Funding you earn now, next payment 01:00 UTC+0.0507%/8h= +55.6% APRnext payment +$0.63 per $10,000 · paid last 24h +0.079%
Price spread now: Backpack against Injective+0.139%72s7-day average +0.262% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.110%+$11 on $10k
+Price spread, last 3 days (all we have)+0.354%+$35 · spread now +0.139%, 7d avg +0.262%
=Funding pays, the price is against you. Backpack is 0.123% cheaper against Injective than usual: you would sell low and buy high (spread +0.139% now, against its 7-day average of +0.262%). If the spread goes back, that is −$12 on $10k: about 19 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.110% in total) that is about 7.8 days. The two prices were read 72 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 0.110% in total (about 5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.63 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 | Injective CRV/USDC PERP | 0.3670 | 0.0033 | pay 0.0004% / 1h | 19m 27s | $79 | $384K | 12x |
| Short | Backpack CRV_USDC_PERP | 0.3675 | 0.0541 | get 0.0068% / 1h | 19m 27s | $99K | $295K | 10x |
Injective CRV/USDC PERP
Backpack CRV_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- $106.54
- Price spread: +0.139% → +0.262%
- −$12.27
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $84.24
- Costs to cover
- 0.100%
- Break-even
- 1.5 days
Slippage unknown: Injective: no order-book sample; Backpack: live order book, 54 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 Injective no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 54 min ago | 0.96 bp | 8.2 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
Injective: 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.
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 | −0.0087% | 1h | 0.3676 | +0.163% | $26K | $168K | 10x | as long as short |
| Reya CRVRUSDPERP | −0.0048% | 1h | 0.3670 | +0.012% | $16 | — | 15x | as long as short |
| dYdX CRV-USD | 0.0000% | 1h | 0.3672 | +0.044% | $38K | $5K | 10x | as long as short |
| Deribit CRV_USDC-PERPETUAL | 0.0000% | 1h | 0.3674 | +0.109% | $57K | $50K | 25x | as long as short |
| Injective CRV/USDC PERPlong | +0.0033% | 1h | 0.3670 | long leg | $79 | $384K | 12x | |
| Kraken Futures PF_CRVUSD | +0.0088% | 1h | 0.3678 | +0.211% | $3.1M | $2.8M | 50x | as long as short |
| Lighter CRV | +0.0096% | 1h | 0.3673 | +0.082% | $411K | $726K | 10x | as long as short |
| Orderly PERP_CRV_USDC | +0.0096% | 8h | 0.3668 | −0.054% | $24K | $929 | 10x | as long as short |
| Aster CRVUSDT | +0.0100% | 8h | 0.3670 | −0.003% | $130K | $182K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3673 | +0.084% | $374K | $211K | 10x | as long as short |
Phoenix CRV
Reya CRVRUSDPERP
dYdX CRV-USD
Deribit CRV_USDC-PERPETUAL
Kraken Futures PF_CRVUSD
Lighter CRV
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 | 0.3670 | −0.005% | $25.6M | $55.9M | 75x | as long as short |
| Bybit CRVUSDT | +0.0100% | 8h | 0.3670 | 0.000% | $27.9M | $17.5M | 75x | as long as short |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3665 | −0.136% | $8.8M | $21.5M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3670 | 0.000% | $1.9M | $1.3M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3669 | −0.027% | $15.1M | $5.2M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3672 | +0.054% | $6.6M | $9.2M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3672 | +0.054% | $6.9M | $5.6M | 75x | as long as short |
| BingX CRV-USDC | +0.0100% | 8h | 0.3669 | −0.027% | — | $1.7M | — | as long as short |
| Variational Omni CRV | +0.0100% | 8h | 0.3668 | −0.057% | $1.1M | $113K | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3669 | −0.030% | $38K | $173K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3670 | −0.012% | $518K | $417K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3670 | 0.000% | $53K | $698K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3708 | +1.035% | $2K | $1.3M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3667 | −0.090% | $244K | $913K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3670 | +0.006% | $13K | $6K | 3x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3668 | −0.054% | $1.4M | $4.3M | 75x | as long as short |
| Hyperliquid CRV | +0.0304% | 1h | 0.3677 | +0.202% | $22.8M | $16.5M | 10x | as long as short |
| Coinbase International CRV-PERP-INTX | +0.0384% | 1h | 0.3669 | −0.027% | $383K | $4.7M | 50x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0417% / S −0.0174% | 1h | 0.3673 | +0.091% | $218K | — | 100x | as long as short |
| Backpack CRV_USDC_PERPshort | +0.0541% | 1h | 0.3675 | +0.139% | $99K | $295K | 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
Hyperliquid CRV
Coinbase International CRV-PERP-INTX
GMX CRV/USD [ETH-USDC]