Funding arb · Price arb /

EDGE

all EDGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.209%

Price spread now: Backpack against OKX+0.073%46s7-day average −0.155% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$910.911% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.506%+$51 on $10k

Price spread, last 4 days (all we have)−0.335%−$34 · spread now +0.073%, 7d avg −0.155%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.228% dearer against OKX than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of −0.155%): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 18 days. Mind the row above: over the last 7 days funding on this pair paid +0.506%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX EDGE-USDT-SWAP	0.5853	0.0315	pay 0.0158% / 4h	1h 30m	$3.7M	$5.4M	20x
Short	Backpack EDGE_USDC_PERP	0.5857	0.0273	get 0.0034% / 1h	30m 11s	$54K	$117K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$8.74
Price spread: +0.073% → −0.155%: $22.8
Slippage, 4 orders: −$71.09
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$77.04
Costs to cover: 0.911%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Backpack: live order book, 16 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 OKX live order book, 6 min ago	3.41 bp	35.1 bp −$35	132.9 bp −$1,329	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	4.21 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit

EDGE on 17 exchanges

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	0.5843	−0.178%	$43K	$19K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5846	−0.120%	$7.0M	$3.1M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5855	+0.034%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5853	0.000%	$4.7M	$946K	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5851	−0.041%	$165K	$147K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5876	+0.401%	$9K	$3.7M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5881	+0.478%	$9K	$267K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5820	−0.564%	$3K	$593K	10x	as long as short
Backpack EDGE_USDC_PERPshort	+0.0273%	1h	0.5857	+0.073%	$54K	$117K	3.3x
OKX EDGE-USDT-SWAPlong	+0.0315%	4h	0.5853	long leg	$3.7M	$5.4M	20x

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0343%	4h	0.5870	+0.297%	$14.2M	$3.8M	30x	as long as short
Aster EDGEUSDT	+0.0375%	4h	0.5856	+0.054%	$59K	$136K	5x	as long as short
Extended EDGE-USD	+0.0424%	1h	0.5854	+0.011%	$30K	$271K	5x	as long as short
MEXC EDGE_USDT	+0.0424%	4h	0.5855	+0.034%	$1.0M	$733K	50x	as long as short
Binance EDGEUSDT	+0.0424%	4h	0.5856	+0.051%	$10.2M	$10.1M	50x	as long as short
BloFin EDGE-USDT	+0.0475%	4h	0.5857	+0.068%	$666K	$84K	50x	as long as short
Orderly PERP_EDGE_USDC	+0.0623%	4h	0.5853	0.000%	$2K	$1K	10x	as long as short