Funding arb · Price arb /

KAITO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.028%

Price spread now: Backpack against Polymarket Perps−0.017%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.678%+$68 on $10k

Price spread, last 4 days (all we have)−0.897%−$90 · spread now −0.017%, 7d avg −0.061%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.044% dearer against Polymarket Perps than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps KAITO-USD	0.3517	0.0100	pay 0.0013% / 1h	19m 43s	$19K	$5.1M	5x
Short	Backpack KAITO_USDC_PERP	0.3516	0.0100	get 0.0013% / 1h	19m 43s	$20K	$196K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.017%Rate

Funding earned: $0
Price spread: −0.017% → −0.061%: $4.41
Slippage, 4 orders: −$23.29
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.88
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Backpack: live order book, 18 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 Polymarket Perps live order book, 4 min ago	2.12 bp	6.2 bp −$6	6.5 bp −$65	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.71 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit

KAITO on 27 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
Reya KAITORUSDPERP	0.0000%	1h	0.3370	−4.167%	—	—	—	as long as short
Injective KAITO/USDC PERP	+0.0068%	1h	0.3535	+0.515%	$7K	$52K	12x	as long as short
Aster KAITOUSDT	+0.0100%	4h	0.3519	+0.048%	$118K	$51K	10x	as long as short
Pacifica KAITO	+0.0100%	1h	0.3520	+0.079%	$19K	$15K	5x	as long as short
Binance KAITOUSDT	+0.0100%	4h	0.3519	+0.060%	$10.7M	$17.8M	75x	as long as short
Bybit KAITOUSDT	+0.0100%	4h	0.3528	+0.316%	$4.7M	$8.6M	75x	as long as short
OKX KAITO-USDT-SWAP	+0.0100%	4h	0.3522	+0.145%	$4.3M	$11.6M	50x	as long as short
Gate KAITO_USDT	+0.0100%	4h	0.3524	+0.202%	$669K	$1.8M	75x	as long as short
MEXC KAITO_USDT	+0.0100%	4h	0.3523	+0.173%	$3.3M	$1.2M	50x	as long as short
KuCoin KAITOUSDTM	+0.0100%	4h	0.3524	+0.202%	$1.4M	$169K	30x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget KAITOUSDT	+0.0100%	4h	0.3530	+0.372%	$4.4M	$3.6M	75x	as long as short
BingX KAITO-USDC	+0.0100%	4h	0.3522	+0.145%	—	$6.5M	—	as long as short
Backpack KAITO_USDC_PERPshort	+0.0100%	1h	0.3516	−0.017%	$20K	$196K	10x
Variational Omni KAITO	+0.0100%	4h	0.3517	+0.014%	$44K	$211K	—	as long as short
GRVT KAITO_USDT_Perp	+0.0100%	4h	0.3542	+0.728%	$252K	$2.4M	10x	as long as short
ApeX Omni KAITOUSDT	+0.0100%	1h	0.3538	+0.600%	$30K	$259K	50x	as long as short
Polymarket Perps KAITO-USDlong	+0.0100%	1h	0.3517	long leg	$19K	$5.1M	5x
Orderly PERP_KAITO_USDC_mythos	+0.0100%	4h	0.3514	−0.088%	$3K	$2K	10x	as long as short
Extended KAITO-USD	+0.0104%	1h	0.3527	+0.296%	$80K	$63K	10x	as long as short
Aevo KAITO-PERP	+0.0104%	1h	0.3513	−0.100%	$244K	—	3x	as long as short
Paradex KAITO-USD-PERP	+0.0109%	8h	0.3525	+0.239%	$4K	$604	10x	as long as short
edgeX KAITOUSDC	+0.0117%	4h	0.3538	+0.598%	$17K	$327K	5x	as long as short
BloFin KAITO-USDT	+0.0154%	4h	0.3517	+0.003%	$559K	$67K	75x	as long as short
Hyperliquid KAITO	+0.0344%	1h	0.3523	+0.185%	$2.1M	$895K	5x	as long as short
Kraken Futures PF_KAITOUSD	+0.0665%	1h	0.3511	−0.176%	$247K	$164K	10x	as long as short
Lighter KAITO	+0.0848%	1h	0.3534	+0.495%	$87K	$102K	5x	as long as short
01 Exchange KAITOUSD	+0.2960%	1h	0.3531	+0.409%	$6K	$988	3x	as long as short