CHIP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1314%/8h= −143.9% APRnext payment −$1.64 per $10,000 · paid last 24h −0.168%

Price spread now: Backpack against Deribit+0.034%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 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 0.034% dearer against Deribit than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$39 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CHIP_USDC-PERPETUAL	0.04703	0	get 0.0000% / 1h	37m 21s	$10K	$24K	10x
Short	Backpack CHIP_USDC_PERP	0.04705	−0.1314	pay 0.0164% / 1h	37m 21s	$15K	$234K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$276.01
Price spread: +0.034% → 0.000%: $3.4
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$289.61
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Backpack: live order book, 41 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Backpack live order book, 41 min ago	1.09 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit

Deribit: 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.

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
Backpack CHIP_USDC_PERPshort	−0.1314%	1h	0.04705	+0.034%	$15K	$234K	5x
Phoenix CHIP	−0.0173%	1h	0.04683	−0.434%	$3K	$140K	5x	as long as short
Aftermath Perps CHIPUSD	−0.0095%	1h	0.04698	−0.111%	$87	$39K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0052%	4h	0.04718	+0.310%	$2.0M	$9.4M	20x	as long as short
Deribit CHIP_USDC-PERPETUALlong	0.0000%	1h	0.04703	long leg	$10K	$24K	10x
BloFin CHIP-USDT	+0.0011%	4h	0.04703	−0.009%	$503K	$67K	50x	as long as short
ApeX Omni CHIPUSDT	+0.0027%	1h	0.04703	−0.009%	$14K	$248K	50x	as long as short
MEXC CHIP_USDT	+0.0028%	4h	0.04720	+0.353%	$1.8M	$1.1M	50x	as long as short
Binance CHIPUSDT	+0.0029%	4h	0.04724	+0.438%	$14.2M	$26.2M	50x	as long as short
Extended CHIP-USD	+0.0032%	1h	0.04717	+0.283%	$215K	$1.3M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CHIPUSDT	+0.0081%	4h	0.04722	+0.395%	$11.0M	$8.9M	20x	as long as short
Lighter CHIP	+0.0096%	1h	0.04717	+0.289%	$87K	$108K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04730	+0.576%	$14.9M	$6.8M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04720	+0.351%	$51K	$236K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04720	+0.353%	$14K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04712	+0.183%	$697K	$912K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04719	+0.332%	$995K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04721	+0.374%	$2.0M	$3.2M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04721	+0.374%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04689	−0.308%	$877K	$468K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04701	−0.051%	$797	$1.1M	10x	as long as short
Nado CHIP-PERP	+0.0418%	1h	0.04722	+0.395%	$236K	$18K	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0840%	1h	0.04716	+0.262%	$45K	$40K	50x	as long as short