Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1296%/8h= +141.9% APRpaid last 24h +0.068%

Price spread now: Backpack against Bybit+0.406%7-day average +0.145% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$1111.114% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.439%−$44 on $10k

Price spread, last 4 days (all we have)−0.502%−$50 · spread now +0.406%, 7d avg +0.145%

Together, before fees−0.941%−$94 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Backpack is 0.261% dearer against Bybit than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.145%. Mind the row above: over the last 7 days funding on this pair cost −0.439%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.439% in total (about -22.9% 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	Bybit SUSDT	0.03944	0.0100	pay 0.0050% / 4h	3h 09m	$5.6M	$4.4M	50x
Short	Backpack S_USDC_PERP	0.03960	0.1396	get 0.0175% / 1h	9m 56s	$115K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.406%Rate

Funding earned: $272.19
Price spread: +0.406% → +0.145%: $26.12
Slippage, 4 orders: −$90.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $186.87
Costs to cover: 1.114%
Break-even: 2.2 days

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 44 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 Bybit live order book, 3 min ago	2.53 bp	24.8 bp −$25	78.8 bp −$788	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	12.45 bp	28.4 bp −$28	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	−0.5096%	1h	0.03840	−2.637%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2259%	1h	0.03944	−0.004%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03927	−0.431%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03955	+0.276%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03953	+0.216%	$4	—	15x	as long as short
Variational Omni S	−0.0047%	4h	0.03947	+0.070%	$613K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03956	+0.305%	$610	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.955%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0082%	4h	0.03952	+0.203%	$98K	$296K	10x	as long as short
Lighter S	+0.0096%	1h	0.03953	+0.228%	$167K	$157K	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	0.03949	+0.132%	$989K	$590K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03953	+0.231%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03952	+0.203%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.03944	long leg	$5.6M	$4.4M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03947	+0.076%	$981K	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03947	+0.076%	$321K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03950	+0.152%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03951	+0.177%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03955	+0.279%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03950	+0.152%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	+0.659%	$24K	$463K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03949	+0.131%	$224K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03967	+0.583%	$273K	$102K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0763%	1h	0.03954	+0.254%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERPshort	+0.1396%	1h	0.03960	+0.406%	$115K	$424K	5x