Funding you earn now, next payment 01:00 UTC+0.1183%/8h= +129.6% APRpaid last 24h −0.024%
Price spread now: Backpack against OKX+0.278%46s7-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 +$36 a day on $10k at the current rate, and Backpack is 0.278% dearer against OKX than usual: you sell high and buy low: +$28 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | OKX W-USDT-SWAP | 0.01186 | 0.0072 | pay 0.0036% / 4h | 3h 46m | $1.3M | $2.0M | 20x |
| Short | Backpack W_USDC_PERP | 0.01189 | 0.1255 | get 0.0157% / 1h | 46m 26s | $44K | $44K | 15x |
OKX W-USDT-SWAP
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against OKX. 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
- $248.52
- Price spread: +0.278% → 0.000%
- $27.83
- Slippage, 4 orders
- no order book: not counted
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $256.36
- Costs to cover
- 0.200%
- Break-even
- from the start
Slippage unknown: OKX: live order book, 6 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 OKX live order book, 6 min ago | 3.80 bp | 38.2 bp −$38 | 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 | −0.0003% | 1h | 0.01187 | +0.152% | $16K | $2K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.974% | $1K | $1K | 12x | as long as short |
| OKX W-USDT-SWAPlong | +0.0072% | 4h | 0.01186 | long leg | $1.3M | $2.0M | 20x | |
| Hyperliquid W | +0.0100% | 1h | 0.01187 | +0.118% | $2.0M | $417K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01187 | +0.117% | $3.0M | $6.8M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01185 | −0.034% | $4.1M | $1.9M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01186 | +0.042% | $448K | $284K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01187 | +0.135% | $12.9M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01189 | +0.287% | $461K | $218K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01186 | +0.034% | $1.3M | $577K | 50x | as long as short |
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 | 0.01186 | +0.042% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01185 | −0.028% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01187 | +0.109% | $127K | $377K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01187 | +0.126% | $60K | $280K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0280% | 1h | 0.01188 | +0.169% | $14K | $16K | 50x | as long as short |
| Backpack W_USDC_PERPshort | +0.1255% | 1h | 0.01189 | +0.278% | $44K | $44K | 15x | |
| Kraken Futures PF_WUSD | +0.1321% | 1h | 0.01190 | +0.374% | $147K | $181K | 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