Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0209%/8hpaid last 24h −0.004%

Price spread now: Backpack against MEXC+0.178%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$520.516% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.478%−$48 on $10k

Price spread, last 3 days (all we have)−0.142%−$14 · spread now +0.178%, 7d avg +0.049%

Together, before fees−0.620%−$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.129% dearer against MEXC than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.049%. Mind the row above: over the last 7 days funding on this pair cost −0.478%, 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	MEXC S_USDT	0.03943	0.0100	pay 0.0050% / 4h	6m 30s	$3.8M	$3.4M	200x
Short	Backpack S_USDC_PERP	0.03950	0.0309	get 0.0039% / 1h	6m 30s	$115K	$264K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.178%Rate

Funding earned: $43.81
Price spread: +0.178% → +0.049%: $12.86
Slippage, 4 orders: −$37.62
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $5.05
Costs to cover: 0.516%
Break-even: 6.2 days

Slippage from MEXC: live order book, 5 min ago; Backpack: live order book, 26 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 MEXC live order book, 5 min ago	3.82 bp	6.5 bp −$6	31.9 bp −$319	239.4 bp −$23.9K	doesn't fit
Sell Backpack live order book, 26 min ago	12.74 bp	21.6 bp −$22	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	−0.2112%	1h	0.03937	−0.160%	$33K	$38K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1488%	1h	0.03826	−2.967%	$47K	$9K	25x	as long as short
Variational Omni S	−0.1440%	4h	0.03917	−0.647%	$608K	$116K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03944	+0.036%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03939	−0.097%	$4	—	15x	as long as short
Aster SUSDT	−0.0090%	4h	0.03940	−0.083%	$43K	$241K	10x	as long as short
OKX S-USDT-SWAP	−0.0059%	4h	0.03938	−0.127%	$986K	$11.2M	20x	as long as short
Orderly PERP_S_USDC	−0.0025%	4h	0.03944	+0.025%	$107K	$326K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03944	+0.035%	$608	—	150x	as long as short
01 Exchange SUSD	+0.0016%	1h	0.03930	−0.330%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.982%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03943	0.000%	$165K	$278K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03941	−0.048%	$1.0M	$1.2M	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03939	−0.092%	$5.4M	$34.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03934	−0.228%	$5.6M	$8.3M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03937	−0.152%	$322K	$347K	50x	as long as short
MEXC S_USDTlong	+0.0100%	4h	0.03943	long leg	$3.8M	$3.4M	200x
KuCoin SUSDTM	+0.0100%	4h	0.03940	−0.076%	$1.8M	$3.5M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03941	−0.051%	$1.2M	$4.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03937	−0.152%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.330%	$26K	$482K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03936	−0.166%	$221K	$904K	10x	as long as short
Backpack S_USDC_PERPshort	+0.0309%	1h	0.03950	+0.178%	$115K	$264K	5x
BloFin S-USDT	+0.0340%	4h	0.03935	−0.203%	$273K	$257K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0510%	1h	0.03948	+0.127%	$66K	$10K	10x	as long as short