Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: BingX against Backpack−0.051%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$860.858% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.541%+$54 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.051%, 7d avg −0.094%

Together, before fees+0.585%+$58 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: BingX is 0.043% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03950	0.0100	pay 0.0013% / 1h	0m 13s	$115K	$313K	5x
Short	BingX S-USDT	0.03948	0.0100	get 0.0050% / 4h	0m 13s	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0
Price spread: −0.051% → −0.094%: $4.35
Slippage, 4 orders: −$65.8
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$81.45
Costs to cover: 0.858%
Break-even: never at this rate

Slippage from Backpack: live order book, 13 min ago; BingX: live order book, 12 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, 13 min ago	12.71 bp	29.2 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	3.82 bp	19.8 bp −$20	58.9 bp −$589	343.3 bp −$34.3K	742.9 bp −$371.5K

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
01 Exchange SUSD	−0.6168%	1h	0.03850	−2.532%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2113%	1h	0.03947	−0.077%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−3.139%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1048%	4h	0.03941	−0.229%	$613K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0205% / S +0.0197%	1h	0.03950	+0.013%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03944	−0.141%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03951	+0.027%	$609	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0003%	1h	0.03952	+0.051%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0024%	4h	0.03947	−0.076%	$101K	$337K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.797%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03951	+0.025%	$166K	$217K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03946	−0.101%	$989K	$664K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03953	+0.084%	$43K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03947	−0.076%	$5.4M	$16.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03942	−0.203%	$5.6M	$5.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03945	−0.127%	$984K	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03943	−0.177%	$321K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03946	−0.101%	$3.5M	$2.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03951	+0.025%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03949	−0.025%	$1.2M	$2.4M	50x	as long as short
BingX S-USDTshort	+0.0100%	4h	0.03948	−0.051%	—	$6.7M	—
Backpack S_USDC_PERPlong	+0.0100%	1h	0.03950	long leg	$115K	$313K	5x
ApeX Omni SUSDT	+0.0100%	1h	0.03950	0.000%	$25K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03944	−0.152%	$222K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03943	−0.177%	$266K	$125K	75x	as long as short