Arcus vs BackPack Funding Arbitrage
12 shared markets · net of estimated fees · updated every few minutesArcus and BackPack both quote 12 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is NEAR — long Arcus / short BackPack at 53.0% net APR — but the median across all shared markets is 16.7%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 2 markets go long on Arcus and 10 on BackPack. 11 markets clear 5% net APR, 9 clear 10%.
Spreads by market
top 12 of 12 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| NEAR | Arcus | BackPack | 53.0% | 56.1% | +8.6% | $2.9M |
| FARTCOIN | BackPack | Arcus | 52.1% | 55.8% | +26.6% | $90K |
| ENA | BackPack | Arcus | 47.3% | 51.5% | -9.4% | $99K |
| WLFI | BackPack | Arcus | 38.7% | 42.8% | +5.3% | $14K |
| PENGU | BackPack | Arcus | 27.9% | 32.2% | -5.7% | $112K |
| ZEC | Arcus | BackPack | 17.4% | 19.9% | -3.7% | $2.4M |
| XRP | BackPack | Arcus | 16.0% | 18.8% | +0.9% | $908K |
| PUMP | BackPack | Arcus | 12.0% | 15.7% | +0.9% | $1.3M |
| UNI | BackPack | Arcus | 11.8% | 15.1% | +5.1% | $666K |
| DOGE | BackPack | Arcus | 6.4% | 9.5% | +13.4% | $97K |
| TAO | BackPack | Arcus | 6.3% | 9.5% | +17.2% | $154K |
| SOL | BackPack | Arcus | 0.7% | 3.5% | +2.5% | $11.7M |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Coverage note: Arcus and BackPack share 12 markets, 4 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
Arcus vs BackPack — FAQ
How many markets can you arbitrage between Arcus and BackPack?
12 perpetual markets are quoted on both Arcus and BackPack right now. 11 of them show a net spread of at least 5% APR after estimated fees, and 4 have at least $1M of 24h volume on the smaller leg.
What is the best Arcus / BackPack funding spread right now?
NEAR: long Arcus and short BackPack for about 53.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 12 shared markets is 16.7%, so the top of the list is not typical.
Which side pays on the Arcus / BackPack pair?
It varies by market: Arcus is the long (funding-receiving) leg in 2 of the shared markets and BackPack in the other 10. The direction is set per market by which venue currently prices funding lower.
Trading the Arcus / BackPack spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Arcus funding rates · BackPack funding rates; the full calculation is in the methodology.