DOT

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2484%/8h= +272.0% APRnext payment +$3.11 per $10,000 · paid last 24h +0.145%

Price spread now: Backpack against Deribit−0.185%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs+$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.852%+$85 on $10k

Price spread, last 4 days (all we have)+0.361%+$36 · spread now −0.185%, 7d avg −0.045%

Together, before fees+1.213%+$121 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.140% cheaper against Deribit than usual: you would sell low and buy high (spread −0.185% now, against its 7-day average of −0.045%). If the spread goes back, that is −$14 on $10k: about 5 hours of funding at the current rate (+$75 a day). At the pace of the last 7 days (+0.852% in total) that is about 28 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.852% in total (about 44.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.11 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	Deribit DOT_USDC-PERPETUAL	1.1865	−0.2440	get 0.0305% / 1h	57m 24s	$226K	$114K	50x
Short	Backpack DOT_USDC_PERP	1.1843	0.0044	get 0.0006% / 1h	57m 24s	$92K	$129K	10x

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 −0.185%Rate

Funding earned: $521.64
Price spread: −0.185% → −0.045%: −$14
Slippage, 4 orders: −$25.42
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $465.22
Costs to cover: 0.424%
Break-even: 0.8 days

Slippage from Deribit: live order book, 1 min ago; Backpack: live order book, 1 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 Deribit live order book, 1 min ago	8.85 bp	12.4 bp −$12	21.9 bp −$219	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.42 bp	5.9 bp −$6	156.9 bp −$1,569	doesn't fit	doesn't fit

DOT on 29 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 DOT_USDC-PERPETUALlong	−0.2440%	1h	1.1865	long leg	$226K	$114K	50x
Coinbase International DOT-PERP-INTX	−0.0608%	1h	1.1860	−0.042%	$195K	$1.9M	50x	as long as short
Reya DOTRUSDPERP	−0.0166%	1h	1.1860	−0.045%	$257	—	—	as long as short
dYdX DOT-USD	0.0000%	1h	1.1834	−0.260%	$142K	$6K	10x	as long as short
gTrade (Gains Network) DOT/USD	L 0.0000% / S +0.0004%	1h	1.1868	+0.022%	$3K	—	150x	as long as short
Injective DOT/USDC PERP	+0.0033%	1h	1.2020	+1.306%	$328	$121K	12x	as long as short
Backpack DOT_USDC_PERPshort	+0.0044%	1h	1.1843	−0.185%	$92K	$129K	10x
Lighter DOT	+0.0096%	1h	1.1833	−0.265%	$267K	$632K	10x	as long as short
Hyperliquid DOT	+0.0100%	1h	1.1864	−0.008%	$5.3M	$3.5M	10x	as long as short
Aster DOTUSDT	+0.0100%	8h	1.1834	−0.265%	$854K	$709K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance DOTUSDT	+0.0100%	8h	1.1865	0.000%	$43.6M	$85.1M	75x	as long as short
Bybit DOTUSDT	+0.0100%	8h	1.1864	−0.008%	$24.4M	$19.0M	75x	as long as short
OKX DOT-USDT-SWAP	+0.0100%	8h	1.1865	0.000%	$9.4M	$24.2M	50x	as long as short
Gate DOT_USDT	+0.0100%	8h	1.1850	−0.126%	$6.7M	$11.7M	75x	as long as short
MEXC DOT_USDT	+0.0100%	8h	1.1862	−0.025%	$34.7M	$50.5M	300x	as long as short
KuCoin DOTUSDTM	+0.0100%	8h	1.1841	−0.202%	$6.5M	$9.1M	75x	as long as short
Bitget DOTUSDT	+0.0100%	8h	1.1851	−0.118%	$22.6M	$14.8M	75x	as long as short
BingX DOT-USDC	+0.0100%	8h	1.1861	−0.034%	—	$1.3M	—	as long as short
Variational Omni DOT	+0.0100%	8h	1.1873	+0.068%	$540K	$58K	—	as long as short
edgeX DOTUSDC	+0.0100%	4h	1.1871	+0.052%	$35K	$336K	20x	as long as short
GRVT DOT_USDT_Perp	+0.0100%	8h	1.1870	+0.042%	$226K	$407K	10x	as long as short
Orderly PERP_DOT_USDC	+0.0100%	8h	1.1860	−0.042%	$8K	$24K	10x	as long as short
SunX DOT-USDT	+0.0100%	8h	1.1870	+0.042%	$2K	$1.3M	20x	as long as short
HTX DOT-USDT	+0.0100%	8h	1.1877	+0.101%	$258K	$242K	75x	as long as short
Extended DOT-USD	+0.0104%	1h	1.1831	−0.288%	$14K	$303K	25x	as long as short
Phemex DOTUSDT	+0.0208%	8h	1.1860	−0.042%	$2.3M	$2.2M	50x	as long as short
Kraken Futures PF_DOTUSD	+0.0214%	1h	1.1860	−0.046%	$4.4M	$1.5M	50x	as long as short
BloFin DOT-USDT	+0.0220%	8h	1.1867	+0.017%	$2.2M	$873K	75x	as long as short
GMX DOT/USD [WBTC.b-USDC]	L +0.0302% / S −0.1012%	1h	1.1866	+0.012%	$22K	—	100x	as long as short