Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1484%/8h= −162.5% APRpaid last 24h −0.074%

Price spread now: OKX against Backpack−0.243%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1231.231% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 4 days (all we have)+0.813%+$81 · spread now −0.243%, 7d avg −0.118%

Together, before fees+1.093%+$109 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and OKX is 0.125% cheaper against Backpack than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.118%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.280%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.280% in total (about 14.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.04120	0.1584	pay 0.0198% / 1h	35m 39s	$121K	$363K	5x
Short	OKX S-USDT-SWAP	0.04110	0.0100	get 0.0050% / 4h	1h 35m	$1.1M	$4.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.243%Rate

Funding earned: −$311.66
Price spread: −0.243% → −0.118%: −$12.51
Slippage, 4 orders: −$103.09
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$447.26
Costs to cover: 1.231%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; OKX: live order book, 2 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, 28 min ago	12.24 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.22 bp	30.6 bp −$31	doesn't fit	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
01 Exchange SUSD	−1.1040%	1h	0.03950	−4.126%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1673%	1h	0.04107	−0.322%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−2.379%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0253%	4h	0.04099	−0.517%	$637K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04107	−0.318%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04105	−0.363%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04107	−0.306%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.485%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0067%	4h	0.04109	−0.267%	$102K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.04116	−0.097%	$172K	$156K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04113	−0.167%	$1.0M	$554K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04113	−0.178%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04113	−0.159%	$5.7M	$13.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04108	−0.291%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.04110	−0.243%	$1.1M	$4.0M	20x
Gate S_USDT	+0.0100%	4h	0.04108	−0.291%	$337K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04113	−0.170%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04109	−0.267%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04113	−0.170%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04112	−0.194%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04100	−0.485%	$25K	$447K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04108	−0.288%	$231K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04096	−0.583%	$280K	$110K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0723%	1h	0.04116	−0.097%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.1584%	1h	0.04120	long leg	$121K	$363K	5x