Funding arb · Price arb /

KAITO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0516%/8h= −56.5% APRpaid last 24h +0.014%

Price spread now: Backpack against GRVT+0.359%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.354%+$35 on $10k

Price spread, last 4 days (all we have)−0.231%−$23 · spread now +0.359%, 7d avg +0.024%

Together, before fees+0.123%+ Points / potential airdropGRVT: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.336% dearer against GRVT than usual: you sell high and buy low (spread +0.359% now, against its 7-day average of +0.024%): +$34 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 2.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.354%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.354% in total (about 18.4% 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	GRVT KAITO_USDT_Perp	0.3506	0.0100	pay 0.0050% / 4h	2h 07m	$240K	$2.8M	10x
Short	Backpack KAITO_USDC_PERP	0.3519	−0.0416	pay 0.0052% / 1h	7m 12s	$20K	$174K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.359%Rate

Funding earned: −$108.42
Price spread: +0.359% → +0.024%: $33.58
Slippage, 4 orders: −$40.83
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$134.68
Costs to cover: 0.598%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Backpack: live order book, 61 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 GRVT live order book, 2 min ago	4.26 bp	9.8 bp −$10	46.0 bp −$460	doesn't fit	doesn't fit
Sell Backpack live order book, 61 min ago	1.43 bp	11.0 bp −$11	doesn't fit	doesn't fit	doesn't fit

KAITO on 26 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
Backpack KAITO_USDC_PERPshort	−0.0416%	1h	0.3519	+0.359%	$20K	$174K	10x
Injective KAITO/USDC PERP	−0.0064%	1h	0.3508	+0.057%	$7K	$52K	12x	as long as short
Reya KAITORUSDPERP	0.0000%	1h	0.3370	−3.873%	—	—	—	as long as short
Aster KAITOUSDT	+0.0100%	4h	0.3518	+0.354%	$117K	$39K	10x	as long as short
Pacifica KAITO	+0.0100%	1h	0.3522	+0.456%	$18K	$15K	5x	as long as short
Binance KAITOUSDT	+0.0100%	4h	0.3520	+0.399%	$10.7M	$16.4M	75x	as long as short
Bybit KAITOUSDT	+0.0100%	4h	0.3523	+0.485%	$4.5M	$7.1M	75x	as long as short
OKX KAITO-USDT-SWAP	+0.0100%	4h	0.3517	+0.314%	$4.3M	$10.5M	50x	as long as short
Gate KAITO_USDT	+0.0100%	4h	0.3522	+0.456%	$690K	$1.7M	75x	as long as short
MEXC KAITO_USDT	+0.0100%	4h	0.3519	+0.371%	$3.3M	$1.1M	50x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin KAITOUSDTM	+0.0100%	4h	0.3519	+0.371%	$1.4M	$166K	30x	as long as short
Bitget KAITOUSDT	+0.0100%	4h	0.3523	+0.485%	$4.5M	$3.2M	75x	as long as short
BingX KAITO-USDT	+0.0100%	4h	0.3519	+0.371%	—	$6.7M	—	as long as short
Variational Omni KAITO	+0.0100%	4h	0.3526	+0.567%	$44K	$229K	—	as long as short
GRVT KAITO_USDT_Perplong	+0.0100%	4h	0.3506	long leg	$240K	$2.8M	10x
ApeX Omni KAITOUSDT	+0.0100%	1h	0.3504	−0.057%	$30K	$257K	50x	as long as short
Orderly PERP_KAITO_USDC_mythos	+0.0100%	4h	0.3518	+0.357%	$3K	$2K	10x	as long as short
edgeX KAITOUSDC	+0.0103%	4h	0.3507	+0.033%	$17K	$323K	5x	as long as short
Extended KAITO-USD	+0.0104%	1h	0.3521	+0.434%	$79K	$54K	10x	as long as short
Aevo KAITO-PERP	+0.0104%	1h	0.3518	+0.334%	$244K	—	3x	as long as short
Paradex KAITO-USD-PERP	+0.0124%	8h	0.3518	+0.342%	$4K	$604	10x	as long as short
Polymarket Perps KAITO-USD	+0.0153%	1h	0.3521	+0.416%	$18K	$4.2M	5x	as long as short
Hyperliquid KAITO	+0.0908%	1h	0.3526	+0.568%	$2.1M	$781K	5x	as long as short
Kraken Futures PF_KAITOUSD	+0.0965%	1h	0.3519	+0.379%	$245K	$149K	10x	as long as short
Lighter KAITO	+0.1440%	1h	0.3534	+0.810%	$87K	$93K	5x	as long as short
01 Exchange KAITOUSD	+0.6944%	1h	0.3618	+3.203%	$6K	$2K	3x	as long as short