Funding you earn now, next payment 02:00 UTC−0.1343%/8h= −147.0% APRpaid last 24h −0.108%
Price spread now: Backpack against OKX+0.232%7-day average +0.032% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$560.564% of the position
Funding, last 7 days+0.374%+$37 on $10k
+Price spread, last 4 days (all we have)−0.159%−$16 · spread now +0.232%, 7d avg +0.032%
=The price spread pays, funding is against you. Backpack is 0.200% dearer against OKX than usual: you sell high and buy low (spread +0.232% now, against its 7-day average of +0.032%): +$20 on $10k if it goes back. Holding the pair costs −$40 a day in funding at the current rate, which eats that in about 12 hours. Mind the row above: over the last 7 days funding on this pair paid +0.374%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.374% in total (about 19.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | OKX CHIP-USDT-SWAP | 0.04744 | −0.0030 | get 0.0015% / 4h | 2h 11m | $2.0M | $9.4M | 20x |
| Short | Backpack CHIP_USDC_PERP | 0.04755 | −0.1372 | pay 0.0172% / 1h | 11m 50s | $16K | $221K | 5x |
OKX CHIP-USDT-SWAP
Backpack CHIP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against OKX. 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
- −$281.93
- Price spread: +0.232% → +0.032%
- $20.01
- Slippage, 4 orders
- −$36.38
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$318.3
- Costs to cover
- 0.564%
- Break-even
- never at this rate
Slippage from OKX: live order book, 1 min ago; Backpack: live order book, 56 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 OKX live order book, 1 min ago | 2.12 bp | 16.2 bp −$16 | 259.5 bp −$2,595 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 56 min ago | 1.07 bp | 8.9 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
CHIP on 22 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 | −0.1372% | 1h | 0.04755 | +0.232% | $16K | $221K | 5x | |
| Phoenix CHIP | −0.0172% | 1h | 0.04720 | −0.506% | $3K | $129K | 5x | as long as short |
| ApeX Omni CHIPUSDT | −0.0123% | 1h | 0.04727 | −0.358% | $16K | $244K | 50x | as long as short |
| Nado CHIP-PERP | −0.0063% | 1h | 0.04746 | +0.053% | $239K | $19K | 5x | as long as short |
| OKX CHIP-USDT-SWAPlong | −0.0030% | 4h | 0.04744 | long leg | $2.0M | $9.4M | 20x | |
| Deribit CHIP_USDC-PERPETUAL | 0.0000% | 1h | 0.04762 | +0.384% | $10K | $24K | 10x | as long as short |
| Lighter CHIP | +0.0096% | 1h | 0.04753 | +0.190% | $88K | $108K | 3x | as long as short |
| Hyperliquid CHIP | +0.0100% | 1h | 0.04768 | +0.508% | $15.0M | $6.2M | 3x | as long as short |
| Aster CHIPUSDT | +0.0100% | 4h | 0.04762 | +0.384% | $37K | $260K | 5x | as long as short |
| Pacifica CHIP | +0.0100% | 1h | 0.04753 | +0.183% | $14K | $604 | 3x | as long as short |
Phoenix CHIP
ApeX Omni CHIPUSDT
Nado CHIP-PERP
Deribit CHIP_USDC-PERPETUAL
Lighter CHIP
Hyperliquid CHIP
Aster CHIPUSDT
Pacifica CHIPShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance CHIPUSDT | +0.0100% | 4h | 0.04745 | +0.021% | $14.3M | $26.1M | 50x | as long as short |
| Bybit CHIPUSDT | +0.0100% | 4h | 0.04752 | +0.169% | $11.1M | $8.7M | 20x | as long as short |
| Gate CHIP_USDT | +0.0100% | 4h | 0.04749 | +0.105% | $696K | $961K | 50x | as long as short |
| MEXC CHIP_USDT | +0.0100% | 4h | 0.04759 | +0.316% | $1.8M | $1.1M | 50x | as long as short |
| KuCoin CHIPUSDTM | +0.0100% | 4h | 0.04756 | +0.253% | $994K | $1.1M | 50x | as long as short |
| Bitget CHIPUSDT | +0.0100% | 4h | 0.04763 | +0.401% | $2.0M | $3.3M | 50x | as long as short |
| BingX CHIP-USDT | +0.0100% | 4h | 0.04758 | +0.295% | — | $1.9M | — | as long as short |
| Variational Omni CHIP | +0.0100% | 4h | 0.04716 | −0.588% | $894K | $467K | — | as long as short |
| SunX CHIP-USDT | +0.0100% | 4h | 0.04741 | −0.063% | $898 | $1.0M | 10x | as long as short |
| Extended CHIP-USD | +0.0104% | 1h | 0.04759 | +0.312% | $217K | $1.9M | 5x | as long as short |
| Aftermath Perps CHIPUSD | +0.0436% | 1h | 0.04722 | −0.456% | $145 | $38K | 5x | as long as short |
| Coinbase International CHIP-PERP-INTX | +0.0848% | 1h | 0.04766 | +0.474% | $46K | $41K | 50x | as long as short |
Binance CHIPUSDT
Bybit CHIPUSDT
Gate CHIP_USDT
MEXC CHIP_USDT
KuCoin CHIPUSDTM
Bitget CHIPUSDT
BingX CHIP-USDT
Variational Omni CHIP
SunX CHIP-USDT
Extended CHIP-USD
Aftermath Perps CHIPUSD
Coinbase International CHIP-PERP-INTX