W

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0428%/8h= −46.9% APRnext payment −$0.53 per $10,000 · paid last 24h +0.028%

Price spread now: Coinbase International against Backpack+1.056%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Coinbase International is 1.056% dearer against Backpack than usual: you sell high and buy low (spread +1.056% now, against zero (this spread has no 7-day history yet)): +$106 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack W_USDC_PERP	0.01184	0.0732	pay 0.0091% / 1h	8m 52s	$44K	$41K	15x
Short	Coinbase International W-PERP-INTX	0.01196	0.0304	get 0.0038% / 1h	8m 52s	$14K	$13K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. 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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now +1.056%Rate

Funding earned: −$89.88
Price spread: +1.056% → 0.000%: $105.61
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$4.27
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Coinbase International: no order-book sample. 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 Backpack no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Backpack and Coinbase International: 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.

W on 17 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
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.146%	$1K	$1K	12x	as long as short
Deribit W_USDC-PERPETUAL	+0.0088%	1h	0.01183	−0.059%	$14K	$4K	10x	as long as short
Hyperliquid W	+0.0100%	1h	0.01183	−0.051%	$2.0M	$283K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01182	−0.111%	$3.0M	$5.3M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01180	−0.313%	$4.1M	$1.6M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01181	−0.228%	$1.3M	$1.5M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01179	−0.431%	$428K	$236K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01182	−0.110%	$12.4M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01180	−0.304%	$388K	$192K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01182	−0.135%	$1.3M	$554K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01181	−0.203%	—	$6.7M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01179	−0.416%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01181	−0.228%	$125K	$383K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01182	−0.134%	$60K	$148K	5x	as long as short
Coinbase International W-PERP-INTXshort	+0.0304%	1h	0.01196	+1.056%	$14K	$13K	50x
Backpack W_USDC_PERPlong	+0.0732%	1h	0.01184	long leg	$44K	$41K	15x
Kraken Futures PF_WUSD	+0.1554%	1h	0.01185	+0.097%	$148K	$163K	20x	as long as short