Funding you earn now, next payment 04:00 UTC−0.0411%/8h= −45.0% APRpaid last 24h −0.011%
Price spread now: OKX against Backpack−0.067%46s7-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 −$12 a day on $10k at the current rate, and OKX is 0.067% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack W_USDC_PERP | 0.01188 | 0.0511 | pay 0.0064% / 1h | 31m 21s | $44K | $44K | 15x |
| Short | OKX W-USDT-SWAP | 0.01188 | 0.0100 | get 0.0050% / 4h | 31m 21s | $1.3M | $1.9M | 20x |
Backpack W_USDC_PERP
OKX W-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$86.38
- Price spread: −0.067% → 0.000%
- −$6.73
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$113.12
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; OKX: live order book, 6 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 Backpack no order-book sample | — | — | — | — | — |
| Sell OKX live order book, 6 min ago | 2.97 bp | 33.3 bp −$33 | doesn't fit | doesn't fit | doesn't fit |
Backpack: 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-PERPETUAL | 0.0000% | 1h | 0.01187 | −0.109% | $16K | $2K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.733% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01188 | −0.034% | $2.0M | $344K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01188 | −0.067% | $3.0M | $6.5M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01187 | −0.151% | $4.2M | $1.9M | 50x | as long as short |
| OKX W-USDT-SWAPshort | +0.0100% | 4h | 0.01188 | −0.067% | $1.3M | $1.9M | 20x | |
| Gate W_USDT | +0.0100% | 4h | 0.01189 | +0.093% | $450K | $229K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01188 | −0.017% | $12.9M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01183 | −0.454% | $383K | $214K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01186 | −0.202% | $1.3M | $581K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
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 | 0.01185 | −0.303% | — | $6.8M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01175 | −1.086% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01181 | −0.643% | $127K | $422K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01187 | −0.096% | $60K | $231K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0360% | 1h | 0.01187 | −0.101% | $14K | $15K | 50x | as long as short |
| Backpack W_USDC_PERPlong | +0.0511% | 1h | 0.01188 | long leg | $44K | $44K | 15x | |
| Kraken Futures PF_WUSD | +0.1681% | 1h | 0.01189 | +0.045% | $147K | $183K | 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