Funding you earn now, next payment 04:00 UTC−0.0296%/8h= −32.4% APRnext payment −$0.37 per $10,000 · paid last 24h −0.093%
Price spread now: Backpack against Kraken Futures+0.198%51s7-day average −0.058% · you sell dearer than you buy
Net, funding: paid 7d − costs−$84as 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−$400.402% of the position
Funding, last 7 days−0.443%−$44 on $10k
+Price spread, last 4 days (all we have)−0.215%−$22 · spread now +0.198%, 7d avg −0.058%
=The price spread pays, funding is against you. Backpack is 0.256% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.198% now, against its 7-day average of −0.058%): +$26 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.9 days. The two prices were read 51 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 | Kraken Futures PF_HBARUSD | 0.09151 | 0.0396 | pay 0.0050% / 1h | 51m 17s | $1.4M | $2.5M | 50x |
| Short | Backpack HBAR_USDC_PERP | 0.09169 | 0.0100 | get 0.0013% / 1h | 51m 17s | $36K | $168K | 15x |
Kraken Futures PF_HBARUSD
Backpack HBAR_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$62.2
- Price spread: +0.198% → −0.058%
- $25.6
- Slippage, 4 orders
- −$20.18
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$76.78
- Costs to cover
- 0.402%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 2 min ago; Backpack: live order book, 7 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 Kraken Futures live order book, 2 min ago | 5.43 bp | 13.5 bp −$14 | 21.7 bp −$217 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 7 min ago | 0.54 bp | 10.0 bp −$10 | 784.9 bp −$7,849 | 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX HBAR-USD | 0.0000% | 1h | 0.09161 | +0.109% | $30K | $4K | 5x | as long as short |
| Deribit HBAR_USDC-PERPETUAL | 0.0000% | 1h | 0.09149 | −0.020% | $504K | $168K | 50x | as long as short |
| KuCoin HBARUSDTM | +0.0002% | 8h | 0.09148 | −0.031% | $7.1M | $7.2M | 75x | as long as short |
| gTrade (Gains Network) HBAR/USD | L +0.0007% / S −0.0014% | 1h | 0.09146 | −0.057% | $8K | — | 150x | as long as short |
| Injective HBAR/USDC PERP | +0.0033% | 1h | 0.09282 | +1.433% | $1K | $105K | 12x | as long as short |
| Gate HBAR_USDT | +0.0046% | 8h | 0.09143 | −0.086% | $2.4M | $2.8M | 75x | as long as short |
| Coinbase International HBAR-PERP-INTX | +0.0064% | 1h | 0.09154 | +0.034% | $215K | $2.1M | 50x | as long as short |
| Variational Omni HBAR | +0.0076% | 8h | 0.09225 | +0.810% | $1.0M | $187K | — | as long as short |
| Orderly PERP_HBAR_USDC | +0.0080% | 8h | 0.09142 | −0.097% | $2K | $14K | 10x | as long as short |
| Lighter HBAR | +0.0096% | 1h | 0.09142 | −0.097% | $555K | $593K | 5x | as long as short |
dYdX HBAR-USD
Deribit HBAR_USDC-PERPETUAL
KuCoin HBARUSDTM
gTrade (Gains Network) HBAR/USD
Injective HBAR/USDC PERP
Gate HBAR_USDT
Coinbase International HBAR-PERP-INTX
Variational Omni HBAR
Orderly PERP_HBAR_USDC
Lighter HBARShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid HBAR | +0.0100% | 1h | 0.09163 | +0.134% | $8.6M | $2.7M | 5x | as long as short |
| Aster HBARUSDT | +0.0100% | 8h | 0.09149 | −0.017% | $209K | $318K | 50x | as long as short |
| Binance HBARUSDT | +0.0100% | 8h | 0.09144 | −0.075% | $33.7M | $104.8M | 75x | as long as short |
| Bybit HBARUSDT | +0.0100% | 8h | 0.09143 | −0.086% | $32.4M | $33.9M | 75x | as long as short |
| OKX HBAR-USDT-SWAP | +0.0100% | 8h | 0.09146 | −0.053% | $6.6M | $24.3M | 50x | as long as short |
| MEXC HBAR_USDT | +0.0100% | 8h | 0.09144 | −0.075% | $25.5M | $19.5M | 200x | as long as short |
| Bitget HBARUSDT | +0.0100% | 8h | 0.09144 | −0.075% | $16.9M | $15.1M | 75x | as long as short |
| BingX HBAR-USDC | +0.0100% | 8h | 0.09144 | −0.075% | — | $6.7M | — | as long as short |
| Backpack HBAR_USDC_PERPshort | +0.0100% | 1h | 0.09169 | +0.198% | $36K | $168K | 15x | |
| GRVT HBAR_USDT_Perp | +0.0100% | 8h | 0.09208 | +0.628% | $369K | $2.4M | 10x | as long as short |
| ApeX Omni HBARUSDT | +0.0100% | 1h | 0.09208 | +0.625% | $147K | $715K | 50x | as long as short |
| SoDEX HBAR-USD | +0.0100% | 1h | 0.09144 | −0.075% | $424 | $5K | 5x | as long as short |
| HTX HBAR-USDT | +0.0100% | 8h | 0.09165 | +0.155% | $70K | $66K | 20x | as long as short |
| Phemex HBARUSDT | +0.0100% | 8h | 0.09149 | −0.020% | $2.1M | $2.1M | 50x | as long as short |
| Extended HBAR-USD | +0.0104% | 1h | 0.09141 | −0.102% | $47K | $273K | 10x | as long as short |
| BloFin HBAR-USDT | +0.0220% | 8h | 0.09145 | −0.064% | $1.4M | $5.4M | 90x | as long as short |
| GMX HBAR/USD [WBTC.b-USDC] | L +0.0345% / S −0.0242% | 1h | 0.09146 | −0.052% | $79K | — | 100x | as long as short |
| Kraken Futures PF_HBARUSDlong | +0.0396% | 1h | 0.09151 | long leg | $1.4M | $2.5M | 50x |
Hyperliquid HBAR
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
GMX HBAR/USD [WBTC.b-USDC]