2Z

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3679%/8h= −402.9% APRnext payment −$4.60 per $10,000 · paid last 24h +0.193%

Price spread now: Kraken Futures against Backpack−0.205%7-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 Kraken Futures

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

Both sides work against this trade now: funding costs −$110 a day on $10k at the current rate, and Kraken Futures is 0.205% cheaper against Backpack than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack 2Z_USDC_PERP	0.05215	−0.0216	get 0.0027% / 1h	39m 51s	$46K	$21K	5x
Short	Kraken Futures PF_2ZUSD	0.05204	−0.3895	pay 0.0487% / 1h	39m 51s	$5K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.205%Rate

Funding earned: −$772.6
Price spread: −0.205% → 0.000%: −$20.53
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$813.13
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Kraken Futures: 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 Kraken Futures no order-book sample	—	—	—	—	—

Backpack and Kraken Futures: 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
Kraken Futures PF_2ZUSDshort	−0.3895%	1h	0.05204	−0.205%	$5K	$3K	10x
Backpack 2Z_USDC_PERPlong	−0.0216%	1h	0.05215	long leg	$46K	$21K	5x
Bybit 2ZUSDT	−0.0057%	4h	0.05215	0.000%	$723K	$988K	50x	as long as short
MEXC 2Z_USDT	+0.0002%	4h	0.05217	+0.038%	$337K	$138K	50x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.506%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05219	+0.077%	$17K	$5K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05218	+0.052%	$657K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05217	+0.031%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05220	+0.096%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05215	0.000%	$2.1M	$2.1M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05216	+0.019%	$438K	$735K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05216	+0.019%	$91K	$69K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05222	+0.132%	$183K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05216	+0.019%	$174K	$692K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05218	+0.058%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05215	−0.007%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05217	+0.038%	$2K	$1.1M	20x	as long as short