W

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0332%/8h= −36.4% APRnext payment −$0.42 per $10,000 · paid last 24h −0.034%

Price spread now: Injective against Backpack+1.375%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 Injective

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

The price spread pays, funding is against you. Injective is 1.375% dearer against Backpack than usual: you sell high and buy low (spread +1.375% now, against zero (this spread has no 7-day history yet)): +$138 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack W_USDC_PERP	0.01193	0.0366	pay 0.0046% / 1h	0m 57s	$44K	$42K	15x
Short	Injective W/USDC PERP	0.01209	0.0033	get 0.0004% / 1h	0m 57s	$1K	$1K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +1.375%Rate

Funding earned: −$69.79
Price spread: +1.375% → 0.000%: $137.51
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $57.7
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Backpack and 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.

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 PERPshort	+0.0033%	1h	0.01209	+1.375%	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01192	−0.050%	$2.0M	$293K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01191	−0.109%	$3.0M	$5.5M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01189	−0.293%	$4.2M	$1.6M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01190	−0.218%	$1.3M	$1.6M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01188	−0.402%	$430K	$250K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01191	−0.101%	$12.4M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01190	−0.218%	$400K	$194K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01192	−0.050%	$1.3M	$589K	50x	as long as short
BingX W-USDT	+0.0100%	4h	0.01190	−0.184%	—	$6.7M	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni W	+0.0100%	4h	0.01189	−0.307%	$72K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01192	−0.062%	$130K	$372K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01191	−0.139%	$60K	$146K	5x	as long as short
Deribit W_USDC-PERPETUAL	+0.0170%	1h	0.01192	−0.059%	$15K	$3K	10x	as long as short
Backpack W_USDC_PERPlong	+0.0366%	1h	0.01193	long leg	$44K	$42K	15x
Coinbase International W-PERP-INTX	+0.0400%	1h	0.01192	−0.034%	$14K	$14K	50x	as long as short
Kraken Futures PF_WUSD	+0.1713%	1h	0.01193	+0.031%	$149K	$188K	20x	as long as short