S

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0238%/8h= −26.0% APRnext payment −$0.30 per $10,000 · paid last 24h −0.011%

Price spread now: Extended against Backpack−0.048%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1231.235% of the position

Long on Backpack Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.048%, 7d avg −0.158%

Together, before fees+0.563%+ Points / potential airdropExtended: Active · farm board+$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.109% dearer against Backpack than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.158%): +$11 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 37 hours. Mind the row above: over the last 7 days funding on this pair paid +0.480%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03940	0.0342	pay 0.0043% / 1h	39m 01s	$115K	$300K	5x
Short	Extended S-USD	0.03938	0.0104	get 0.0013% / 1h	39m 01s	$221K	$881K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Backpack. 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 BackpackbpFee ExtendedbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$49.94
Price spread: −0.048% → −0.158%: $10.93
Slippage, 4 orders: −$108.46
Fee Backpack: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$162.48
Costs to cover: 1.235%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; Extended: live order book, 44 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, 44 min ago	12.71 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 44 min ago	3.83 bp	42.2 bp −$42	276.1 bp −$2,761	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1588%	1h	0.03937	−0.087%	$33K	$26K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.893%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0886%	4h	0.03930	−0.253%	$611K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0194% / S +0.0188%	1h	0.03943	+0.076%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03938	−0.049%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0008%	1h	0.03940	0.000%	$24K	$2K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03942	+0.061%	$608	—	150x	as long as short
Orderly PERP_S_USDC	+0.0024%	4h	0.03941	+0.025%	$100K	$347K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.061%	$2K	$37K	12x	as long as short
Aster SUSDT	+0.0060%	4h	0.03939	−0.014%	$43K	$212K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03942	+0.051%	$165K	$222K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03939	−0.015%	$989K	$756K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03941	+0.025%	$5.4M	$20.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03933	−0.178%	$5.6M	$5.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03938	−0.051%	$982K	$6.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03933	−0.178%	$321K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03940	0.000%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03934	−0.152%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03939	−0.025%	$1.2M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03936	−0.102%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	0.000%	$25K	$465K	50x	as long as short
Extended S-USDshort	+0.0104%	1h	0.03938	−0.048%	$221K	$881K	10x
Deribit S_USDC-PERPETUAL	+0.0257%	1h	0.03944	+0.102%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03930	−0.254%	$268K	$127K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0342%	1h	0.03940	long leg	$115K	$300K	5x