Funding you earn now, next payment 06:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h −0.003%
Price spread now: Backpack against Bybit+0.294%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 6 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 for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.294% dearer against Bybit than usual: you sell high and buy low: +$29 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit WUSDT | 0.01189 | 0.0100 | pay 0.0050% / 4h | 2h 00m | $4.2M | $1.6M | 50x |
| Short | Backpack W_USDC_PERP | 0.01193 | 0.0366 | get 0.0046% / 1h | 0m 47s | $44K | $42K | 15x |
Bybit WUSDT
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. 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
- $55.79
- Price spread: +0.294% → 0.000%
- $29.43
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $64.23
- Costs to cover
- 0.210%
- Break-even
- from the start
Slippage unknown: Bybit: live order book, 2 min ago; Backpack: 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 Bybit live order book, 2 min ago | 2.10 bp | 34.5 bp −$34 | 132.0 bp −$1,320 | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.674% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01192 | +0.244% | $2.0M | $293K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01191 | +0.193% | $3.0M | $5.5M | 50x | as long as short |
| Bybit WUSDTlong | +0.0100% | 4h | 0.01189 | long leg | $4.2M | $1.6M | 50x | |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01190 | +0.076% | $1.3M | $1.6M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01188 | −0.109% | $430K | $250K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01191 | +0.177% | $12.4M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01190 | +0.076% | $400K | $194K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01192 | +0.244% | $1.3M | $589K | 50x | as long as short |
| BingX W-USDT | +0.0100% | 4h | 0.01190 | +0.101% | — | $6.7M | — | as long as short |
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDT
BingX W-USDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni W | +0.0100% | 4h | 0.01188 | −0.052% | $72K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01192 | +0.233% | $130K | $372K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01191 | +0.155% | $60K | $146K | 5x | as long as short |
| Deribit W_USDC-PERPETUAL | +0.0170% | 1h | 0.01192 | +0.235% | $15K | $3K | 10x | as long as short |
| Backpack W_USDC_PERPshort | +0.0366% | 1h | 0.01193 | +0.294% | $44K | $42K | 15x | |
| Coinbase International W-PERP-INTX | +0.0400% | 1h | 0.01192 | +0.261% | $14K | $14K | 50x | as long as short |
| Kraken Futures PF_WUSD | +0.1713% | 1h | 0.01193 | +0.325% | $149K | $188K | 20x | as long as short |
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Deribit W_USDC-PERPETUAL
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD