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: Backpack against Extended+0.043%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

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

Long on Extended Short on Backpack

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)−0.077%−$8 · spread now +0.043%, 7d avg +0.158%

Together, before fees−0.557%+ Points / potential airdropExtended: Active · farm board−$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.115% cheaper against Extended than usual: you would sell low and buy high (spread +0.043% now, against its 7-day average of +0.158%). If the spread goes back, that is −$11 on $10k: about 39 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.480%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended S-USD	0.03938	0.0104	pay 0.0013% / 1h	38m 54s	$221K	$881K	10x
Short	Backpack S_USDC_PERP	0.03940	0.0342	get 0.0043% / 1h	38m 54s	$115K	$300K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Extended. 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 ExtendedbpFee BackpackbpOrdersPrice spread, now +0.043%Rate

Funding earned: $49.94
Price spread: +0.043% → +0.158%: −$11.48
Slippage, 4 orders: −$108.46
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$85.01
Costs to cover: 1.235%
Break-even: 18.9 days

Slippage from Extended: live order book, 44 min ago; Backpack: 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 Extended live order book, 44 min ago	3.83 bp	31.2 bp −$31	249.9 bp −$2,499	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	12.71 bp	32.3 bp −$32	doesn't fit	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	−0.044%	$33K	$26K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.852%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0886%	4h	0.03930	−0.210%	$611K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0194% / S +0.0188%	1h	0.03943	+0.119%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03938	−0.006%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0008%	1h	0.03940	+0.043%	$24K	$2K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03942	+0.104%	$608	—	150x	as long as short
Orderly PERP_S_USDC	+0.0024%	4h	0.03941	+0.068%	$100K	$347K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.106%	$2K	$37K	12x	as long as short
Aster SUSDT	+0.0060%	4h	0.03939	+0.029%	$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	+0.094%	$165K	$222K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03939	+0.028%	$989K	$756K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03941	+0.068%	$5.4M	$20.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03933	−0.135%	$5.6M	$5.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03938	−0.008%	$982K	$6.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03933	−0.135%	$321K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03940	+0.043%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03934	−0.109%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03940	+0.043%	$1.2M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03936	−0.059%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+0.043%	$25K	$465K	50x	as long as short
Extended S-USDlong	+0.0104%	1h	0.03938	long leg	$221K	$881K	10x
Deribit S_USDC-PERPETUAL	+0.0257%	1h	0.03944	+0.144%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03930	−0.211%	$268K	$127K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0342%	1h	0.03940	+0.043%	$115K	$300K	5x