Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.062%

Price spread now: Bybit against Backpack−0.213%45s7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.213% cheaper against Backpack than usual: you would sell low and buy high, −$21 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 45 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 W_USDC_PERP	0.01173	0.0100	pay 0.0013% / 1h	35m 24s	$44K	$47K	15x
Short	Bybit WUSDT	0.01170	0.0100	get 0.0050% / 4h	2h 35m	$4.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.213%Rate

Funding earned: $0
Price spread: −0.213% → 0.000%: −$21.32
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.32
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 2 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 Backpack no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	1.28 bp	32.5 bp −$33	161.2 bp −$1,612	doesn't fit	doesn't fit

Backpack: 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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0858%	1h	0.01172	−0.060%	$17K	$1K	10x	as long as short
OKX W-USDT-SWAP	+0.0011%	4h	0.01170	−0.213%	$1.3M	$2.2M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+3.104%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01172	−0.051%	$2.0M	$460K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01172	−0.085%	$2.9M	$7.6M	50x	as long as short
Bybit WUSDTshort	+0.0100%	4h	0.01170	−0.213%	$4.1M	$2.1M	50x
Gate W_USDT	+0.0100%	4h	0.01169	−0.273%	$442K	$301K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01171	−0.111%	$12.8M	$1.7M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01169	−0.307%	$419K	$216K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01171	−0.136%	$1.2M	$570K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01171	−0.145%	—	$6.9M	—	as long as short
Backpack W_USDC_PERPlong	+0.0100%	1h	0.01173	long leg	$44K	$47K	15x
Variational Omni W	+0.0100%	4h	0.01170	−0.259%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01171	−0.103%	$122K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01171	−0.098%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0296%	1h	0.01173	+0.043%	$14K	$18K	50x	as long as short
Kraken Futures PF_WUSD	+0.0620%	1h	0.01173	+0.068%	$145K	$185K	20x	as long as short