2Z

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0442%/8h= +48.4% APRnext payment +$0.55 per $10,000 · paid last 24h +0.100%

Price spread now: Injective against Backpack−4.871%72s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 pays, the price is against you. Injective is 4.871% cheaper against Backpack than usual: you would sell low and buy high (spread −4.871% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$487 on $10k: about 37 days of funding at the current rate (+$13 a day). The two prices were read 72 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 2Z_USDC_PERP	0.05235	−0.0408	get 0.0051% / 1h	22m 06s	$46K	$29K	5x
Short	Injective 2Z/USDC PERP	0.04980	0.0033	get 0.0004% / 1h	22m 06s	$867	$213	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.871%Rate

Funding earned: $92.77
Price spread: −4.871% → 0.000%: −$487.11
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$404.36
Costs to cover: 0.100%
Break-even: 37.5 days

Slippage unknown: Backpack: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Backpack and Injective: 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.

2Z 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
Backpack 2Z_USDC_PERPlong	−0.0408%	1h	0.05235	long leg	$46K	$29K	5x
Injective 2Z/USDC PERPshort	+0.0033%	1h	0.04980	−4.871%	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05248	+0.248%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05240	+0.097%	$668K	$368K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05242	+0.130%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05241	+0.122%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05239	+0.072%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05239	+0.076%	$689K	$954K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05238	+0.057%	$453K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05238	+0.057%	$91K	$68K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05245	+0.191%	$297K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05237	+0.048%	$193K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05237	+0.038%	$157K	$632K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05244	+0.172%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05224	−0.202%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05244	+0.172%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.2477%	1h	0.05244	+0.177%	$6K	$3K	10x	as long as short