S

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1007%/8h= +110.3% APRnext payment +$1.26 per $10,000 · paid last 24h +0.088%

Price spread now: Backpack against Deribit+0.146%50s7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Backpack is 0.146% dearer against Deribit than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 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	Deribit S_USDC-PERPETUAL	0.04104	0.0482	pay 0.0060% / 1h	45m 23s	$69K	$10K	10x
Short	Backpack S_USDC_PERP	0.04110	0.1488	get 0.0186% / 1h	45m 23s	$121K	$359K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.146%Rate

Funding earned: $211.46
Price spread: +0.146% → 0.000%: $14.62
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $209.08
Costs to cover: 0.170%
Break-even: 0.1 days

Slippage unknown: Deribit: no order-book sample; Backpack: live order book, 18 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Backpack live order book, 18 min ago	12.24 bp	45.6 bp −$46	doesn't fit	doesn't fit	doesn't fit

Deribit: 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
01 Exchange SUSD	−1.0624%	1h	0.03950	−3.752%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1678%	1h	0.04095	−0.226%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−1.998%	$48K	$16K	25x	as long as short
Variational Omni S	−0.0306%	4h	0.04092	−0.298%	$634K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04099	−0.134%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04093	−0.260%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04099	−0.123%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.097%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0065%	4h	0.04100	−0.097%	$102K	$333K	10x	as long as short
Lighter S	+0.0096%	1h	0.04101	−0.073%	$171K	$156K	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	0.04098	−0.139%	$1.0M	$556K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04098	−0.158%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04098	−0.146%	$5.7M	$14.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04092	−0.292%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04099	−0.122%	$1.0M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04094	−0.244%	$336K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04097	−0.171%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04092	−0.292%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04100	−0.097%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04098	−0.146%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04090	−0.341%	$25K	$451K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04097	−0.160%	$230K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04088	−0.390%	$280K	$111K	75x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0482%	1h	0.04104	long leg	$69K	$10K	10x
Backpack S_USDC_PERPshort	+0.1488%	1h	0.04110	+0.146%	$121K	$359K	5x