S

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1548%/8h= +169.5% APRnext payment +$1.93 per $10,000 · paid last 24h +0.468%

Price spread now: Backpack against Kraken Futures+0.196%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 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 +$46 a day on $10k at the current rate, and Backpack is 0.196% dearer against Kraken Futures than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.03942	−0.1448	get 0.0181% / 1h	55m 40s	$33K	$33K	10x
Short	Backpack S_USDC_PERP	0.03950	0.0100	get 0.0013% / 1h	55m 40s	$115K	$288K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.196%Rate

Funding earned: $325
Price spread: +0.196% → 0.000%: $19.6
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $324.6
Costs to cover: 0.200%
Break-even: 0.0 days

Slippage unknown: Kraken Futures: no order-book sample; Backpack: live order book, 32 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Backpack live order book, 32 min ago	12.58 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit

Kraken Futures: 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
Kraken Futures PF_SUSDlong	−0.1448%	1h	0.03942	long leg	$33K	$33K	10x
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.949%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1189%	4h	0.03947	+0.119%	$614K	$42K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03938	−0.116%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03934	−0.221%	$4	—	15x	as long as short
Aster SUSDT	−0.0031%	4h	0.03947	+0.113%	$43K	$212K	10x	as long as short
01 Exchange SUSD	−0.0024%	1h	0.03940	−0.058%	$24K	$3K	5x	as long as short
Orderly PERP_S_USDC	−0.0022%	4h	0.03934	−0.210%	$101K	$339K	10x	as long as short
Hyperliquid S	0.0000%	1h	0.03945	+0.059%	$995K	$974K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03938	−0.114%	$607	—	150x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.001%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0061%	4h	0.03942	−0.007%	$982K	$8.2M	20x	as long as short
Lighter S	+0.0096%	1h	0.03949	+0.171%	$165K	$240K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03943	+0.029%	$5.4M	$25.5M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03940	−0.058%	$5.6M	$6.8M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03935	−0.185%	$322K	$290K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03944	+0.044%	$3.6M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03939	−0.083%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03944	+0.044%	$1.2M	$3.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03940	−0.058%	—	$6.8M	—	as long as short
Backpack S_USDC_PERPshort	+0.0100%	1h	0.03950	+0.196%	$115K	$288K	5x
ApeX Omni SUSDT	+0.0100%	1h	0.03960	+0.450%	$24K	$475K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03942	−0.012%	$222K	$890K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0258%	1h	0.03939	−0.083%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03956	+0.348%	$201K	$203K	75x	as long as short