Funding you earn now, next payment 00:00 UTC−0.0026%/8h= −2.8% APRnext payment −$0.03 per $10,000 · paid last 24h −0.008%
Price spread now: Deribit against Backpack+0.194%50s7-day average +0.049% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as 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−$360.356% of the position
Funding, last 7 days+0.210%+$21 on $10k
+Price spread, last 3 days (all we have)−0.169%−$17 · spread now +0.194%, 7d avg +0.049%
=The price spread pays, funding is against you. Deribit is 0.145% dearer against Backpack than usual: you sell high and buy low (spread +0.194% now, against its 7-day average of +0.049%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 19 days. Mind the row above: over the last 7 days funding on this pair paid +0.210%, so the current rate has only just turned against you. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack HBAR_USDC_PERP | 0.09257 | 0.0100 | pay 0.0013% / 1h | 33m 20s | $34K | $102K | 15x |
| Short | Deribit HBAR_USDC-PERPETUAL | 0.09275 | 0.0074 | get 0.0009% / 1h | 33m 20s | $511K | $166K | 50x |
Backpack HBAR_USDC_PERP
Deribit HBAR_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$5.46
- Price spread: +0.194% → +0.049%
- $14.53
- Slippage, 4 orders
- −$18.6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$26.53
- Costs to cover
- 0.356%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 45 min ago; Deribit: live order book, 45 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, 45 min ago | 1.08 bp | 7.9 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit live order book, 45 min ago | 3.24 bp | 11.8 bp −$12 | 18.5 bp −$185 | doesn't fit | doesn't fit |
HBAR on 28 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 | |
|---|---|---|---|---|---|---|---|---|
| KuCoin HBARUSDTM | −0.0038% | 8h | 0.09266 | +0.097% | $7.4M | $7.8M | 75x | as long as short |
| Gate HBAR_USDT | −0.0018% | 8h | 0.09264 | +0.076% | $2.4M | $3.6M | 75x | as long as short |
| dYdX HBAR-USD | 0.0000% | 1h | 0.09258 | +0.012% | $30K | $4K | 5x | as long as short |
| gTrade (Gains Network) HBAR/USD | L +0.0007% / S −0.0014% | 1h | 0.09272 | +0.157% | $8K | — | 150x | as long as short |
| Coinbase International HBAR-PERP-INTX | +0.0064% | 1h | 0.09257 | 0.000% | $222K | $2.2M | 50x | as long as short |
| Deribit HBAR_USDC-PERPETUALshort | +0.0074% | 1h | 0.09275 | +0.194% | $511K | $166K | 50x | |
| Orderly PERP_HBAR_USDC | +0.0082% | 8h | 0.09266 | +0.097% | $2K | $17K | 10x | as long as short |
| Variational Omni HBAR | +0.0083% | 8h | 0.09255 | −0.017% | $1.0M | $198K | — | as long as short |
| Lighter HBAR | +0.0096% | 1h | 0.09261 | +0.043% | $568K | $591K | 5x | as long as short |
| Hyperliquid HBAR | +0.0100% | 1h | 0.09282 | +0.267% | $8.8M | $2.8M | 5x | as long as short |
KuCoin HBARUSDTM
Gate HBAR_USDT
dYdX HBAR-USD
gTrade (Gains Network) HBAR/USD
Coinbase International HBAR-PERP-INTX
Orderly PERP_HBAR_USDC
Variational Omni HBAR
Lighter HBAR
Hyperliquid HBARShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster HBARUSDT | +0.0100% | 8h | 0.09270 | +0.140% | $211K | $429K | 50x | as long as short |
| Binance HBARUSDT | +0.0100% | 8h | 0.09268 | +0.123% | $34.8M | $109.9M | 75x | as long as short |
| Bybit HBARUSDT | +0.0100% | 8h | 0.09266 | +0.097% | $33.0M | $36.7M | 75x | as long as short |
| OKX HBAR-USDT-SWAP | +0.0100% | 8h | 0.09266 | +0.097% | $6.8M | $25.1M | 50x | as long as short |
| MEXC HBAR_USDT | +0.0100% | 8h | 0.09268 | +0.119% | $26.0M | $22.5M | 200x | as long as short |
| Bitget HBARUSDT | +0.0100% | 8h | 0.09264 | +0.076% | $17.1M | $14.9M | 75x | as long as short |
| BingX HBAR-USDC | +0.0100% | 8h | 0.09267 | +0.108% | — | $6.7M | — | as long as short |
| Backpack HBAR_USDC_PERPlong | +0.0100% | 1h | 0.09257 | long leg | $34K | $102K | 15x | |
| GRVT HBAR_USDT_Perp | +0.0100% | 8h | 0.09257 | 0.000% | $377K | $2.2M | 10x | as long as short |
| ApeX Omni HBARUSDT | +0.0100% | 1h | 0.09249 | −0.086% | $148K | $706K | 50x | as long as short |
| SoDEX HBAR-USD | +0.0100% | 1h | 0.09263 | +0.065% | $430 | $6K | 5x | as long as short |
| HTX HBAR-USDT | +0.0100% | 8h | 0.09287 | +0.324% | $73K | $53K | 20x | as long as short |
| Phemex HBARUSDT | +0.0100% | 8h | 0.09259 | +0.022% | $2.2M | $2.2M | 50x | as long as short |
| Extended HBAR-USD | +0.0104% | 1h | 0.09266 | +0.094% | $51K | $218K | 10x | as long as short |
| BloFin HBAR-USDT | +0.0220% | 8h | 0.09264 | +0.076% | $1.5M | $5.8M | 90x | as long as short |
| Injective HBAR/USDC PERP | +0.0242% | 1h | 0.09267 | +0.108% | $1K | $112K | 12x | as long as short |
| Kraken Futures PF_HBARUSD | +0.0413% | 1h | 0.09269 | +0.134% | $1.4M | $2.3M | 50x | as long as short |
| GMX HBAR/USD [WBTC.b-USDC] | L +0.0447% / S −0.0478% | 1h | 0.09271 | +0.156% | $104K | — | 100x | as long as short |
Aster HBARUSDT
Binance HBARUSDT
Bybit HBARUSDT
OKX HBAR-USDT-SWAP
MEXC HBAR_USDT
Bitget HBARUSDT
BingX HBAR-USDC
GRVT HBAR_USDT_Perp
ApeX Omni HBARUSDT
SoDEX HBAR-USD
HTX HBAR-USDT
Phemex HBARUSDT
Extended HBAR-USD
BloFin HBAR-USDT
Injective HBAR/USDC PERP
Kraken Futures PF_HBARUSD
GMX HBAR/USD [WBTC.b-USDC]