Funding you earn now, next payment 22:00 UTC−0.0953%/8h= −104.3% APRnext payment −$1.19 per $10,000 · paid last 24h −0.051%
Price spread now: Injective against Backpack+0.104%72s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.365%−$36 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. Injective is 0.104% dearer against Backpack than usual: you sell high and buy low (spread +0.104% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.365% in total) that is about 48 hours. 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 -0.365% in total (about -19.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.19 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 | Backpack PYTH_USDC_PERP | 0.06343 | 0.0367 | pay 0.0046% / 1h | 42m 02s | $38K | $88K | 10x |
| Short | Injective PYTH/USDC PERP | 0.06350 | −0.0586 | pay 0.0073% / 1h | 42m 02s | $561 | $180K | 5.5x |
Backpack PYTH_USDC_PERP
Injective PYTH/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$200.08
- Price spread: +0.104% → 0.000%
- $10.4
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$199.7
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Backpack: no order-book sample; Injective: no order-book sample. 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 Backpack no order-book sample | — | — | — | — | — |
| Sell Injective no order-book sample | — | — | — | — | — |
Backpack and 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.
PYTH on 23 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective PYTH/USDC PERPshort | −0.0586% | 1h | 0.06350 | +0.104% | $561 | $180K | 5.5x | |
| Kraken Futures PF_PYTHUSD | −0.0216% | 1h | 0.06342 | −0.022% | $384K | $240K | 25x | as long as short |
| Gate PYTH_USDT | −0.0112% | 4h | 0.06333 | −0.164% | $1.1M | $464K | 75x | as long as short |
| Bybit PYTHUSDT | −0.0079% | 4h | 0.06341 | −0.038% | $7.4M | $5.0M | 50x | as long as short |
| BloFin PYTH-USDT | −0.0067% | 4h | 0.06344 | +0.009% | $427K | $121K | 75x | as long as short |
| Binance PYTHUSDT | −0.0017% | 4h | 0.06331 | −0.192% | $9.1M | $15.9M | 75x | as long as short |
| MEXC PYTH_USDT | −0.0014% | 4h | 0.06336 | −0.117% | $9.4M | $2.4M | 125x | as long as short |
| dYdX PYTH-USD | 0.0000% | 1h | 0.06347 | +0.057% | $188K | $19 | 5x | as long as short |
| Deribit PYTH_USDC-PERPETUAL | 0.0000% | 1h | 0.06341 | −0.038% | $10K | $10K | 10x | as long as short |
| Coinbase International PYTH-PERP-INTX | +0.0048% | 1h | 0.06431 | +1.381% | $40K | $6K | 25x | as long as short |
Kraken Futures PF_PYTHUSD
Gate PYTH_USDT
Bybit PYTHUSDT
BloFin PYTH-USDT
Binance PYTHUSDT
MEXC PYTH_USDT
dYdX PYTH-USD
Deribit PYTH_USDC-PERPETUAL
Coinbase International PYTH-PERP-INTXShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aevo PYTH-PERP | +0.0080% | 1h | 0.06340 | −0.054% | $23K | — | 3x | as long as short |
| Lighter PYTH | +0.0096% | 1h | 0.06347 | +0.057% | $197K | $203K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0099% | 8h | 0.06338 | −0.080% | $3K | $56 | 10x | as long as short |
| Hyperliquid PYTH | +0.0100% | 1h | 0.06341 | −0.043% | $1.7M | $1.4M | 5x | as long as short |
| Aster PYTHUSDT | +0.0100% | 4h | 0.06346 | +0.047% | $20K | $26K | 10x | as long as short |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06332 | −0.180% | $2.1M | $3.3M | 50x | as long as short |
| KuCoin PYTHUSDTM | +0.0100% | 4h | 0.06344 | +0.009% | $1.5M | $311K | 50x | as long as short |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06345 | +0.025% | $2.6M | $1.9M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06338 | −0.085% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06345 | +0.026% | $44K | $23K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06339 | −0.066% | $3K | $1K | 10x | as long as short |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06336 | −0.112% | — | — | 20x | as long as short |
| Backpack PYTH_USDC_PERPlong | +0.0367% | 1h | 0.06343 | long leg | $38K | $88K | 10x |
Aevo PYTH-PERP
Lighter PYTH
Paradex PYTH-USD-PERP
Hyperliquid PYTH
Aster PYTHUSDT
OKX PYTH-USDT-SWAP
KuCoin PYTHUSDTM
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Reya PYTHRUSDPERP