Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.130%

Price spread now: Backpack against SunX+0.619%7-day average −0.574% · you sell dearer than you buy

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.665%+$66 on $10k

Price spread, last 4 days (all we have)−2.973%−$297 · spread now +0.619%, 7d avg −0.574%

Together, before fees−2.308%−$231 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 1.193% dearer against SunX than usual: you sell high and buy low (spread +0.619% now, against its 7-day average of −0.574%): +$119 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 28 days. Mind the row above: over the last 7 days funding on this pair paid +0.665%, 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	SunX EDGE-USDT	0.5915	0.0100	pay 0.0050% / 4h	2h 20m	$4K	$633K	10x
Short	Backpack EDGE_USDC_PERP	0.5952	−0.0040	pay 0.0005% / 1h	20m 26s	$59K	$117K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.619%Rate

Funding earned: −$29.4
Price spread: +0.619% → −0.574%: $119.28
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $71.88
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: SunX: live order book, 51 min ago; Backpack: live order book, 4 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 SunX live order book, 51 min ago	501.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	4.21 bp	15.0 bp −$15	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_PERPshort	−0.0040%	1h	0.5952	+0.619%	$59K	$117K	3.3x
Lighter EDGE	+0.0096%	1h	0.5958	+0.732%	$43K	$19K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5954	+0.659%	$7.2M	$3.3M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5961	+0.778%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5952	+0.626%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5946	+0.523%	$188K	$144K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5931	+0.276%	$9K	$2.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5938	+0.389%	$9K	$295K	50x	as long as short
SunX EDGE-USDTlong	+0.0100%	4h	0.5915	long leg	$4K	$633K	10x
Aster EDGEUSDT	+0.0340%	4h	0.5957	+0.710%	$52K	$155K	5x	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	+0.0456%	1h	0.5961	+0.783%	$27K	$89K	5x	as long as short
MEXC EDGE_USDT	+0.0456%	4h	0.5964	+0.828%	$1.1M	$822K	50x	as long as short
Binance EDGEUSDT	+0.0456%	4h	0.5968	+0.897%	$10.2M	$10.6M	50x	as long as short
BloFin EDGE-USDT	+0.0460%	4h	0.5965	+0.845%	$655K	$103K	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0496%	4h	0.5963	+0.811%	$3.7M	$6.0M	20x	as long as short
edgeX EDGEUSDC	+0.0499%	4h	0.5942	+0.452%	$14.2M	$3.6M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0587%	4h	0.5959	+0.744%	$3K	$1K	10x	as long as short