BackPack vs Pacifica Funding Arbitrage
19 shared markets · net of estimated fees · updated every few minutesBackPack and Pacifica both quote 19 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 Pacifica / short BackPack at 92.1% net APR — but the median across all shared markets is 61.5%, 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 15 on Pacifica. 19 markets clear 5% net APR, 17 clear 10%.
How this pair behaves
BackPack pays funding every 1h on 72 markets; Pacifica pays every 1h on 60 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. BackPack quotes 72 perpetual markets in total and Pacifica quotes 60; the 19 they share are what this page ranks. Across its own book BackPack runs a median funding rate of 10.9% and Pacifica 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 19 of 19 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| KSHIB | Pacifica | BackPack | 105.1% | 113.1% | +20.0% | $6K |
| MON | BackPack | Pacifica | 104.4% | 110.5% | +42.7% | $156K |
| ZEC | Pacifica | BackPack | 92.1% | 95.7% | +35.5% | $3.5M |
| CRV | BackPack | Pacifica | 76.4% | 90.9% | +10.0% | $45K |
| XPL | Pacifica | BackPack | 76.3% | 83.6% | +36.0% | $141K |
| KPEPE | Pacifica | BackPack | 70.2% | 80.8% | +23.8% | $1.5M |
| NEAR | Pacifica | BackPack | 66.1% | 70.0% | +9.6% | $658K |
| UNI | Pacifica | BackPack | 65.0% | 68.5% | +10.4% | $1.7M |
| ZRO | Pacifica | BackPack | 64.1% | 70.0% | -0.0% | $350K |
| KBONK | Pacifica | BackPack | 61.5% | 76.2% | +6.7% | $37K |
| SOL | Pacifica | BackPack | 47.0% | 50.2% | +0.5% | $44.6M |
| HYPE | Pacifica | BackPack | 37.2% | 40.4% | +0.5% | $26.9M |
| WIF | BackPack | Pacifica | 25.9% | 33.3% | +11.4% | $30K |
| XMR | Pacifica | BackPack | 19.1% | 24.3% | +30.1% | $369K |
| FARTCOIN | Pacifica | BackPack | 18.1% | 24.9% | -4.7% | $84K |
| LIT | BackPack | Pacifica | 16.5% | 23.2% | +10.7% | $824K |
| ADA | Pacifica | BackPack | 10.1% | 14.4% | -13.6% | $401K |
| WLFI | Pacifica | BackPack | 9.2% | 19.5% | — | $16K |
| ETH | Pacifica | BackPack | 5.3% | 7.8% | +0.6% | $37.5M |
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.
BackPack vs Pacifica — FAQ
How many markets can you arbitrage between BackPack and Pacifica?
19 perpetual markets are quoted on both BackPack and Pacifica right now. 19 of them show a net spread of at least 5% APR after estimated fees, and 6 have at least $1M of 24h volume on the smaller leg.
What is the best BackPack / Pacifica funding spread right now?
ZEC: long Pacifica and short BackPack for about 92.1% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 19 shared markets is 61.5%, so the top of the list is not typical.
Which side pays on the BackPack / Pacifica pair?
It varies by market: BackPack is the long (funding-receiving) leg in 4 of the shared markets and Pacifica in the other 15. The direction is set per market by which venue currently prices funding lower.
Trading the BackPack / Pacifica 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 · Pacifica funding rates; the full calculation is in the methodology.