Funding arb · Price arb /

SEI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0105%/8hnext payment +$0.13 per $10,000 · paid last 24h +0.032%

Price spread now: Backpack against gTrade (Gains Network)−0.199%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.199% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.199% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 6.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) SEI/USD	0.05890	L −0.0005% / S +0.0006%	get 0.0001% / 1h	46m 18s	$8K	—	150x
Short	Backpack SEI_USDC_PERP	0.05878	0.0100	get 0.0013% / 1h	46m 18s	$118K	$584K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now −0.199%Rate

Funding earned: $22.08
Price spread: −0.199% → 0.000%: −$19.87
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.79
Costs to cover: 0.200%
Break-even: 12.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Backpack: live order book, 7 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Backpack live order book, 7 min ago	0.85 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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.

SEI on 27 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
GMX SEI/USD [ETH-USDC]	L −0.0756% / S +0.0462%	1h	0.05890	−0.002%	$28K	—	100x	as long as short
Coinbase International SEI-PERP-INTX	−0.0280%	1h	0.05850	−0.674%	$30K	$228K	50x	as long as short
gTrade (Gains Network) SEI/USDlong	L −0.0005% / S +0.0006%	1h	0.05890	long leg	$8K	—	150x
Deribit SEI_USDC-PERPETUAL	0.0000%	1h	0.05889	−0.012%	$30K	$52K	25x	as long as short
Lighter SEI	+0.0096%	1h	0.05882	−0.131%	$265K	$1.3M	10x	as long as short
Orderly PERP_SEI_USDC	+0.0098%	8h	0.05889	−0.012%	$1K	$111K	20x	as long as short
Hyperliquid SEI	+0.0100%	1h	0.05892	+0.032%	$3.4M	$7.1M	5x	as long as short
Aster SEIUSDT	+0.0100%	8h	0.05882	−0.128%	$304K	$390K	20x	as long as short
Binance SEIUSDT	+0.0100%	8h	0.05890	+0.005%	$14.0M	$130.5M	75x	as long as short
Bybit SEIUSDT	+0.0100%	8h	0.05883	−0.114%	$13.9M	$37.3M	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX SEI-USDT-SWAP	+0.0100%	4h	0.05887	−0.046%	$3.1M	$40.7M	50x	as long as short
Gate SEI_USDT	+0.0100%	8h	0.05884	−0.097%	$1.1M	$3.7M	75x	as long as short
MEXC SEI_USDT	+0.0100%	8h	0.05889	−0.012%	$29.6M	$27.2M	300x	as long as short
KuCoin SEIUSDTM	+0.0100%	8h	0.05890	+0.005%	$7.0M	$14.6M	75x	as long as short
Bitget SEIUSDT	+0.0100%	8h	0.05889	−0.012%	$9.3M	$17.5M	75x	as long as short
BingX SEI-USDT	+0.0100%	8h	0.05886	−0.063%	—	$33.1M	—	as long as short
Backpack SEI_USDC_PERPshort	+0.0100%	1h	0.05878	−0.199%	$118K	$584K	10x
Variational Omni SEI	+0.0100%	8h	0.05886	−0.056%	$309K	$262K	—	as long as short
GRVT SEI_USDT_Perp	+0.0100%	8h	0.05874	−0.261%	$200K	$1.1M	10x	as long as short
ApeX Omni SEIUSDT	+0.0100%	1h	0.05890	+0.005%	$108K	$675K	50x	as long as short
SunX SEI-USDT	+0.0100%	8h	0.05890	+0.005%	$22K	$4.9M	30x	as long as short
Extended SEI-USD	+0.0104%	1h	0.05888	−0.035%	$75K	$479K	25x	as long as short
Kraken Futures PF_SEIUSD	+0.0148%	1h	0.05887	−0.051%	$375K	$1.9M	50x	as long as short
BloFin SEI-USDT	+0.0220%	8h	0.05874	−0.267%	$745K	$1.3M	75x	as long as short
Reya SEIRUSDPERP	+0.0346%	1h	0.05889	−0.014%	$112	—	20x	as long as short
Injective SEI/USDC PERP	+0.1063%	1h	0.05911	+0.362%	$8K	$42K	12x	as long as short
dYdX SEI-USD	+0.2628%	1h	0.05881	−0.148%	$100K	$2K	5x	as long as short