Funding arb · Price arb /

ARB

all ARB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0487%/8h= +53.3% APRpaid last 24h +0.111%

Price spread now: Backpack against Phemex+0.341%53s7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.560% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.256%+$26 on $10k

Price spread, last 4 days (all we have)−1.682%−$168 · spread now +0.341%, 7d avg +0.064%

Together, before fees−1.426%−$143 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.277% dearer against Phemex than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.064%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.256% in total (about 13.4% 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	Phemex ARBUSDT	0.2200	0.0100	pay 0.0100% / 8h	3h 54m	$5.0M	$12.8M	50x
Short	Backpack ARB_USDC_PERP	0.2208	0.0587	get 0.0073% / 1h	54m 19s	$994K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.341%Rate

Funding earned: $102.27
Price spread: +0.341% → +0.064%: $27.69
Slippage, 4 orders: −$33.96
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $74
Costs to cover: 0.560%
Break-even: 1.9 days

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 5 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 Phemex live order book, 5 min ago	9.07 bp	16.4 bp −$16	37.2 bp −$372	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.68 bp	7.9 bp −$8	105.4 bp −$1,054	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	−0.1589%	1h	0.2188	−0.545%	$39K	$372K	12x	as long as short
Polymarket Perps ARB-USD	−0.0280%	1h	0.2198	−0.068%	$81K	$2.1M	10x	as long as short
OKX ARB-USDT-SWAP	−0.0116%	8h	0.2198	−0.109%	$22.2M	$143.9M	50x	as long as short
MEXC ARB_USDT	−0.0115%	8h	0.2198	−0.077%	$42.2M	$60.2M	200x	as long as short
Variational Omni ARB	−0.0097%	8h	0.2199	−0.047%	$1.8M	$2.9M	—	as long as short
01 Exchange ARBUSD	−0.0080%	1h	0.2200	+0.018%	$7K	$2K	10x	as long as short
Orderly PERP_ARB_USDC	−0.0073%	8h	0.2198	−0.091%	$12K	$404K	10x	as long as short
Kraken Futures PF_ARBUSD	−0.0050%	1h	0.2199	−0.050%	$1.1M	$4.4M	50x	as long as short
Bybit ARBUSDT	−0.0042%	8h	0.2197	−0.123%	$55.3M	$124.2M	50x	as long as short
Gate ARB_USDT	−0.0031%	8h	0.2199	−0.064%	$5.3M	$18.0M	60x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ARB-USD	0.0000%	1h	0.2202	+0.071%	$65K	$5K	10x	as long as short
Deribit ARB_USDC-PERPETUAL	0.0000%	1h	0.2198	−0.086%	$24K	$34K	25x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0006%	1h	0.2199	−0.025%	$32K	—	150x	as long as short
Binance ARBUSDT	+0.0022%	8h	0.2199	−0.057%	$63.9M	$300.3M	75x	as long as short
Extended ARB-USD	+0.0024%	1h	0.2197	−0.152%	$350K	$2.5M	25x	as long as short
SoDEX ARB-USD	+0.0051%	1h	0.2198	−0.100%	$10K	$2.2M	5x	as long as short
Bitget ARBUSDT	+0.0060%	8h	0.2200	0.000%	$20.9M	$34.1M	50x	as long as short
BingX ARB-USDC	+0.0061%	8h	0.2201	+0.064%	—	$6.5M	—	as long as short
BloFin ARB-USDT	+0.0084%	8h	0.2203	+0.145%	$3.1M	$2.5M	75x	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2199	−0.058%	$139K	$7K	3x	as long as short
Lighter ARB	+0.0096%	1h	0.2198	−0.095%	$1.2M	$5.5M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2199	−0.055%	$37.7M	$48.3M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2201	+0.047%	$633K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2201	+0.047%	$42K	$163K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2199	−0.027%	$19.6M	$14.8M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2200	−0.014%	$38K	$462K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2201	+0.058%	$467K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2199	−0.045%	$119K	$284K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2200	0.000%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2200	+0.014%	$299K	$900K	50x	as long as short
Phemex ARBUSDTlong	+0.0100%	8h	0.2200	long leg	$5.0M	$12.8M	50x
RISEx ARB/USDC	+0.0118%	1h	0.2201	+0.045%	$482K	$2.6M	10x	as long as short
Coinbase International ARB-PERP-INTX	+0.0256%	1h	0.2204	+0.182%	$492K	$1.8M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0276% / S −0.0158%	1h	0.2199	−0.036%	$830K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0289%	1h	0.2197	−0.132%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERPshort	+0.0587%	1h	0.2208	+0.341%	$994K	$2.8M	20x