Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0154%/8h= −16.8% APRpaid last 24h −0.017%

Price spread now: Binance against Backpack−0.125%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$870.868% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.451%+$45 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now −0.125%, 7d avg −0.075%

Together, before fees+0.673%+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Binance is 0.050% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.075%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.451%, 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	Backpack S_USDC_PERP	0.04010	0.0254	pay 0.0032% / 1h	11m 10s	$117K	$325K	5x
Short	Binance SUSDT	0.04005	0.0100	get 0.0050% / 4h	3h 11m	$5.5M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.125%Rate

Funding earned: −$32.24
Price spread: −0.125% → −0.075%: −$4.99
Slippage, 4 orders: −$66.77
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$124
Costs to cover: 0.868%
Break-even: never at this rate

Slippage from Backpack: live order book, 62 min ago; Binance: live order book, 15 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 Backpack live order book, 62 min ago	12.71 bp	29.2 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	1.25 bp	20.7 bp −$21	63.3 bp −$633	428.3 bp −$42.8K	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.2018%	1h	0.04002	−0.187%	$34K	$23K	10x	as long as short
01 Exchange SUSD	−0.1840%	1h	0.04000	−0.249%	$25K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03959	−1.272%	$49K	$5K	25x	as long as short
Variational Omni S	−0.0682%	4h	0.03997	−0.328%	$621K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04004	−0.137%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04002	−0.190%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04004	−0.146%	$617	—	150x	as long as short
Orderly PERP_S_USDC	+0.0026%	4h	0.04003	−0.175%	$102K	$331K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.244%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.04007	−0.075%	$164K	$192K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04003	−0.165%	$1.0M	$622K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04005	−0.118%	$44K	$141K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.04005	−0.125%	$5.5M	$15.7M	75x
Bybit SUSDT	+0.0100%	4h	0.04000	−0.249%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04005	−0.125%	$983K	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04002	−0.200%	$327K	$218K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04005	−0.125%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04005	−0.125%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04006	−0.100%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04005	−0.125%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04000	−0.249%	$26K	$445K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04002	−0.197%	$224K	$1.1M	10x	as long as short
Backpack S_USDC_PERPlong	+0.0254%	1h	0.04010	long leg	$117K	$325K	5x
BloFin S-USDT	+0.0340%	4h	0.04004	−0.150%	$270K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0748%	1h	0.04010	0.000%	$67K	$10K	10x	as long as short