Funding you earn now, next payment 09:00 UTC−0.0786%/8h= −86.0% APRnext payment −$0.98 per $10,000 · paid last 24h −0.176%
Price spread now: Deribit against Backpack−0.195%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Deribit is 0.195% cheaper against Backpack than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack W_USDC_PERP | 0.01180 | 0.0696 | pay 0.0087% / 1h | 40m 15s | $46K | $52K | 15x |
| Short | Deribit W_USDC-PERPETUAL | 0.01177 | −0.0090 | pay 0.0011% / 1h | 40m 15s | $14K | $4K | 10x |
Backpack W_USDC_PERP
Deribit W_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$164.99
- Price spread: −0.195% → 0.000%
- −$19.5
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$201.48
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Deribit: 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 Deribit no order-book sample | — | — | — | — | — |
Backpack and Deribit: 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUALshort | −0.0090% | 1h | 0.01177 | −0.195% | $14K | $4K | 10x | |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.484% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01179 | −0.059% | $2.0M | $271K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01178 | −0.176% | $3.0M | $5.0M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01176 | −0.314% | $4.1M | $1.5M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01177 | −0.229% | $1.3M | $1.4M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01176 | −0.348% | $429K | $217K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01178 | −0.186% | $12.3M | $1.3M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01176 | −0.314% | $387K | $190K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01178 | −0.144% | $1.3M | $537K | 50x | as long as short |
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01177 | −0.229% | — | $6.7M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01175 | −0.428% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01180 | +0.026% | $126K | $374K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01177 | −0.230% | $59K | $384K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0384% | 1h | 0.01183 | +0.237% | $13K | $13K | 50x | as long as short |
| Backpack W_USDC_PERPlong | +0.0696% | 1h | 0.01180 | long leg | $46K | $52K | 15x | |
| Kraken Futures PF_WUSD | +0.0897% | 1h | 0.01180 | +0.013% | $147K | $49K | 20x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD