Funding you earn now, next payment 23:00 UTC+0.0330%/8h= +36.1% APRnext payment +$0.41 per $10,000 · paid last 24h −0.064%
Price spread now: Backpack against Extended+0.114%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
=Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.114% dearer against Extended than usual: you sell high and buy low: +$11 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 | Extended W-USD | 0.01178 | 0.0104 | pay 0.0013% / 1h | 1m 45s | $59K | $228K | 5x |
| Short | Backpack W_USDC_PERP | 0.01179 | 0.0434 | get 0.0054% / 1h | 1m 45s | $44K | $47K | 15x |
Extended W-USD
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Extended. 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
- $69.23
- Price spread: +0.114% → 0.000%
- $11.39
- Slippage, 4 orders
- no order book: not counted
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $65.62
- Costs to cover
- 0.150%
- Break-even
- 0.4 days
Slippage unknown: Extended: live order book, 16 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 Extended live order book, 16 min ago | 1.70 bp | 71.0 bp −$71 | 357.5 bp −$3,575 | 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 | |
|---|---|---|---|---|---|---|---|---|
| OKX W-USDT-SWAP | −0.0082% | 4h | 0.01176 | −0.124% | $1.3M | $2.0M | 20x | as long as short |
| Deribit W_USDC-PERPETUAL | 0.0000% | 1h | 0.01179 | +0.080% | $17K | $1K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.635% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01179 | +0.088% | $2.0M | $425K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01178 | −0.018% | $3.0M | $6.9M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01177 | −0.098% | $4.1M | $1.9M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01177 | −0.056% | $444K | $294K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01178 | −0.005% | $12.8M | $1.5M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01180 | +0.173% | $462K | $218K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01178 | +0.004% | $1.3M | $571K | 50x | as long as short |
OKX W-USDT-SWAP
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 | 0.01178 | −0.039% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01176 | −0.141% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01178 | −0.024% | $129K | $385K | 10x | as long as short |
| Extended W-USDlong | +0.0104% | 1h | 0.01178 | long leg | $59K | $228K | 5x | |
| Coinbase International W-PERP-INTX | +0.0240% | 1h | 0.01181 | +0.233% | $14K | $17K | 50x | as long as short |
| Kraken Futures PF_WUSD | +0.0397% | 1h | 0.01181 | +0.248% | $146K | $182K | 20x | as long as short |
| Backpack W_USDC_PERPshort | +0.0434% | 1h | 0.01179 | +0.114% | $44K | $47K | 15x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD