Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0409%/8h= +44.7% APRpaid last 24h +0.137%

Price spread now: Backpack against KuCoin+0.101%7-day average +0.883% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$560.556% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 7 days+4.163%+$416 · spread now +0.101%, 7d avg +0.883%

Together, before fees+4.330%+$433 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.782% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.101% now, against its 7-day average of +0.883%). If the spread goes back, that is −$78 on $10k: about 6.4 days of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.167% in total) that is about 33 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.167% in total (about 8.7% 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	KuCoin ARBUSDTM	0.2173	0.0100	pay 0.0100% / 8h	21m 20s	$19.3M	$14.0M	75x
Short	Backpack ARB_USDC_PERP	0.2175	0.0509	get 0.0064% / 1h	21m 20s	$976K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.101%Rate

Funding earned: $85.81
Price spread: +0.101% → +0.883%: −$78.2
Slippage, 4 orders: −$33.64
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.04
Costs to cover: 0.556%
Break-even: 10.9 days

Slippage from KuCoin: live order book, 7 min ago; Backpack: live order book, 3 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 KuCoin live order book, 7 min ago	0.69 bp	20.5 bp −$20	42.8 bp −$428	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	1.38 bp	7.4 bp −$7	298.0 bp −$2,980	doesn't fit	doesn't fit

ARB on 36 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
Injective ARB/USDC PERP	−0.1612%	1h	0.2165	−0.368%	$39K	$372K	12x	as long as short
01 Exchange ARBUSD	−0.0200%	1h	0.2172	−0.041%	$7K	$236	10x	as long as short
OKX ARB-USDT-SWAP	−0.0083%	8h	0.2172	−0.051%	$21.8M	$144.1M	50x	as long as short
MEXC ARB_USDT	−0.0082%	8h	0.2172	−0.032%	$41.6M	$62.6M	200x	as long as short
Orderly PERP_ARB_USDC	−0.0044%	8h	0.2173	0.000%	$13K	$405K	10x	as long as short
SoDEX ARB-USD	−0.0015%	1h	0.2172	−0.051%	$9K	$2.2M	5x	as long as short
Polymarket Perps ARB-USD	−0.0008%	1h	0.2172	−0.028%	$76K	$2.1M	10x	as long as short
Extended ARB-USD	−0.0008%	1h	0.2171	−0.075%	$347K	$3.1M	25x	as long as short
Binance ARBUSDT	−0.0007%	8h	0.2172	−0.041%	$62.3M	$301.2M	75x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2173	+0.012%	$64K	$5K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ARB_USDC-PERPETUAL	0.0000%	1h	0.2173	+0.009%	$28K	$38K	25x	as long as short
Variational Omni ARB	+0.0002%	8h	0.2173	+0.011%	$1.8M	$3.0M	—	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0007%	1h	0.2173	+0.021%	$69K	—	150x	as long as short
Bybit ARBUSDT	+0.0016%	8h	0.2172	−0.041%	$53.1M	$126.1M	50x	as long as short
Gate ARB_USDT	+0.0016%	8h	0.2172	−0.023%	$5.3M	$18.4M	60x	as long as short
RISEx ARB/USDC	+0.0069%	1h	0.2173	+0.018%	$500K	$2.6M	10x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2173	+0.018%	$138K	$7K	3x	as long as short
BingX ARB-USDT	+0.0084%	8h	0.2172	−0.032%	—	$33.0M	—	as long as short
Bitget ARBUSDT	+0.0085%	8h	0.2172	−0.046%	$21.0M	$34.6M	50x	as long as short
Kraken Futures PF_ARBUSD	+0.0093%	1h	0.2173	+0.016%	$1.1M	$4.4M	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2172	−0.051%	$1.3M	$5.5M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2173	+0.014%	$36.6M	$49.5M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2174	+0.026%	$622K	$1.7M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2174	+0.041%	$43K	$147K	10x	as long as short
KuCoin ARBUSDTMlong	+0.0100%	8h	0.2173	long leg	$19.3M	$14.0M	75x
edgeX ARBUSDC	+0.0100%	4h	0.2175	+0.081%	$38K	$464K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2175	+0.115%	$467K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2177	+0.184%	$118K	$278K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2175	+0.092%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2173	+0.014%	$291K	$841K	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2172	−0.046%	$4.8M	$12.7M	50x	as long as short
BloFin ARB-USDT	+0.0113%	8h	0.2172	−0.037%	$3.0M	$2.3M	75x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0276% / S −0.0158%	1h	0.2173	−0.002%	$820K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0288%	1h	0.2172	−0.066%	$2K	$695	20x	as long as short
Coinbase International ARB-PERP-INTX	+0.0336%	1h	0.2177	+0.198%	$511K	$1.5M	50x	as long as short
Backpack ARB_USDC_PERPshort	+0.0509%	1h	0.2175	+0.101%	$976K	$2.9M	20x