S

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0361%/8h= +39.5% APRnext payment +$0.45 per $10,000 · paid last 24h +0.026%

Price spread now: Backpack against Injective−4.390%72s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.478%−$48 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 4.390% cheaper against Injective than usual: you would sell low and buy high (spread −4.390% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$439 on $10k: about 41 days of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.478%, so the current rate has only just turned in your favour. The two prices were read 72 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	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	1m 44s	$2K	$37K	12x
Short	Backpack S_USDC_PERP	0.03920	0.0394	get 0.0049% / 1h	1m 44s	$114K	$302K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now −4.390%Rate

Funding earned: $75.74
Price spread: −4.390% → 0.000%: −$439.02
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$373.3
Costs to cover: 0.100%
Break-even: 41.5 days

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 17 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 17 min ago	12.77 bp	29.2 bp −$29	doesn't fit	doesn't fit	doesn't fit

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
01 Exchange SUSD	−0.2016%	1h	0.03850	−6.098%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1598%	1h	0.03912	−4.589%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−6.683%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0957%	4h	0.03896	−4.976%	$606K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0198% / S +0.0192%	1h	0.03921	−4.376%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03911	−4.604%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03920	−4.383%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03918	−4.439%	$100K	$343K	10x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Lighter S	+0.0096%	1h	0.03920	−4.390%	$164K	$223K	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	0.03918	−4.441%	$982K	$713K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03920	−4.398%	$43K	$212K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03917	−4.472%	$5.3M	$18.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03911	−4.610%	$5.6M	$5.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03913	−4.561%	$976K	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03910	−4.634%	$319K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	−4.439%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03914	−4.537%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03918	−4.439%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03915	−4.512%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03900	−4.878%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03916	−4.488%	$219K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0260%	1h	0.03923	−4.317%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03914	−4.537%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0394%	1h	0.03920	−4.390%	$114K	$302K	5x