Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0372%/8h= −40.7% APRpaid last 24h −0.174%

Price spread now: Backpack against Binance−0.012%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.520%+$52 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$11 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.520%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance EDGEUSDT	0.5843	0.0472	pay 0.0236% / 4h	1h 34m	$9.9M	$10.1M	50x
Short	Backpack EDGE_USDC_PERP	0.5842	0.0100	get 0.0013% / 1h	34m 48s	$59K	$100K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$78.06
Price spread: −0.012% → 0.000%: −$1.2
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$99.26
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 5 min ago; Backpack: 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 Binance live order book, 5 min ago	0.85 bp	28.4 bp −$28	206.3 bp −$2,063	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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	0.5830	−0.226%	$54K	$8K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5832	−0.188%	$6.9M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5840	−0.051%	$4.7M	$995K	20x	as long as short
Backpack EDGE_USDC_PERPshort	+0.0100%	1h	0.5842	−0.012%	$59K	$100K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5872	+0.502%	$192K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5888	+0.770%	$2K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5922	+1.352%	$8K	$294K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5842	−0.017%	$4K	$606K	10x	as long as short
KuCoin EDGEUSDTM	+0.0222%	4h	0.5838	−0.086%	$2.1M	$2.3M	50x	as long as short
Aster EDGEUSDT	+0.0470%	4h	0.5843	0.000%	$67K	$136K	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	+0.0470%	4h	0.5845	+0.034%	$1.2M	$919K	50x	as long as short
Binance EDGEUSDTlong	+0.0472%	4h	0.5843	long leg	$9.9M	$10.1M	50x
Extended EDGE-USD	+0.0472%	1h	0.5843	−0.008%	$27K	$230K	5x	as long as short
BloFin EDGE-USDT	+0.0489%	4h	0.5846	+0.051%	$623K	$124K	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0516%	4h	0.5845	+0.034%	$3.6M	$5.8M	20x	as long as short
Orderly PERP_EDGE_USDC	+0.0522%	4h	0.5848	+0.086%	$3K	—	10x	as long as short
edgeX EDGEUSDC	+0.0538%	4h	0.5890	+0.812%	$14.1M	$3.4M	30x	as long as short