Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0427%/8h= −46.8% APRpaid last 24h −0.232%

Price spread now: Backpack against BloFin−0.203%7-day average −0.193% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$850.848% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.415%+$42 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now −0.203%, 7d avg −0.193%

Together, before fees+0.184%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.193%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.415%, 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	BloFin EDGE-USDT	0.5975	0.0481	pay 0.0241% / 4h	2h 16m	$651K	$103K	50x
Short	Backpack EDGE_USDC_PERP	0.5963	0.0054	get 0.0007% / 1h	16m 22s	$59K	$117K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.203%Rate

Funding earned: −$89.71
Price spread: −0.203% → −0.193%: −$0.99
Slippage, 4 orders: −$62.84
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$175.54
Costs to cover: 0.848%
Break-even: never at this rate

Slippage from BloFin: live order book, 10 min ago; Backpack: live order book, 8 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 BloFin live order book, 10 min ago	9.29 bp	25.9 bp −$26	139.9 bp −$1,399	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	4.21 bp	15.0 bp −$15	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	+0.0054%	1h	0.5963	−0.203%	$59K	$117K	3.3x
Lighter EDGE	+0.0096%	1h	0.5954	−0.346%	$43K	$19K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5954	−0.351%	$7.2M	$3.3M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5963	−0.201%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5965	−0.167%	$4.7M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5946	−0.486%	$188K	$144K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5980	+0.084%	$9K	$2.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5986	+0.184%	$9K	$295K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5923	−0.870%	$4K	$634K	10x	as long as short
Aster EDGEUSDT	+0.0345%	4h	0.5961	−0.228%	$52K	$155K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended EDGE-USD	+0.0464%	1h	0.5961	−0.228%	$27K	$87K	5x	as long as short
Binance EDGEUSDT	+0.0467%	4h	0.5965	−0.167%	$10.2M	$10.6M	50x	as long as short
MEXC EDGE_USDT	+0.0472%	4h	0.5967	−0.134%	$1.1M	$822K	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0476%	4h	0.5965	−0.167%	$3.7M	$6.0M	20x	as long as short
BloFin EDGE-USDTlong	+0.0481%	4h	0.5975	long leg	$651K	$103K	50x
edgeX EDGEUSDC	+0.0491%	4h	0.5962	−0.211%	$14.3M	$3.6M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0589%	4h	0.5963	−0.201%	$3K	$1K	10x	as long as short