Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0806%/8h= +88.3% APRpaid last 24h +0.112%

Price spread now: Bitget against Backpack−0.027%7-day average +0.086% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.750%−$75 on $10k

Price spread, last 3 days (all we have)+0.156%+$16 · spread now −0.027%, 7d avg +0.086%

Together, before fees−0.593%−$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.113% cheaper against Backpack than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.086%). If the spread goes back, that is −$11 on $10k: about 11 hours of funding at the current rate (+$24 a day). Mind the row above: over the last 7 days funding on this pair cost −0.750%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5823	−0.0706	get 0.0088% / 1h	52m 12s	$59K	$100K	3.3x
Short	Bitget EDGEUSDT	0.5821	0.0100	get 0.0050% / 4h	2h 52m	$4.6M	$986K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.027%Rate

Funding earned: $169.27
Price spread: −0.027% → +0.086%: −$11.31
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $135.96
Costs to cover: 0.220%
Break-even: 1.4 days

Slippage unknown: Backpack: no order-book sample; Bitget: live order book, 1 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	8.58 bp	40.9 bp −$41	240.1 bp −$2,401	doesn't fit	doesn't fit

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

EDGE on 17 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 EDGE_USDC_PERPlong	−0.0706%	1h	0.5823	long leg	$59K	$100K	3.3x
Lighter EDGE	+0.0096%	1h	0.5810	−0.213%	$54K	$9K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5820	−0.045%	$6.9M	$3.2M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5822	−0.010%	$2.1M	$2.3M	50x	as long as short
Bitget EDGEUSDTshort	+0.0100%	4h	0.5821	−0.027%	$4.6M	$986K	20x
Variational Omni EDGE	+0.0100%	4h	0.5819	−0.054%	$190K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5832	+0.161%	$6K	$1.7M	10x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6097	+4.713%	$4K	$598K	10x	as long as short
ApeX Omni EDGEUSDT	+0.0147%	1h	0.5844	+0.368%	$2K	$293K	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0168%	4h	0.5829	+0.110%	$3.6M	$5.7M	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster EDGEUSDT	+0.0168%	4h	0.5829	+0.118%	$67K	$134K	5x	as long as short
BloFin EDGE-USDT	+0.0176%	4h	0.5832	+0.161%	$632K	$125K	50x	as long as short
Extended EDGE-USD	+0.0192%	1h	0.5821	−0.020%	$26K	$230K	5x	as long as short
edgeX EDGEUSDC	+0.0193%	4h	0.5832	+0.156%	$13.9M	$3.4M	30x	as long as short
Binance EDGEUSDT	+0.0194%	4h	0.5827	+0.076%	$9.9M	$10.0M	50x	as long as short
MEXC EDGE_USDT	+0.0196%	4h	0.5827	+0.076%	$1.2M	$918K	50x	as long as short
Orderly PERP_EDGE_USDC	+0.0364%	4h	0.5827	+0.076%	$3K	—	10x	as long as short