Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.128%

Price spread now: Backpack against SunX−4.442%7-day average −0.526% · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.731%+$73 on $10k

Price spread, last 3 days (all we have)+2.088%+$209 · spread now −4.442%, 7d avg −0.526%

Together, before fees+2.819%+$282 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 3.916% cheaper against SunX than usual: you would sell low and buy high, −$392 on $10k if it goes back to its 7-day average of −0.526%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX EDGE-USDT	0.6243	0.0100	pay 0.0050% / 4h	3m 52s	$4K	$613K	10x
Short	Backpack EDGE_USDC_PERP	0.5966	0.0096	get 0.0012% / 1h	3m 52s	$58K	$101K	3.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −4.442%Rate

Funding earned: −$0.81
Price spread: −4.442% → −0.526%: −$391.59
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$410.4
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 57 min ago; Backpack: live order book, 50 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 SunX live order book, 57 min ago	500.93 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 50 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
Lighter EDGE	+0.0096%	1h	0.5956	−4.597%	$53K	$11K	3x	as long as short
Backpack EDGE_USDC_PERPshort	+0.0096%	1h	0.5966	−4.442%	$58K	$101K	3.3x
Bybit EDGEUSDT	+0.0100%	4h	0.5957	−4.581%	$7.1M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5967	−4.421%	$4.7M	$1.0M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5941	−4.834%	$190K	$133K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5962	−4.505%	$7K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5957	−4.581%	$9K	$289K	50x	as long as short
SunX EDGE-USDTlong	+0.0100%	4h	0.6243	long leg	$4K	$613K	10x
KuCoin EDGEUSDTM	+0.0174%	4h	0.5971	−4.357%	$2.1M	$2.2M	50x	as long as short
BloFin EDGE-USDT	+0.0607%	4h	0.5971	−4.357%	$644K	$96K	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	+0.0621%	4h	0.5971	−4.357%	$69K	$133K	5x	as long as short
MEXC EDGE_USDT	+0.0630%	4h	0.5967	−4.421%	$1.2M	$917K	50x	as long as short
Extended EDGE-USD	+0.0640%	1h	0.5970	−4.375%	$27K	$230K	5x	as long as short
Binance EDGEUSDT	+0.0641%	4h	0.5969	−4.384%	$10.1M	$10.1M	50x	as long as short
edgeX EDGEUSDC	+0.0680%	4h	0.5961	−4.513%	$14.2M	$3.5M	30x	as long as short
OKX EDGE-USDT-SWAP	+0.0682%	4h	0.5969	−4.389%	$3.7M	$5.9M	20x	as long as short
Orderly PERP_EDGE_USDC	+0.0737%	4h	0.5969	−4.389%	$3K	—	10x	as long as short