BackPack vs Nado Funding Arbitrage
24 shared markets · net of estimated fees · updated every few minutesBackPack and Nado both quote 24 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 ZEC — long Nado / short BackPack at 57.7% net APR — but the median across all shared markets is 24.3%, 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 4 markets go long on BackPack and 20 on Nado. 22 markets clear 5% net APR, 19 clear 10%.
How this pair behaves
BackPack pays funding every 1h on 64 markets; Nado pays every 24h on 67 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. BackPack quotes 64 perpetual markets in total and Nado quotes 67; the 24 they share are what this page ranks. Across its own book BackPack runs a median funding rate of 10.9% and Nado 5.4%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 24 of 24 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| MON | BackPack | Nado | 68.2% | 71.2% | +0.9% | $65K |
| ZEC | Nado | BackPack | 57.7% | 60.0% | +26.4% | $3.5M |
| FARTCOIN | BackPack | Nado | 56.8% | 60.0% | -9.8% | $92K |
| UNI | Nado | BackPack | 45.2% | 47.5% | +22.1% | $771K |
| XMR | Nado | BackPack | 44.4% | 48.1% | +8.5% | $218K |
| XPL | Nado | BackPack | 44.1% | 47.3% | +26.5% | $123K |
| LIT | Nado | BackPack | 31.3% | 33.7% | +7.1% | $756K |
| AAVE | Nado | BackPack | 31.1% | 34.0% | +12.3% | $208K |
| TAO | Nado | BackPack | 30.0% | 32.5% | +13.9% | $79K |
| CHIP | Nado | BackPack | 27.6% | 31.3% | +20.4% | $107K |
| LINK | Nado | BackPack | 27.1% | 30.1% | +25.4% | $62K |
| AVAX | Nado | BackPack | 25.3% | 28.4% | +19.2% | $57K |
| BNB | Nado | BackPack | 23.2% | 25.5% | +18.7% | $319K |
| ENA | Nado | BackPack | 13.7% | 16.2% | — | $203K |
| PENGU | Nado | BackPack | 13.0% | 16.4% | +18.4% | $100K |
| SOL | Nado | BackPack | 12.2% | 14.8% | +3.9% | $22.0M |
| PUMP | BackPack | Nado | 11.6% | 14.7% | +37.9% | $295K |
| SUI | BackPack | Nado | 11.5% | 14.3% | -2.5% | $170K |
| WLD | Nado | BackPack | 11.3% | 13.8% | +18.2% | $188K |
| HYPE | Nado | BackPack | 9.6% | 11.7% | +6.8% | $3.5M |
| LTC | Nado | BackPack | 7.1% | 9.4% | +3.6% | $86K |
| KPEPE | Nado | BackPack | 5.9% | 9.1% | +44.5% | $52K |
| ONDO | Nado | BackPack | 4.8% | 7.2% | +10.7% | $114K |
| DOGE | Nado | BackPack | 3.9% | 6.9% | -8.9% | $51K |
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: BackPack and Nado share 24 markets, 3 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.
BackPack vs Nado — FAQ
How many markets can you arbitrage between BackPack and Nado?
24 perpetual markets are quoted on both BackPack and Nado right now. 22 of them show a net spread of at least 5% APR after estimated fees, and 3 have at least $1M of 24h volume on the smaller leg.
What is the best BackPack / Nado funding spread right now?
ZEC: long Nado and short BackPack for about 57.7% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 24 shared markets is 24.3%, so the top of the list is not typical.
Which side pays on the BackPack / Nado pair?
It varies by market: BackPack is the long (funding-receiving) leg in 4 of the shared markets and Nado in the other 20. The direction is set per market by which venue currently prices funding lower.
Trading the BackPack / Nado 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: BackPack funding rates · Nado funding rates; the full calculation is in the methodology.