Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0783%/8h= −85.7% APRpaid last 24h −0.139%

Price spread now: Backpack against KuCoin+0.171%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1331.332% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.443%+$44 on $10k

Price spread, last 4 days (all we have)−0.332%−$33 · spread now +0.171%, 7d avg −0.035%

Together, before fees+0.112%+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.206% dearer against KuCoin than usual: you sell high and buy low (spread +0.171% now, against its 7-day average of −0.035%): +$21 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 21 hours. Mind the row above: over the last 7 days funding on this pair paid +0.443%, 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 0.443% in total (about 23.1% 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 CHIPUSDTM	0.04683	0.0100	pay 0.0050% / 4h	43m 24s	$979K	$1.1M	50x
Short	Backpack CHIP_USDC_PERP	0.04691	−0.0683	pay 0.0085% / 1h	43m 24s	$34K	$245K	5x

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

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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 +0.171%Rate

Funding earned: −$164.41
Price spread: +0.171% → −0.035%: $20.59
Slippage, 4 orders: −$111.2
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$277.02
Costs to cover: 1.332%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Backpack: live order book, 15 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, 1 min ago	9.62 bp	61.8 bp −$62	665.5 bp −$6,655	doesn't fit	doesn't fit
Sell Backpack live order book, 15 min ago	2.13 bp	13.8 bp −$14	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	−0.0683%	1h	0.04691	+0.171%	$34K	$245K	5x
ApeX Omni CHIPUSDT	−0.0593%	1h	0.04671	−0.256%	$16K	$245K	50x	as long as short
Bybit CHIPUSDT	−0.0550%	4h	0.04680	−0.064%	$10.8M	$9.0M	20x	as long as short
Phoenix CHIP	−0.0510%	1h	0.04664	−0.406%	$3K	$129K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0382%	4h	0.04670	−0.278%	$2.0M	$9.5M	20x	as long as short
Deribit CHIP_USDC-PERPETUAL	−0.0112%	1h	0.04688	+0.111%	$10K	$24K	10x	as long as short
Aster CHIPUSDT	−0.0106%	4h	0.04682	−0.011%	$50K	$276K	5x	as long as short
Nado CHIP-PERP	−0.0078%	1h	0.04673	−0.203%	$236K	$20K	5x	as long as short
BloFin CHIP-USDT	+0.0015%	4h	0.04664	−0.406%	$568K	$63K	50x	as long as short
Extended CHIP-USD	+0.0072%	1h	0.04680	−0.058%	$213K	$1.9M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CHIP_USDT	+0.0072%	4h	0.04675	−0.171%	$1.8M	$1.2M	50x	as long as short
Binance CHIPUSDT	+0.0072%	4h	0.04677	−0.123%	$14.1M	$26.8M	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04683	0.000%	$87K	$107K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04680	−0.062%	$14.6M	$6.3M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04683	+0.004%	$16K	$3K	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04681	−0.043%	$680K	$951K	50x	as long as short
KuCoin CHIPUSDTMlong	+0.0100%	4h	0.04683	long leg	$979K	$1.1M	50x
Bitget CHIPUSDT	+0.0100%	4h	0.04677	−0.128%	$2.0M	$3.3M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04678	−0.107%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04672	−0.243%	$831K	$529K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04678	−0.107%	$584	$1.0M	10x	as long as short
Aftermath Perps CHIPUSD	+0.0317%	1h	0.04679	−0.081%	$137	$38K	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0736%	1h	0.04855	+3.669%	$47K	$42K	50x	as long as short