Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0209%/8h= +22.9% APRpaid last 24h +0.105%

Price spread now: Backpack against Orderly+0.175%46s7-day average +0.089% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now +0.175%, 7d avg +0.089%

Together, before fees+0.112%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.086% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.089%. The two prices were read 46 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	Orderly PERP_S_USDC	0.04003	0.0026	pay 0.0013% / 4h	3h 11m	$102K	$331K	10x
Short	Backpack S_USDC_PERP	0.04010	0.0235	get 0.0029% / 1h	11m 20s	$117K	$325K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.175%Rate

Funding earned: $43.97
Price spread: +0.175% → +0.089%: $8.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $36.57
Costs to cover: 0.160%
Break-even: 1.2 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 62 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 62 min ago	12.71 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2019%	1h	0.04001	−0.049%	$34K	$23K	10x	as long as short
01 Exchange SUSD	−0.1840%	1h	0.04000	−0.075%	$25K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03959	−1.099%	$49K	$5K	25x	as long as short
Variational Omni S	−0.0682%	4h	0.03997	−0.154%	$621K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04004	+0.037%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04002	−0.015%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04004	+0.029%	$617	—	150x	as long as short
Orderly PERP_S_USDClong	+0.0026%	4h	0.04003	long leg	$102K	$331K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.423%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.04007	+0.100%	$164K	$192K	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	0.04003	+0.010%	$1.0M	$622K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04005	+0.054%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04004	+0.025%	$5.5M	$15.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03998	−0.125%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04003	0.000%	$983K	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04002	−0.025%	$327K	$218K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04003	0.000%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04004	+0.025%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04004	+0.025%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04001	−0.050%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04000	−0.075%	$26K	$445K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04002	−0.035%	$224K	$1.1M	10x	as long as short
Backpack S_USDC_PERPshort	+0.0235%	1h	0.04010	+0.175%	$117K	$325K	5x
BloFin S-USDT	+0.0340%	4h	0.03997	−0.150%	$269K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0749%	1h	0.04007	+0.100%	$67K	$10K	10x	as long as short