Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0334%/8h= −36.6% APRpaid last 24h +0.154%

Price spread now: Gate against Backpack−0.256%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$990.989% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.230%−$23 on $10k

Price spread, last 4 days (all we have)+0.486%+$49 · spread now −0.256%, 7d avg +0.076%

Together, before fees+0.256%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Gate is 0.333% cheaper against Backpack than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.076%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.230% in total (about -12.0% 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	Backpack CHIP_USDC_PERP	0.04685	0.0434	pay 0.0054% / 1h	42m 18s	$34K	$233K	5x
Short	Gate CHIP_USDT	0.04673	0.0100	get 0.0050% / 4h	2h 42m	$670K	$965K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Backpack. 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 BackpackbpFee GatebpOrdersPrice spread, now −0.256%Rate

Funding earned: −$70.16
Price spread: −0.256% → +0.076%: −$33.25
Slippage, 4 orders: −$73.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$202.35
Costs to cover: 0.989%
Break-even: never at this rate

Slippage from Backpack: live order book, 6 min ago; Gate: live order book, 4 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 Backpack live order book, 6 min ago	3.21 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	11.81 bp	32.7 bp −$33	229.6 bp −$2,296	doesn't fit	doesn't fit

CHIP on 23 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
Deribit CHIP_USDC-PERPETUAL	−0.0563%	1h	0.04671	−0.297%	$9K	$24K	10x	as long as short
Bybit CHIPUSDT	−0.0525%	4h	0.04670	−0.320%	$10.5M	$9.1M	20x	as long as short
ApeX Omni CHIPUSDT	−0.0278%	1h	0.04673	−0.256%	$16K	$245K	50x	as long as short
OKX CHIP-USDT-SWAP	−0.0235%	4h	0.04667	−0.384%	$2.0M	$9.5M	20x	as long as short
Phoenix CHIP	−0.0171%	1h	0.04659	−0.555%	$3K	$129K	5x	as long as short
Nado CHIP-PERP	−0.0021%	1h	0.04669	−0.342%	$236K	$18K	5x	as long as short
KuCoin CHIPUSDTM	+0.0040%	4h	0.04671	−0.299%	$977K	$1.1M	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04683	−0.043%	$97K	$113K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04680	−0.113%	$14.5M	$6.2M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04672	−0.272%	$55K	$279K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CHIP	+0.0100%	1h	0.04681	−0.088%	$16K	$3K	3x	as long as short
Binance CHIPUSDT	+0.0100%	4h	0.04665	−0.427%	$14.1M	$27.1M	50x	as long as short
Gate CHIP_USDTshort	+0.0100%	4h	0.04673	−0.256%	$670K	$965K	50x
MEXC CHIP_USDT	+0.0100%	4h	0.04666	−0.406%	$1.7M	$1.2M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04668	−0.363%	$2.0M	$3.4M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04666	−0.406%	—	$2.0M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04656	−0.615%	$819K	$481K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04675	−0.213%	$479	$1.0M	10x	as long as short
Extended CHIP-USD	+0.0104%	1h	0.04665	−0.420%	$213K	$1.0M	5x	as long as short
BloFin CHIP-USDT	+0.0134%	4h	0.04679	−0.128%	$562K	$64K	50x	as long as short
Aftermath Perps CHIPUSD	+0.0172%	1h	0.04676	−0.190%	$81	$37K	5x	as long as short
Backpack CHIP_USDC_PERPlong	+0.0434%	1h	0.04685	long leg	$34K	$233K	5x
Coinbase International CHIP-PERP-INTX	+0.0848%	1h	0.04717	+0.687%	$45K	$37K	50x	as long as short