Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1716%/8h= −187.9% APRpaid last 24h −0.050%

Price spread now: Backpack against Bitget+0.022%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$660.657% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.387%+$39 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.022%, 7d avg −0.048%

Together, before fees+0.319%+$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.070% dearer against Bitget than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.048%): +$7 on $10k if it goes back. Holding the pair costs −$51 a day in funding at the current rate, which eats that in about 3 hours. Mind the row above: over the last 7 days funding on this pair paid +0.387%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.387% in total (about 20.2% 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	Bitget CHIPUSDT	0.04627	0.0100	pay 0.0050% / 4h	2h 57m	$1.9M	$3.0M	50x
Short	Backpack CHIP_USDC_PERP	0.04628	−0.1616	pay 0.0202% / 1h	57m 45s	$16K	$236K	5x

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 +0.022%Rate

Funding earned: −$360.37
Price spread: +0.022% → −0.048%: $6.98
Slippage, 4 orders: −$43.75
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$419.14
Costs to cover: 0.657%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 30 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 Bitget live order book, 5 min ago	6.49 bp	22.8 bp −$23	68.6 bp −$686	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	3.21 bp	10.9 bp −$11	doesn't fit	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
Backpack CHIP_USDC_PERPshort	−0.1616%	1h	0.04628	+0.022%	$16K	$236K	5x
ApeX Omni CHIPUSDT	−0.0566%	1h	0.04619	−0.173%	$14K	$249K	50x	as long as short
Phoenix CHIP	−0.0338%	1h	0.04628	+0.022%	$3K	$142K	5x	as long as short
Bybit CHIPUSDT	−0.0322%	4h	0.04626	−0.022%	$10.8M	$8.9M	20x	as long as short
Nado CHIP-PERP	−0.0194%	1h	0.04628	+0.032%	$232K	$18K	5x	as long as short
BloFin CHIP-USDT	−0.0112%	4h	0.04623	−0.086%	$550K	$70K	50x	as long as short
OKX CHIP-USDT-SWAP	−0.0110%	4h	0.04618	−0.195%	$1.9M	$9.1M	20x	as long as short
Extended CHIP-USD	−0.0064%	1h	0.04622	−0.098%	$211K	$1.3M	5x	as long as short
Binance CHIPUSDT	−0.0061%	4h	0.04618	−0.198%	$14.0M	$25.6M	50x	as long as short
MEXC CHIP_USDT	−0.0060%	4h	0.04623	−0.086%	$1.8M	$1.2M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CHIPUSDT	−0.0051%	4h	0.04628	+0.022%	$41K	$222K	5x	as long as short
Deribit CHIP_USDC-PERPETUAL	0.0000%	1h	0.04634	+0.158%	$10K	$24K	10x	as long as short
Lighter CHIP	+0.0096%	1h	0.04624	−0.065%	$86K	$110K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04632	+0.108%	$15.0M	$6.5M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04623	−0.080%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04634	+0.151%	$705K	$890K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04628	+0.022%	$991K	$1.0M	50x	as long as short
Bitget CHIPUSDTlong	+0.0100%	4h	0.04627	long leg	$1.9M	$3.0M	50x
BingX CHIP-USDT	+0.0100%	4h	0.04626	−0.022%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04633	+0.120%	$843K	$463K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04628	+0.022%	$713	$1.0M	10x	as long as short
Aftermath Perps CHIPUSD	+0.0120%	1h	0.04634	+0.149%	$53	$39K	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0816%	1h	0.04757	+2.799%	$46K	$41K	50x	as long as short