BackPack vs Risex Funding Arbitrage
16 shared markets · net of estimated fees · updated every few minutesBackPack and Risex both quote 16 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 Risex / short BackPack at 18.0% net APR — but the median across all shared markets is 13.8%, 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 6 markets go long on BackPack and 10 on Risex. 12 markets clear 5% net APR, 10 clear 10%.
How this pair behaves
BackPack pays funding every 1h on 62 markets; Risex pays every 1h on 43 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 62 perpetual markets in total and Risex quotes 43; the 16 they share are what this page ranks. Across its own book BackPack runs a median funding rate of 10.9% and Risex 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 16 of 16 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| MON | BackPack | Risex | 144.9% | 148.3% | +26.6% | $74K |
| ENA | Risex | BackPack | 66.4% | 69.4% | -2.4% | $103K |
| AERO | Risex | BackPack | 57.3% | 60.0% | +38.0% | $131K |
| PUMP | BackPack | Risex | 51.5% | 54.1% | +39.2% | $223K |
| AAVE | Risex | BackPack | 20.0% | 22.9% | +11.2% | $126K |
| WLD | BackPack | Risex | 19.9% | 22.9% | -3.6% | $338K |
| ZEC | Risex | BackPack | 18.0% | 20.3% | +34.2% | $1.9M |
| HYPE | Risex | BackPack | 14.4% | 16.7% | +7.2% | $2.4M |
| VVV | Risex | BackPack | 13.3% | 16.2% | +28.7% | $54K |
| ARB | BackPack | Risex | 11.2% | 14.3% | -8.2% | $80K |
| ZRO | BackPack | Risex | 5.7% | 8.5% | +28.5% | $624K |
| NEAR | BackPack | Risex | 5.3% | 8.2% | -15.5% | $1.9M |
| SOL | Risex | BackPack | 3.8% | 6.4% | +10.6% | $1.3M |
| BNB | Risex | BackPack | 2.3% | 4.4% | +7.8% | $346K |
| ONDO | Risex | BackPack | 2.3% | 4.8% | +1.8% | $106K |
| TAO | Risex | BackPack | 0.7% | 3.3% | +12.8% | $76K |
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 Risex share 16 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.
BackPack vs Risex — FAQ
How many markets can you arbitrage between BackPack and Risex?
16 perpetual markets are quoted on both BackPack and Risex right now. 12 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 BackPack / Risex funding spread right now?
ZEC: long Risex and short BackPack for about 18.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 16 shared markets is 13.8%, so the top of the list is not typical.
Which side pays on the BackPack / Risex pair?
It varies by market: BackPack is the long (funding-receiving) leg in 6 of the shared markets and Risex in the other 10. The direction is set per market by which venue currently prices funding lower.
Trading the BackPack / Risex 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 · Risex funding rates; the full calculation is in the methodology.