2Z

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0755%/8h= −82.7% APRnext payment −$0.94 per $10,000 · paid last 24h −0.119%

Price spread now: Backpack against Injective+4.618%72s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Backpack

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

The price spread pays, funding is against you. Backpack is 4.618% dearer against Injective than usual: you sell high and buy low (spread +4.618% now, against zero (this spread has no 7-day history yet)): +$462 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 20 days. 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	Injective 2Z/USDC PERP	0.04980	0.0033	pay 0.0004% / 1h	44m 07s	$867	$213	5.5x
Short	Backpack 2Z_USDC_PERP	0.05210	−0.0721	pay 0.0090% / 1h	44m 07s	$45K	$20K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +4.618%Rate

Funding earned: −$158.51
Price spread: +4.618% → 0.000%: $461.85
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $293.31
Costs to cover: 0.100%
Break-even: from the start

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

Injective and Backpack: 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_PERPshort	−0.0721%	1h	0.05210	+4.618%	$45K	$20K	5x
Injective 2Z/USDC PERPlong	+0.0033%	1h	0.04980	long leg	$867	$213	5.5x
Lighter 2Z	+0.0096%	1h	0.05218	+4.779%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05212	+4.669%	$656K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05216	+4.742%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05213	+4.677%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05211	+4.646%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05215	+4.719%	$726K	$918K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05218	+4.779%	$445K	$691K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05223	+4.880%	$91K	$60K	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	0.05215	+4.719%	$328K	$122K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05212	+4.661%	$178K	$50K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05218	+4.779%	$156K	$624K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05215	+4.719%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05225	+4.911%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05217	+4.759%	$2K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0512%	1h	0.05209	+4.605%	$5K	$3K	10x	as long as short