Funding arb · Price arb /

W

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1130%/8h= +123.7% APRpaid last 24h −0.063%

Price spread now: Backpack against Bitget+0.110%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and Backpack is 0.110% dearer against Bitget than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget WUSDT	0.01183	0.0100	pay 0.0050% / 4h	54m 48s	$1.3M	$573K	50x
Short	Backpack W_USDC_PERP	0.01184	0.1230	get 0.0154% / 1h	54m 48s	$44K	$47K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.110%Rate

Funding earned: $237.25
Price spread: +0.110% → 0.000%: $10.99
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $226.24
Costs to cover: 0.220%
Break-even: 0.3 days

Slippage unknown: Bitget: live order book, 2 min ago; Backpack: 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 Bitget live order book, 2 min ago	8.45 bp	21.4 bp −$21	136.5 bp −$1,365	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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.

W on 17 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
OKX W-USDT-SWAP	−0.0052%	4h	0.01182	−0.127%	$1.3M	$2.0M	20x	as long as short
Deribit W_USDC-PERPETUAL	−0.0003%	1h	0.01184	+0.085%	$17K	$1K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.198%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01184	+0.085%	$2.0M	$423K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01183	−0.042%	$3.0M	$6.9M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01181	−0.178%	$4.1M	$1.9M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01180	−0.254%	$445K	$290K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01183	−0.017%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01184	+0.085%	$458K	$218K	50x	as long as short
Bitget WUSDTlong	+0.0100%	4h	0.01183	long leg	$1.3M	$573K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01182	−0.068%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01179	−0.322%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01180	−0.220%	$130K	$385K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01183	−0.035%	$59K	$228K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0248%	1h	0.01184	+0.068%	$14K	$17K	50x	as long as short
Kraken Futures PF_WUSD	+0.0717%	1h	0.01185	+0.203%	$147K	$181K	20x	as long as short
Backpack W_USDC_PERPshort	+0.1230%	1h	0.01184	+0.110%	$44K	$47K	15x