S

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0111%/8h= −12.2% APRnext payment −$0.14 per $10,000 · paid last 24h −0.033%

Price spread now: Injective against Backpack+2.757%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.455%+$45 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 2.757% dearer against Backpack than usual: you sell high and buy low (spread +2.757% now, against zero (this spread has no 7-day history yet)): +$276 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3 months. Mind the row above: over the last 7 days funding on this pair paid +0.455%, 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	0.03990	0.0144	pay 0.0018% / 1h	56m 51s	$116K	$329K	5x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	56m 51s	$2K	$37K	12x

Funding 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 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 InjectivebpOrdersPrice spread, now +2.757%Rate

Funding earned: −$23.34
Price spread: +2.757% → 0.000%: $275.69
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: $242.33
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 12 min ago; 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 live order book, 12 min ago	12.45 bp	24.7 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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.

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
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03959	−0.777%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1272%	1h	0.03984	−0.151%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0657%	4h	0.03977	−0.318%	$619K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03989	−0.028%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03987	−0.072%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03987	−0.066%	$615	—	150x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+2.757%	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0039%	4h	0.03987	−0.075%	$102K	$331K	10x	as long as short
01 Exchange SUSD	+0.0064%	1h	0.03980	−0.251%	$25K	$2K	5x	as long as short
Lighter S	+0.0096%	1h	0.03979	−0.276%	$163K	$164K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03974	−0.396%	$994K	$623K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03981	−0.219%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03977	−0.320%	$5.4M	$15.5M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03975	−0.376%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03972	−0.451%	$976K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03985	−0.125%	$328K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03977	−0.326%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03980	−0.251%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03975	−0.376%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03980	−0.251%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04000	+0.251%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03977	−0.318%	$224K	$1.1M	10x	as long as short
Backpack S_USDC_PERPlong	+0.0144%	1h	0.03990	long leg	$116K	$329K	5x
BloFin S-USDT	+0.0340%	4h	0.03986	−0.100%	$270K	$120K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0502%	1h	0.03992	+0.050%	$67K	$10K	10x	as long as short