Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0375%/8h= +41.0% APRpaid last 24h +0.128%

Price spread now: SunX against Backpack−0.723%7-day average +0.604% · you buy dearer than you sell

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.689%−$69 on $10k

Price spread, last 4 days (all we have)+0.680%+$68 · spread now −0.723%, 7d avg +0.604%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 1.327% cheaper against Backpack than usual: you would sell low and buy high (spread −0.723% now, against its 7-day average of +0.604%). If the spread goes back, that is −$133 on $10k: about 12 days of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.689%, 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	0.5972	−0.0275	get 0.0034% / 1h	43m 28s	$59K	$108K	3.3x
Short	SunX EDGE-USDT	0.5929	0.0100	get 0.0050% / 4h	43m 28s	$3K	$625K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.723%Rate

Funding earned: $78.67
Price spread: −0.723% → +0.604%: −$132.71
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$72.04
Costs to cover: 0.180%
Break-even: 13.4 days

Slippage unknown: Backpack: live order book, 55 min ago; SunX: live order book, 48 min ago. 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, 55 min ago	3.37 bp	14.1 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 48 min ago	501.05 bp	doesn't fit	doesn't fit	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	−0.0275%	1h	0.5972	long leg	$59K	$108K	3.3x
Lighter EDGE	+0.0096%	1h	0.5960	−0.204%	$43K	$19K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5959	−0.221%	$7.1M	$3.3M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5970	−0.037%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5966	−0.104%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5895	−1.294%	$188K	$135K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5989	+0.282%	$1K	$2.3M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5987	+0.248%	$9K	$305K	50x	as long as short
SunX EDGE-USDTshort	+0.0100%	4h	0.5929	−0.723%	$3K	$625K	10x
MEXC EDGE_USDT	+0.0404%	4h	0.5961	−0.188%	$1.1M	$886K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance EDGEUSDT	+0.0405%	4h	0.5969	−0.054%	$10.2M	$10.4M	50x	as long as short
Extended EDGE-USD	+0.0408%	1h	0.5967	−0.080%	$28K	$191K	5x	as long as short
BloFin EDGE-USDT	+0.0418%	4h	0.5981	+0.147%	$660K	$102K	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0434%	4h	0.5971	−0.020%	$3.7M	$5.8M	20x	as long as short
edgeX EDGEUSDC	+0.0438%	4h	0.5905	−1.123%	$14.1M	$3.6M	30x	as long as short
Aster EDGEUSDT	+0.0468%	4h	0.5986	+0.231%	$68K	$131K	5x	as long as short
Orderly PERP_EDGE_USDC	+0.0568%	4h	0.5975	+0.047%	$3K	—	10x	as long as short