Funding you earn now, next payment 22:00 UTC−0.0519%/8h= −56.8% APRnext payment −$0.65 per $10,000 · paid last 24h −0.038%
Price spread now: Backpack against Kraken Futures−0.078%7-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 −$16 a day on $10k at the current rate, and Backpack is 0.078% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_WUSD | 0.01176 | 0.0619 | pay 0.0077% / 1h | 39m 04s | $146K | $185K | 20x |
| Short | Backpack W_USDC_PERP | 0.01175 | 0.0100 | get 0.0013% / 1h | 39m 04s | $44K | $47K | 15x |
Kraken Futures PF_WUSD
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$108.99
- Price spread: −0.078% → 0.000%
- −$7.76
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$136.75
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 48 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 Kraken Futures live order book, 48 min ago | 19.07 bp | 105.6 bp −$106 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.1026% | 1h | 0.01174 | −0.163% | $17K | $1K | 10x | as long as short |
| OKX W-USDT-SWAP | +0.0003% | 4h | 0.01172 | −0.333% | $1.3M | $2.2M | 20x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.814% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01174 | −0.163% | $2.0M | $460K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01173 | −0.235% | $2.9M | $7.6M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01173 | −0.239% | $4.1M | $2.1M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01180 | +0.348% | $446K | $301K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01173 | −0.214% | $12.8M | $1.7M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01172 | −0.333% | $421K | $219K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01173 | −0.248% | $1.3M | $560K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
OKX W-USDT-SWAP
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 | 0.01173 | −0.231% | — | $6.9M | — | as long as short |
| Backpack W_USDC_PERPshort | +0.0100% | 1h | 0.01175 | −0.078% | $44K | $47K | 15x | |
| Variational Omni W | +0.0100% | 4h | 0.01172 | −0.366% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01173 | −0.246% | $123K | $409K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01173 | −0.218% | $59K | $276K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0296% | 1h | 0.01179 | +0.229% | $14K | $18K | 50x | as long as short |
| Kraken Futures PF_WUSDlong | +0.0619% | 1h | 0.01176 | long leg | $146K | $185K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX