Funding you earn now, next payment 04:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.126%
Price spread now: Backpack against Bybit+0.085%7-day average −0.036% · you sell dearer than you buy
Net, funding: paid 7d − costs−$72as in the Funding arb table
Net, price: spread back to 7d avg − costs−$94as in the Price arb table
costs, in and out, $10k−$1061.063% of the position
Funding, last 7 days+0.347%+$35 on $10k
+Price spread, last 4 days (all we have)+0.099%+$10 · spread now +0.085%, 7d avg −0.036%
=The price spread pays, funding is against you. Backpack is 0.120% dearer against Bybit than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of −0.036%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.347%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit CHIPUSDT | 0.04728 | −0.0255 | get 0.0127% / 4h | 5m 14s | $10.9M | $9.0M | 20x |
| Short | Backpack CHIP_USDC_PERP | 0.04732 | −0.0318 | pay 0.0040% / 1h | 5m 14s | $34K | $251K | 5x |
Bybit CHIPUSDT
Backpack CHIP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$13.28
- Price spread: +0.085% → −0.036%
- $12.03
- Slippage, 4 orders
- −$85.28
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$107.53
- Costs to cover
- 1.063%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 53 min ago.
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 Bybit live order book, 3 min ago | 2.10 bp | 37.8 bp −$38 | 142.0 bp −$1,420 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 53 min ago | 2.13 bp | 13.8 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
CHIP on 23 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix CHIP | −0.0510% | 1h | 0.04746 | +0.381% | $3K | $129K | 5x | as long as short |
| OKX CHIP-USDT-SWAP | −0.0321% | 4h | 0.04724 | −0.085% | $2.0M | $9.7M | 20x | as long as short |
| Backpack CHIP_USDC_PERPshort | −0.0318% | 1h | 0.04732 | +0.085% | $34K | $251K | 5x | |
| ApeX Omni CHIPUSDT | −0.0298% | 1h | 0.04746 | +0.381% | $16K | $244K | 50x | as long as short |
| Bybit CHIPUSDTlong | −0.0255% | 4h | 0.04728 | long leg | $10.9M | $9.0M | 20x | |
| Nado CHIP-PERP | −0.0121% | 1h | 0.04723 | −0.116% | $239K | $20K | 5x | as long as short |
| Aster CHIPUSDT | −0.0015% | 4h | 0.04733 | +0.106% | $56K | $279K | 5x | as long as short |
| Deribit CHIP_USDC-PERPETUAL | 0.0000% | 1h | 0.04732 | +0.087% | $10K | $24K | 10x | as long as short |
| BloFin CHIP-USDT | +0.0034% | 4h | 0.04720 | −0.169% | $565K | $65K | 50x | as long as short |
| MEXC CHIP_USDT | +0.0078% | 4h | 0.04727 | −0.021% | $1.8M | $1.2M | 50x | as long as short |
Phoenix CHIP
OKX CHIP-USDT-SWAP
ApeX Omni CHIPUSDT
Nado CHIP-PERP
Aster CHIPUSDT
Deribit CHIP_USDC-PERPETUAL
BloFin CHIP-USDT
MEXC CHIP_USDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance CHIPUSDT | +0.0079% | 4h | 0.04727 | −0.016% | $14.3M | $27.0M | 50x | as long as short |
| Extended CHIP-USD | +0.0080% | 1h | 0.04726 | −0.050% | $215K | $1.9M | 5x | as long as short |
| Lighter CHIP | +0.0096% | 1h | 0.04730 | +0.042% | $97K | $117K | 3x | as long as short |
| Hyperliquid CHIP | +0.0100% | 1h | 0.04736 | +0.171% | $14.7M | $6.2M | 3x | as long as short |
| Pacifica CHIP | +0.0100% | 1h | 0.04725 | −0.068% | $16K | $3K | 3x | as long as short |
| Gate CHIP_USDT | +0.0100% | 4h | 0.04727 | −0.021% | $685K | $989K | 50x | as long as short |
| KuCoin CHIPUSDTM | +0.0100% | 4h | 0.04726 | −0.042% | $984K | $1.1M | 50x | as long as short |
| Bitget CHIPUSDT | +0.0100% | 4h | 0.04728 | 0.000% | $2.0M | $3.4M | 50x | as long as short |
| BingX CHIP-USDT | +0.0100% | 4h | 0.04726 | −0.042% | — | $2.0M | — | as long as short |
| Variational Omni CHIP | +0.0100% | 4h | 0.04723 | −0.113% | $839K | $527K | — | as long as short |
| SunX CHIP-USDT | +0.0100% | 4h | 0.04718 | −0.212% | $781 | $1.0M | 10x | as long as short |
| Aftermath Perps CHIPUSD | +0.0167% | 1h | 0.04751 | +0.486% | $100 | $38K | 5x | as long as short |
| Coinbase International CHIP-PERP-INTX | +0.0736% | 1h | 0.04855 | +2.682% | $47K | $41K | 50x | as long as short |
Binance CHIPUSDT
Extended CHIP-USD
Lighter CHIP
Hyperliquid CHIP
Pacifica CHIP
Gate CHIP_USDT
KuCoin CHIPUSDTM
Bitget CHIPUSDT
BingX CHIP-USDT
Variational Omni CHIP
SunX CHIP-USDT
Aftermath Perps CHIPUSD
Coinbase International CHIP-PERP-INTX