Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.095%

Price spread now: BloFin against Backpack−0.684%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$920.918% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.529%+$53 on $10k

Price spread, last 4 days (all we have)+0.450%+$45 · spread now −0.684%, 7d avg −0.118%

Together, before fees+0.980%+$98 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and BloFin is 0.565% cheaper against Backpack than usual: you would sell low and buy high (−$57 if the spread goes back to its 7-day average of −0.118%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.529%, 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	0.04680	0.0655	pay 0.0082% / 1h	29m 14s	$106K	$460K	5x
Short	BloFin S-USDT	0.04648	0.0340	get 0.0170% / 4h	1h 29m	$345K	$237K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now −0.684%Rate

Funding earned: −$66.08
Price spread: −0.684% → −0.118%: −$56.54
Slippage, 4 orders: −$69.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$214.39
Costs to cover: 0.918%
Break-even: never at this rate

Slippage from Backpack: live order book, 18 min ago; BloFin: live order book, 11 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, 18 min ago	10.93 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 11 min ago	2.18 bp	14.8 bp −$15	33.0 bp −$330	doesn't fit	doesn't fit

S on 25 exchanges

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	−1.0496%	1h	0.04490	−4.060%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4511%	1h	0.04652	−0.593%	$39K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1904%	1h	0.04128	−11.795%	$50K	$18K	25x	as long as short
Variational Omni S	−0.0901%	4h	0.04639	−0.878%	$743K	$43K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0336% / S +0.0211%	1h	0.04667	−0.286%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04619	−1.306%	$5	—	15x	as long as short
Orderly PERP_S_USDC	−0.0054%	4h	0.04661	−0.406%	$116K	$641K	10x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04670	−0.214%	$79K	$623	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04624	−1.206%	$713	—	150x	as long as short
Lighter S	+0.0096%	1h	0.04661	−0.406%	$164K	$146K	5x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04666	−0.297%	$1.2M	$925K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04660	−0.427%	$49K	$155K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04662	−0.385%	$7.2M	$21.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04656	−0.513%	$6.6M	$5.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04657	−0.491%	$1.4M	$6.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04654	−0.556%	$398K	$250K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04662	−0.385%	$4.3M	$3.2M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04655	−0.534%	$2.2M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04669	−0.235%	$1.4M	$3.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04658	−0.470%	—	$7.1M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04650	−0.641%	$25K	$527K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04657	−0.492%	$263K	$1.3M	10x	as long as short
Injective S/USDC PERP	+0.0140%	1h	0.04600	−1.709%	$2K	$2	12x	as long as short
BloFin S-USDTshort	+0.0340%	4h	0.04648	−0.684%	$345K	$237K	75x
Backpack S_USDC_PERPlong	+0.0655%	1h	0.04680	long leg	$106K	$460K	5x