Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0450%/8h= −49.2% APRpaid last 24h +0.001%

Price spread now: Gate against Backpack−0.179%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$1881.878% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.561%+$56 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.179%, 7d avg −0.109%

Together, before fees+0.600%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Gate is 0.070% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.109%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.561%, 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	0.03910	0.0550	pay 0.0069% / 1h	33m 51s	$114K	$288K	5x
Short	Gate S_USDT	0.03903	0.0100	get 0.0050% / 4h	2h 33m	$320K	$292K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.179%Rate

Funding earned: −$94.44
Price spread: −0.179% → −0.109%: −$7.05
Slippage, 4 orders: −$162.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$289.25
Costs to cover: 1.878%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; Gate: live order book, 51 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, 54 min ago	12.58 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 51 min ago	3.79 bp	74.3 bp −$74	doesn't fit	doesn't fit	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	−0.1463%	1h	0.03901	−0.222%	$33K	$32K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.148%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1122%	4h	0.03894	−0.400%	$606K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0188% / S +0.0183%	1h	0.03905	−0.128%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03902	−0.202%	$4	—	15x	as long as short
Aster SUSDT	−0.0032%	4h	0.03906	−0.107%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0017%	4h	0.03903	−0.179%	$101K	$339K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	−0.088%	$602	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03900	−0.256%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.859%	$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	0.03905	−0.128%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03902	−0.202%	$984K	$911K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03907	−0.078%	$5.3M	$23.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03901	−0.230%	$5.6M	$6.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03906	−0.102%	$972K	$7.4M	20x	as long as short
Gate S_USDTshort	+0.0100%	4h	0.03903	−0.179%	$320K	$292K	50x
MEXC S_USDT	+0.0100%	4h	0.03907	−0.077%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03903	−0.179%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03906	−0.102%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03903	−0.179%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	0.000%	$19K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03905	−0.139%	$219K	$883K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03908	−0.051%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03903	−0.179%	$269K	$177K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0550%	1h	0.03910	long leg	$114K	$288K	5x