Funding you earn now, next payment 23:00 UTC−0.0343%/8h= −37.6% APRnext payment −$0.43 per $10,000 · paid last 24h −0.071%
Price spread now: Lighter against Backpack−0.055%7-day average −0.024% · you buy dearer than you sell
Net, funding: paid 7d − costs−$45as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$330.331% of the position
Funding, last 7 days−0.124%−$12 on $10k
+Price spread, last 4 days (all we have)+0.393%+$39 · spread now −0.055%, 7d avg −0.024%
=Together, before fees+0.270%+ Points / potential airdropLighter: Season 3 · farm board+$27 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.030% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.024%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.124% in total (about -6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.43 per $10,000. 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 | Backpack CRV_USDC_PERP | 0.3665 | 0.0439 | pay 0.0055% / 1h | 50m 16s | $105K | $361K | 10x |
| Short | Lighter CRV | 0.3663 | 0.0096 | get 0.0012% / 1h | 50m 16s | $415K | $699K | 10x |
Backpack CRV_USDC_PERP
Lighter CRVFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Backpack. 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
- −$72.06
- Price spread: −0.055% → −0.024%
- −$3.03
- Slippage, 4 orders
- −$23.05
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$108.14
- Costs to cover
- 0.331%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 33 min ago; Lighter: live order book, 30 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 Backpack live order book, 33 min ago | 0.14 bp | 7.2 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell Lighter live order book, 30 min ago | 3.30 bp | 8.6 bp −$9 | 46.4 bp −$464 | doesn't fit | doesn't fit |
CRV on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit CRV_USDC-PERPETUAL | −0.0297% | 1h | 0.3657 | −0.207% | $57K | $48K | 25x | as long as short |
| Injective CRV/USDC PERP | −0.0228% | 1h | 0.3620 | −1.217% | $78 | $318K | 12x | as long as short |
| Phoenix CRV | −0.0176% | 1h | 0.3661 | −0.101% | $26K | $181K | 10x | as long as short |
| Reya CRVRUSDPERP | −0.0049% | 1h | 0.3658 | −0.173% | $16 | — | 15x | as long as short |
| dYdX CRV-USD | 0.0000% | 1h | 0.3662 | −0.071% | $38K | $4K | 10x | as long as short |
| Kraken Futures PF_CRVUSD | +0.0027% | 1h | 0.3662 | −0.079% | $3.1M | $3.3M | 50x | as long as short |
| Orderly PERP_CRV_USDC | +0.0095% | 8h | 0.3658 | −0.180% | $24K | $1K | 10x | as long as short |
| Lighter CRVshort | +0.0096% | 1h | 0.3663 | −0.055% | $415K | $699K | 10x | |
| Aster CRVUSDT | +0.0100% | 8h | 0.3663 | −0.051% | $131K | $186K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3664 | −0.013% | $373K | $177K | 10x | as long as short |
Deribit CRV_USDC-PERPETUAL
Injective CRV/USDC PERP
Phoenix CRV
Reya CRVRUSDPERP
dYdX CRV-USD
Kraken Futures PF_CRVUSD
Orderly PERP_CRV_USDC
Aster CRVUSDT
Pacifica CRVShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance CRVUSDT | +0.0100% | 8h | 0.3659 | −0.155% | $25.6M | $57.8M | 75x | as long as short |
| Bybit CRVUSDT | +0.0100% | 8h | 0.3658 | −0.180% | $27.7M | $17.2M | 75x | as long as short |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3656 | −0.235% | $8.6M | $22.3M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3663 | −0.044% | $2.0M | $1.3M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3660 | −0.126% | $14.6M | $5.4M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3665 | +0.011% | $7.1M | $9.1M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3660 | −0.126% | $6.9M | $5.7M | 75x | as long as short |
| BingX CRV-USDC | +0.0100% | 8h | 0.3658 | −0.180% | — | $1.7M | — | as long as short |
| Variational Omni CRV | +0.0100% | 8h | 0.3656 | −0.230% | $1.1M | $145K | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3658 | −0.192% | $38K | $172K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3670 | +0.135% | $511K | $437K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3658 | −0.180% | $60K | $695K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3707 | +1.157% | $2K | $1.3M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3656 | −0.237% | $243K | $884K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3658 | −0.180% | $19K | $9K | 3x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3655 | −0.262% | $1.4M | $4.6M | 75x | as long as short |
| Coinbase International CRV-PERP-INTX | +0.0376% | 1h | 0.3665 | +0.011% | $390K | $4.8M | 50x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0402% / S −0.0160% | 1h | 0.3661 | −0.090% | $217K | — | 100x | as long as short |
| Hyperliquid CRV | +0.0405% | 1h | 0.3666 | +0.038% | $22.7M | $16.8M | 10x | as long as short |
| Backpack CRV_USDC_PERPlong | +0.0439% | 1h | 0.3665 | long leg | $105K | $361K | 10x |
Binance CRVUSDT
Bybit CRVUSDT
OKX CRV-USDT-SWAP
Gate CRV_USDT
MEXC CRV_USDT
KuCoin CRVUSDTM
Bitget CRVUSDT
BingX CRV-USDC
Variational Omni CRV
edgeX CRVUSDC
GRVT CRV_USDT_Perp
ApeX Omni CRVUSDT
SunX CRV-USDT
Extended CRV-USD
Aevo CRV-PERP
BloFin CRV-USDT
Coinbase International CRV-PERP-INTX
GMX CRV/USD [ETH-USDC]
Hyperliquid CRV