Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0781%/8h= −85.6% APRpaid last 24h −0.124%

Price spread now: Backpack against OKX−0.096%7-day average −0.173% · you buy dearer than you sell

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

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.696%+$70 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now −0.096%, 7d avg −0.173%

Together, before fees+0.507%+$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.077% dearer against OKX than usual: you sell high and buy low (spread −0.096% now, against its 7-day average of −0.173%): +$8 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.696%, 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	OKX EDGE-USDT-SWAP	0.5843	0.0269	pay 0.0135% / 4h	2h 28m	$3.6M	$5.7M	20x
Short	Backpack EDGE_USDC_PERP	0.5837	−0.0512	pay 0.0064% / 1h	28m 30s	$59K	$100K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$164.1
Price spread: −0.096% → −0.173%: $7.69
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$176.42
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; Backpack: no order-book sample. 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 OKX live order book, 4 min ago	2.56 bp	19.3 bp −$19	140.3 bp −$1,403	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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_PERPshort	−0.0512%	1h	0.5837	−0.096%	$59K	$100K	3.3x
Lighter EDGE	+0.0096%	1h	0.5825	−0.317%	$54K	$9K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5834	−0.154%	$6.9M	$3.2M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5839	−0.068%	$2.1M	$2.3M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5840	−0.051%	$4.6M	$988K	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5827	−0.270%	$190K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5841	−0.033%	$11K	$1.7M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5843	0.000%	$6K	$294K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5799	−0.753%	$4K	$603K	10x	as long as short
Aster EDGEUSDT	+0.0247%	4h	0.5844	+0.024%	$67K	$134K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin EDGE-USDT	+0.0258%	4h	0.5835	−0.137%	$628K	$125K	50x	as long as short
OKX EDGE-USDT-SWAPlong	+0.0269%	4h	0.5843	long leg	$3.6M	$5.7M	20x
Extended EDGE-USD	+0.0272%	1h	0.5838	−0.088%	$26K	$230K	5x	as long as short
MEXC EDGE_USDT	+0.0274%	4h	0.5840	−0.051%	$1.2M	$929K	50x	as long as short
Binance EDGEUSDT	+0.0275%	4h	0.5842	−0.017%	$9.9M	$10.0M	50x	as long as short
edgeX EDGEUSDC	+0.0279%	4h	0.5852	+0.155%	$14.0M	$3.4M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0396%	4h	0.5837	−0.103%	$3K	—	10x	as long as short