+0.075%	$53K	$152K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC EDGE_USDT	+0.0558%	4h	0.6010	+0.158%	$1.1M	$716K	50x	as long as short
Binance EDGEUSDT	+0.0559%	4h	0.6013	+0.208%	$10.4M	$11.0M	50x	as long as short
Extended EDGE-USD	+0.0560%	1h	0.6006	+0.091%	$29K	$267K	5x	as long as short
edgeX EDGEUSDC	+0.0569%	4h	0.6010	+0.151%	$14.5M	$3.7M	30x	as long as short
OKX EDGE-USDT-SWAP	+0.0603%	4h	0.6005	+0.075%	$3.8M	$6.2M	20x	as long as short
BloFin EDGE-USDT	+0.0603%	4h	0.6012	+0.192%	$670K	$107K	50x	as long as short
Orderly PERP_EDGE_USDCshort	+0.0655%	4h	0.6002	+0.025%	$3K	$1K	10x