Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Bitget+0.086%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.086%, 7d avg 0.000%

Together, before fees+0.169%+$17 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 0.086% dearer against Bitget than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPUSDT	0.1272	0.0100	pay 0.0100% / 8h	7m 25s	$6.1M	$6.3M	75x
Short	Backpack OP_USDC_PERP	0.1273	0.0100	get 0.0013% / 1h	7m 25s	$123K	$188K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → 0.000%: $8.63
Slippage, 4 orders: −$23.53
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.9
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Bitget: live order book, 6 min ago; Backpack: live order book, 6 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 Bitget live order book, 6 min ago	3.93 bp	17.3 bp −$17	28.8 bp −$288	83.3 bp −$8,325	doesn't fit
Sell Backpack live order book, 6 min ago	0.39 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1633%	1h	0.1266	−0.472%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1272	+0.039%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1270	−0.157%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1273	+0.080%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1275	+0.236%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1272	+0.029%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0060%	8h	0.1271	−0.079%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1270	−0.144%	$232K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1273	+0.047%	$289K	$963K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1272	−0.031%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1271	−0.048%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1272	0.000%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1271	−0.055%	$18.4M	$25.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1272	−0.016%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1272	+0.024%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1271	−0.094%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1270	−0.157%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDTlong	+0.0100%	8h	0.1272	long leg	$6.1M	$6.3M	75x
BingX OP-USDT	+0.0100%	8h	0.1272	0.000%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1273	+0.086%	$123K	$188K	10x
edgeX OPUSDC	+0.0100%	4h	0.1273	+0.040%	$11K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1273	+0.059%	$312K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1272	0.000%	$46K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1274	+0.157%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1275	+0.197%	$176K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1271	−0.110%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1274	+0.157%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	+0.031%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0358%	1h	0.1276	+0.281%	$802K	$749K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1272	−0.032%	$707	—	20x	as long as short