Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0551%/8h= −60.3% APRpaid last 24h −0.209%

Price spread now: Backpack against Orderly−0.055%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Backpack

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 against this trade now: funding costs −$17 a day on $10k at the current rate, and Backpack is 0.055% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_EDGE_USDC	0.6000	0.0651	pay 0.0325% / 4h	51m 09s	$3K	—	10x
Short	Backpack EDGE_USDC_PERP	0.5997	0.0100	get 0.0013% / 1h	51m 09s	$58K	$100K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$115.62
Price spread: −0.055% → 0.000%: −$5.5
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$137.12
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 3 min ago	5.84 bp	30.2 bp −$30	doesn't fit	doesn't fit	doesn't fit

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	0.5986	−0.227%	$56K	$8K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5991	−0.150%	$7.1M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5994	−0.100%	$4.8M	$999K	20x	as long as short
Backpack EDGE_USDC_PERPshort	+0.0100%	1h	0.5997	−0.055%	$58K	$100K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5938	−1.038%	$193K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5983	−0.285%	$2K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.6015	+0.250%	$8K	$289K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6274	+4.567%	$4K	$610K	10x	as long as short
KuCoin EDGEUSDTM	+0.0256%	4h	0.5995	−0.083%	$2.1M	$2.2M	50x	as long as short
BloFin EDGE-USDT	+0.0590%	4h	0.6004	+0.067%	$639K	$128K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended EDGE-USD	+0.0624%	1h	0.6000	−0.003%	$27K	$230K	5x	as long as short
MEXC EDGE_USDT	+0.0626%	4h	0.5999	−0.017%	$1.2M	$914K	50x	as long as short
Binance EDGEUSDT	+0.0628%	4h	0.5999	−0.021%	$10.2M	$10.1M	50x	as long as short
Aster EDGEUSDT	+0.0650%	4h	0.5990	−0.175%	$69K	$136K	5x	as long as short
Orderly PERP_EDGE_USDClong	+0.0651%	4h	0.6000	long leg	$3K	—	10x
edgeX EDGEUSDC	+0.0723%	4h	0.5984	−0.260%	$14.3M	$3.4M	30x	as long as short
OKX EDGE-USDT-SWAP	+0.0773%	4h	0.6007	+0.117%	$3.7M	$5.9M	20x	as long as short