Funding arb · Price arb /

EDGE

all EDGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0544%/8h= −59.5% APRpaid last 24h −0.182%

Price spread now: Backpack against Binance−0.122%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1131.134% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.512%+$51 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now −0.122%, 7d avg −0.151%

Together, before fees+0.316%+$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.029% dearer against Binance than usual: you sell high and buy low (spread −0.122% now, against its 7-day average of −0.151%): +$3 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4 hours. Mind the row above: over the last 7 days funding on this pair paid +0.512%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance EDGEUSDT	0.5959	0.0637	pay 0.0319% / 4h	6m 03s	$10.1M	$10.1M	50x
Short	Backpack EDGE_USDC_PERP	0.5952	0.0093	get 0.0012% / 1h	6m 03s	$58K	$101K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$114.18
Price spread: −0.122% → −0.151%: $2.87
Slippage, 4 orders: −$93.44
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$224.76
Costs to cover: 1.134%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Backpack: live order book, 48 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 Binance live order book, 4 min ago	0.84 bp	25.8 bp −$26	206.1 bp −$2,061	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	5.84 bp	30.2 bp −$30	doesn't fit	doesn't fit	doesn't fit

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_PERPshort	+0.0093%	1h	0.5952	−0.122%	$58K	$101K	3.3x
Lighter EDGE	+0.0096%	1h	0.5947	−0.211%	$53K	$10K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5946	−0.224%	$7.0M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5954	−0.090%	$4.7M	$1.0M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5941	−0.305%	$190K	$133K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5962	+0.040%	$7K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5969	+0.162%	$9K	$289K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6202	+4.072%	$4K	$613K	10x	as long as short
KuCoin EDGEUSDTM	+0.0166%	4h	0.5956	−0.056%	$2.1M	$2.2M	50x	as long as short
BloFin EDGE-USDT	+0.0613%	4h	0.5952	−0.124%	$643K	$95K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster EDGEUSDT	+0.0613%	4h	0.5957	−0.036%	$69K	$133K	5x	as long as short
MEXC EDGE_USDT	+0.0624%	4h	0.5953	−0.107%	$1.2M	$916K	50x	as long as short
Binance EDGEUSDTlong	+0.0637%	4h	0.5959	long leg	$10.1M	$10.1M	50x
Extended EDGE-USD	+0.0640%	1h	0.5962	+0.042%	$27K	$230K	5x	as long as short
OKX EDGE-USDT-SWAP	+0.0678%	4h	0.5967	+0.128%	$3.7M	$5.9M	20x	as long as short
edgeX EDGEUSDC	+0.0682%	4h	0.5959	−0.012%	$14.2M	$3.5M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0732%	4h	0.5950	−0.157%	$3K	—	10x	as long as short