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: Backpack against Deribit+0.195%7-day average — · you sell dearer than you buy
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 for this trade now. Funding pays +$24 a day on $10k at the current rate, and Backpack is 0.195% dearer against Deribit than usual: you sell high and buy low: +$20 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 | Deribit W_USDC-PERPETUAL | 0.01177 | −0.0090 | get 0.0011% / 1h | 40m 13s | $14K | $4K | 10x |
| Short | Backpack W_USDC_PERP | 0.01180 | 0.0696 | get 0.0087% / 1h | 40m 13s | $46K | $52K | 15x |
Deribit W_USDC-PERPETUAL
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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%
- $19.53
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $167.52
- Costs to cover
- 0.170%
- Break-even
- from the start
Slippage unknown: Deribit: 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Backpack no order-book sample | — | — | — | — | — |
Deribit 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUALlong | −0.0090% | 1h | 0.01177 | long leg | $14K | $4K | 10x | |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.684% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01179 | +0.136% | $2.0M | $271K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01178 | +0.019% | $3.0M | $5.0M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01176 | −0.119% | $4.1M | $1.5M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01177 | −0.034% | $1.3M | $1.4M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01176 | −0.153% | $429K | $217K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01178 | +0.008% | $12.3M | $1.3M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01176 | −0.119% | $387K | $190K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01178 | +0.051% | $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 | −0.034% | — | $6.7M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01175 | −0.233% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01180 | +0.222% | $126K | $374K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01177 | −0.036% | $59K | $384K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0384% | 1h | 0.01183 | +0.433% | $13K | $13K | 50x | as long as short |
| Backpack W_USDC_PERPshort | +0.0696% | 1h | 0.01180 | +0.195% | $46K | $52K | 15x | |
| Kraken Futures PF_WUSD | +0.0897% | 1h | 0.01180 | +0.208% | $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