Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0184%/8h= −20.2% APRpaid last 24h +0.001%

Price spread now: Bitget against Backpack−0.203%59s7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$960.956% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.478%+$48 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now −0.203%, 7d avg −0.021%

Together, before fees+0.699%+$70 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bitget is 0.182% cheaper against Backpack than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.478%, so the current rate has only just turned against you. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03940	0.0284	pay 0.0036% / 1h	48m 14s	$115K	$285K	5x
Short	Bitget SUSDT	0.03932	0.0100	get 0.0050% / 4h	2h 48m	$1.2M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.203%Rate

Funding earned: −$38.71
Price spread: −0.203% → −0.021%: −$18.17
Slippage, 4 orders: −$73.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$152.47
Costs to cover: 0.956%
Break-even: never at this rate

Slippage from Backpack: live order book, 40 min ago; Bitget: live order book, 4 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 Backpack live order book, 40 min ago	12.58 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	6.37 bp	18.3 bp −$18	67.3 bp −$673	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1452%	1h	0.03931	−0.229%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.893%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1204%	4h	0.03923	−0.431%	$610K	$38K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03938	−0.063%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03931	−0.226%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0056%	1h	0.03930	−0.254%	$24K	$3K	5x	as long as short
Aster SUSDT	−0.0034%	4h	0.03937	−0.074%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0019%	4h	0.03933	−0.178%	$101K	$340K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03937	−0.079%	$607	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03940	0.000%	$66K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.061%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0088%	4h	0.03933	−0.178%	$978K	$7.8M	20x	as long as short
Lighter S	+0.0096%	1h	0.03937	−0.076%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03932	−0.206%	$992K	$928K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03934	−0.152%	$5.4M	$24.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03929	−0.279%	$5.6M	$6.6M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03928	−0.305%	$321K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03934	−0.152%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03930	−0.254%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDTshort	+0.0100%	4h	0.03932	−0.203%	$1.2M	$3.1M	50x
BingX S-USDT	+0.0100%	4h	0.03931	−0.228%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.254%	$23K	$474K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03931	−0.224%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERPlong	+0.0284%	1h	0.03940	long leg	$115K	$285K	5x
BloFin S-USDT	+0.0340%	4h	0.03928	−0.305%	$274K	$179K	75x	as long as short