Funding you earn now, next payment 23:00 UTC+0.0410%/8h= +44.9% APRpaid last 24h +0.070%
Price spread now: Backpack against Bybit+0.125%55s7-day average +0.104% · you sell dearer than you buy
Net, funding: paid 7d − costs−$33as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$430.425% of the position
Funding, last 7 days+0.093%+$9 on $10k
+Price spread, last 4 days (all we have)−0.241%−$24 · spread now +0.125%, 7d avg +0.104%
=Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Backpack is 0.020% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.104%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.9% 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 | Bybit CRVUSDT | 0.3688 | 0.0100 | pay 0.0100% / 8h | 59m 17s | $28.2M | $17.1M | 75x |
| Short | Backpack CRV_USDC_PERP | 0.3693 | 0.0510 | get 0.0064% / 1h | 59m 17s | $108K | $317K | 10x |
Bybit CRVUSDT
Backpack CRV_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
- $86.04
- Price spread: +0.125% → +0.104%
- $2.03
- Slippage, 4 orders
- −$21.51
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $45.55
- Costs to cover
- 0.425%
- Break-even
- 3.3 days
Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 19 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, 4 min ago | 1.36 bp | 12.9 bp −$13 | 30.0 bp −$300 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 19 min ago | 0.14 bp | 10.2 bp −$10 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix CRV | −0.0176% | 1h | 0.3692 | +0.111% | $26K | $167K | 10x | as long as short |
| Injective CRV/USDC PERP | −0.0146% | 1h | 0.3670 | −0.488% | $79 | $384K | 12x | as long as short |
| Reya CRVRUSDPERP | −0.0049% | 1h | 0.3686 | −0.055% | $16 | — | 15x | as long as short |
| Deribit CRV_USDC-PERPETUAL | −0.0021% | 1h | 0.3689 | +0.027% | $57K | $49K | 25x | as long as short |
| dYdX CRV-USD | 0.0000% | 1h | 0.3689 | +0.027% | $38K | $5K | 10x | as long as short |
| Orderly PERP_CRV_USDC | +0.0096% | 8h | 0.3688 | 0.000% | $25K | $929 | 10x | as long as short |
| Lighter CRV | +0.0096% | 1h | 0.3689 | +0.027% | $417K | $718K | 10x | as long as short |
| Aster CRVUSDT | +0.0100% | 8h | 0.3689 | +0.040% | $132K | $186K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3688 | −0.007% | $375K | $216K | 10x | as long as short |
| Binance CRVUSDT | +0.0100% | 8h | 0.3687 | −0.018% | $26.0M | $56.4M | 75x | as long as short |
Phoenix CRV
Injective CRV/USDC PERP
Reya CRVRUSDPERP
Deribit CRV_USDC-PERPETUAL
dYdX CRV-USD
Orderly PERP_CRV_USDC
Lighter CRV
Aster CRVUSDT
Pacifica CRV
Binance CRVUSDTShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit CRVUSDTlong | +0.0100% | 8h | 0.3688 | long leg | $28.2M | $17.1M | 75x | |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3688 | 0.000% | $8.8M | $21.8M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3688 | 0.000% | $2.0M | $1.3M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3687 | −0.027% | $14.8M | $5.2M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3691 | +0.081% | $7.3M | $9.0M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3691 | +0.081% | $6.9M | $5.6M | 75x | as long as short |
| BingX CRV-USDT | +0.0100% | 8h | 0.3688 | 0.000% | — | $21.6M | — | as long as short |
| Variational Omni CRV | +0.0100% | 8h | 0.3677 | −0.298% | $1.1M | $124K | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3687 | −0.016% | $38K | $173K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3681 | −0.202% | $520K | $427K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3686 | −0.054% | $61K | $698K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3706 | +0.488% | $2K | $1.3M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3687 | −0.020% | $244K | $881K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3690 | +0.054% | $19K | $9K | 3x | as long as short |
| Kraken Futures PF_CRVUSD | +0.0155% | 1h | 0.3693 | +0.123% | $3.1M | $3.0M | 50x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3687 | −0.027% | $1.4M | $4.2M | 75x | as long as short |
| Hyperliquid CRV | +0.0368% | 1h | 0.3693 | +0.144% | $22.9M | $16.3M | 10x | as long as short |
| Coinbase International CRV-PERP-INTX | +0.0384% | 1h | 0.3693 | +0.136% | $386K | $4.8M | 50x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0450% / S −0.0190% | 1h | 0.3690 | +0.045% | $239K | — | 100x | as long as short |
| Backpack CRV_USDC_PERPshort | +0.0510% | 1h | 0.3693 | +0.125% | $108K | $317K | 10x |
OKX CRV-USDT-SWAP
Gate CRV_USDT
MEXC CRV_USDT
KuCoin CRVUSDTM
Bitget CRVUSDT
BingX CRV-USDT
Variational Omni CRV
edgeX CRVUSDC
GRVT CRV_USDT_Perp
ApeX Omni CRVUSDT
SunX CRV-USDT
Extended CRV-USD
Aevo CRV-PERP
Kraken Futures PF_CRVUSD
BloFin CRV-USDT
Hyperliquid CRV
Coinbase International CRV-PERP-INTX
GMX CRV/USD [ETH-USDC]