W

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0194%/8h= +21.2% APRnext payment +$0.24 per $10,000 · paid last 24h −0.093%

Price spread now: Backpack against Coinbase International−0.119%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.119% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.119% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 2.0 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International W-PERP-INTX	0.01181	0.0240	pay 0.0030% / 1h	1m 52s	$14K	$17K	50x
Short	Backpack W_USDC_PERP	0.01179	0.0434	get 0.0054% / 1h	1m 52s	$44K	$47K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.119%Rate

Funding earned: $40.67
Price spread: −0.119% → 0.000%: −$11.86
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $8.81
Costs to cover: 0.200%
Break-even: 5.5 days

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

Coinbase International and 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
OKX W-USDT-SWAP	−0.0082%	4h	0.01177	−0.322%	$1.3M	$2.0M	20x	as long as short
Deribit W_USDC-PERPETUAL	0.0000%	1h	0.01179	−0.152%	$17K	$1K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.397%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01179	−0.144%	$2.0M	$425K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01178	−0.232%	$3.0M	$6.9M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01177	−0.330%	$4.1M	$1.9M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01177	−0.288%	$444K	$294K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01178	−0.212%	$12.8M	$1.5M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01180	−0.059%	$462K	$218K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01178	−0.229%	$1.3M	$571K	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	0.01178	−0.271%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01176	−0.373%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01178	−0.256%	$129K	$385K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01178	−0.232%	$59K	$228K	5x	as long as short
Coinbase International W-PERP-INTXlong	+0.0240%	1h	0.01181	long leg	$14K	$17K	50x
Kraken Futures PF_WUSD	+0.0397%	1h	0.01181	+0.015%	$146K	$182K	20x	as long as short
Backpack W_USDC_PERPshort	+0.0434%	1h	0.01179	−0.119%	$44K	$47K	15x