Funding arb · Price arb / Crypto
| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 9.0944 | +0.0100 | pay 0.0013% / 1h | 28m 37s | $1.2M | $1.5M | 10x | Long Backpack | |
| SHORT | 9.0863 | −0.2637 | pay 0.0330% / 1h | 28m 37s | $14K | $107K | 20x | Short Bullet |
Price gap−0.089%
Funding gap−0.2737% /8h
Both sides work against this direction now: funding costs $82 a day on $10k and the gap is 0.030% under its 7d average. Swap the legs.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding−$40−0.2737% /8h now · paid −0.397% over the last 7D
Price−$3spread −0.089% now, avg −0.059% → −0.030% if it goes back
Costs−$260.258% of $10k · taker + slippage, in and out
The current funding rate is far below what this pair has been paying: over the last 7 days it paid −0.397% in total, about −0.0210%/8h on average.
Price and funding
1h · loading 5m…Price spread
Prices
Fundingper 8h
P&L
PRICE SPREAD · 7D
Now−0.089%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hUNI on 41 exchanges
lowest funding firstBefore you open
1 ok · 4 to watch- Watch: Large against open interest7.1 / 6.4 bp$10k is over 10% of Bullet’s open interest.
- Note: Margin at max leverage$1,000 + $500Backpack 10x, Bullet 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- OK: Same payment interval1h / 1hBoth legs pay at the same time.Next 24h at the current rates, on $10k a leg: −$82.10Long Backpack: 24 payments, −$3.00; short Bullet: 24 payments, −$79.10.
- Watch: Gap narrower than usual−0.089% vs −0.059%Less room for the price leg to pay you. If it goes back to average, the short loses.
- Watch: Short leg is thinner$14K vs $1.2M OIBullet sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCBackpack Yes · Bullet NoKYC (ID, face scan, residency and source of income) before any trading.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned−0.0210%/8h × 21 periods−$44.06
Price spread−0.089% → −0.059% (7d avg)−$2.96
Slippage, 4 orderslive order books−$7.77
Fee Backpack bp × 2 orders−$10.00
Fee Bullet bp × 2 orders−$8.00
Net · 7 days · $10k−$72.79
Costs to cover0.258%Break-evennever at this rate
Slippage: Backpack: live order book, 4 min ago; Bullet: live order book, 54 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGBackpack0.447.1 bp−$798.6 bp−$986doesn’t fitdoesn’t fit
SELL · SHORTBullet1.726.4 bp−$610.0 bp−$100doesn’t fitdoesn’t fit
Closing costs about the same again.
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