Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.207%

Price spread now: Backpack against MEXC−0.108%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$630.634% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.468%+$47 on $10k

Price spread, last 4 days (all we have)−0.164%−$16 · spread now −0.108%, 7d avg −0.139%

Together, before fees+0.304%+$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.031% dearer against MEXC than usual: you sell high and buy low (spread −0.108% now, against its 7-day average of −0.139%): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 6 hours. Mind the row above: over the last 7 days funding on this pair paid +0.468%, 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	MEXC EDGE_USDT	0.5938	0.0510	pay 0.0255% / 4h	2h 22m	$1.2M	$912K	50x
Short	Backpack EDGE_USDC_PERP	0.5932	0.0100	get 0.0013% / 1h	22m 53s	$58K	$105K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$86.1
Price spread: −0.108% → −0.139%: $3.11
Slippage, 4 orders: −$45.44
Fee MEXC: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$146.43
Costs to cover: 0.634%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Backpack: live order book, 21 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 MEXC live order book, 3 min ago	0.85 bp	13.0 bp −$13	73.5 bp −$735	221.0 bp −$22.1K	684.5 bp −$342.2K
Sell Backpack live order book, 21 min ago	3.05 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit

EDGE on 16 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
Lighter EDGE	+0.0096%	1h	0.5925	−0.224%	$44K	$18K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5927	−0.185%	$7.1M	$3.4M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5926	−0.202%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5924	−0.236%	$4.7M	$1.1M	20x	as long as short
Backpack EDGE_USDC_PERPshort	+0.0100%	1h	0.5932	−0.108%	$58K	$105K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5914	−0.412%	$194K	$128K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5928	−0.169%	$6K	$2.0M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5931	−0.118%	$9K	$304K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5889	−0.825%	$4K	$620K	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0488%	4h	0.5945	+0.118%	$3.7M	$5.8M	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended EDGE-USD	+0.0504%	1h	0.5941	+0.049%	$27K	$194K	5x	as long as short
edgeX EDGEUSDC	+0.0506%	4h	0.5937	−0.022%	$14.2M	$3.6M	30x	as long as short
Binance EDGEUSDT	+0.0508%	4h	0.5938	−0.008%	$10.1M	$10.4M	50x	as long as short
MEXC EDGE_USDTlong	+0.0510%	4h	0.5938	long leg	$1.2M	$912K	50x
Aster EDGEUSDT	+0.0515%	4h	0.5923	−0.256%	$68K	$132K	5x	as long as short
Orderly PERP_EDGE_USDC	+0.0716%	4h	0.5921	−0.286%	$3K	—	10x	as long as short