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: Backpack against Kraken Futures+0.206%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures 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

Both sides work for this trade now. Funding pays +$110 a day on $10k at the current rate, and Backpack is 0.206% dearer against Kraken Futures than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_2ZUSD	0.05204	−0.3895	get 0.0487% / 1h	39m 37s	$5K	$3K	10x
Short	Backpack 2Z_USDC_PERP	0.05215	−0.0216	pay 0.0027% / 1h	39m 37s	$46K	$21K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.206%Rate

Funding earned: $772.6
Price spread: +0.206% → 0.000%: $20.58
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $773.17
Costs to cover: 0.200%
Break-even: from the start

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

Kraken Futures 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
Kraken Futures PF_2ZUSDlong	−0.3895%	1h	0.05204	long leg	$5K	$3K	10x
Backpack 2Z_USDC_PERPshort	−0.0216%	1h	0.05215	+0.206%	$46K	$21K	5x
Bybit 2ZUSDT	−0.0057%	4h	0.05218	+0.263%	$724K	$988K	50x	as long as short
MEXC 2Z_USDT	−0.0056%	4h	0.05218	+0.263%	$337K	$138K	50x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.310%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05222	+0.340%	$17K	$5K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05218	+0.258%	$657K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05216	+0.233%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05220	+0.302%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05215	+0.206%	$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	0.05218	+0.263%	$438K	$735K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05216	+0.225%	$91K	$69K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05222	+0.338%	$183K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05218	+0.263%	$174K	$692K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05219	+0.283%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05215	+0.199%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05217	+0.244%	$2K	$1.1M	20x	as long as short