Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1531%/8h= −167.6% APRpaid last 24h −0.179%

Price spread now: Orderly against Backpack−0.173%7-day average −0.095% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.293%−$29 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.173%, 7d avg −0.095%

Together, before fees−0.222%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and Orderly is 0.079% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.293% in total (about -15.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.04040	0.1616	pay 0.0202% / 1h	34m 35s	$117K	$426K	5x
Short	Orderly PERP_S_USDC	0.04033	0.0085	get 0.0042% / 4h	1h 34m	$100K	$577K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.173%Rate

Funding earned: −$321.48
Price spread: −0.173% → −0.095%: −$7.87
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$345.35
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 9 min ago; Orderly: no order-book sample. Net counts fees only.

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, 9 min ago	12.30 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.7816%	1h	0.03950	−2.228%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2391%	1h	0.04032	−0.194%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−1.955%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04031	−0.220%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04031	−0.214%	$4	—	15x	as long as short
Variational Omni S	−0.0002%	4h	0.04030	−0.253%	$626K	$24K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04034	−0.160%	$622	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.485%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0085%	4h	0.04033	−0.173%	$100K	$577K	10x
Lighter S	+0.0096%	1h	0.04037	−0.074%	$172K	$139K	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	0.04034	−0.136%	$1.0M	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04032	−0.205%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04032	−0.204%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04027	−0.322%	$5.7M	$4.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04030	−0.248%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04026	−0.347%	$328K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04033	−0.173%	$4.1M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04032	−0.198%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04033	−0.173%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04031	−0.223%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04050	+0.248%	$24K	$491K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04031	−0.221%	$233K	$598K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04034	−0.149%	$278K	$116K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0742%	1h	0.04037	−0.074%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.1616%	1h	0.04040	long leg	$117K	$426K	5x