Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h +0.049%

Price spread now: Backpack against Gate+0.269%7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$247as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1991.994% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.476%−$48 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now +0.269%, 7d avg +0.119%

Together, before fees−0.605%−$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.150% dearer against Gate than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.119%. Mind the row above: over the last 7 days funding on this pair cost −0.476%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate S_USDT	0.04089	0.0100	pay 0.0050% / 4h	50m 42s	$335K	$186K	50x
Short	Backpack S_USDC_PERP	0.04100	0.0376	get 0.0047% / 1h	50m 42s	$119K	$393K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.269%Rate

Funding earned: $58.01
Price spread: +0.269% → +0.119%: $15.02
Slippage, 4 orders: −$174.39
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$126.36
Costs to cover: 1.994%
Break-even: 22.2 days

Slippage from Gate: live order book, 4 min ago; Backpack: live order book, 8 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 Gate live order book, 4 min ago	8.55 bp	67.1 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	12.15 bp	24.7 bp −$25	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
01 Exchange SUSD	−0.9792%	1h	0.03970	−2.910%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2499%	1h	0.04086	−0.079%	$34K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.04022	−1.639%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04089	+0.010%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04082	−0.169%	$4	—	15x	as long as short
Variational Omni S	−0.0101%	4h	0.04080	−0.225%	$633K	$31K	—	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04091	+0.049%	$69K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04088	−0.025%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.269%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0066%	4h	0.04085	−0.098%	$101K	$307K	10x	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	0.04090	+0.024%	$172K	$153K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04097	+0.186%	$1.0M	$547K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04096	+0.168%	$45K	$130K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04086	−0.065%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04084	−0.122%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04086	−0.073%	$1.1M	$4.0M	20x	as long as short
Gate S_USDTlong	+0.0100%	4h	0.04089	long leg	$335K	$186K	50x
MEXC S_USDT	+0.0100%	4h	0.04095	+0.147%	$4.0M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04095	+0.147%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04095	+0.147%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04092	+0.073%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04100	+0.269%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04091	+0.052%	$234K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04077	−0.293%	$284K	$98K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0376%	1h	0.04100	+0.269%	$119K	$393K	5x