CHIP

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1573%/8h= −172.2% APRnext payment −$1.97 per $10,000 · paid last 24h −0.383%

Price spread now: Backpack against Coinbase International−3.745%52s7-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

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and Backpack is 3.745% cheaper against Coinbase International than usual: you would sell low and buy high (−$374 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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	Coinbase International CHIP-PERP-INTX	0.04855	0.0736	pay 0.0092% / 1h	50m 10s	$47K	$42K	50x
Short	Backpack CHIP_USDC_PERP	0.04673	−0.0837	pay 0.0105% / 1h	50m 10s	$33K	$243K	5x

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 −3.745%Rate

Funding earned: −$330.33
Price spread: −3.745% → 0.000%: −$374.47
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$724.81
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Backpack: live order book, 8 min ago. 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 live order book, 8 min ago	2.13 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit

Coinbase International: 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.

CHIP on 23 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
Backpack CHIP_USDC_PERPshort	−0.0837%	1h	0.04673	−3.745%	$33K	$243K	5x
Deribit CHIP_USDC-PERPETUAL	−0.0671%	1h	0.04667	−3.875%	$10K	$24K	10x	as long as short
Bybit CHIPUSDT	−0.0536%	4h	0.04663	−3.951%	$10.7M	$9.0M	20x	as long as short
Phoenix CHIP	−0.0510%	1h	0.04726	−2.653%	$3K	$129K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0346%	4h	0.04657	−4.074%	$2.0M	$9.4M	20x	as long as short
ApeX Omni CHIPUSDT	−0.0199%	1h	0.04695	−3.292%	$16K	$245K	50x	as long as short
Aster CHIPUSDT	−0.0099%	4h	0.04669	−3.829%	$49K	$275K	5x	as long as short
Nado CHIP-PERP	−0.0063%	1h	0.04671	−3.786%	$236K	$20K	5x	as long as short
BloFin CHIP-USDT	+0.0060%	4h	0.04669	−3.827%	$560K	$63K	50x	as long as short
Extended CHIP-USD	+0.0072%	1h	0.04658	−4.048%	$213K	$1.9M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CHIP_USDT	+0.0074%	4h	0.04659	−4.033%	$1.8M	$1.2M	50x	as long as short
Binance CHIPUSDT	+0.0076%	4h	0.04658	−4.054%	$14.1M	$26.7M	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04663	−3.951%	$86K	$107K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04679	−3.625%	$14.6M	$6.2M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04670	−3.807%	$16K	$3K	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04664	−3.930%	$677K	$950K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04662	−3.971%	$976K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04662	−3.971%	$2.0M	$3.3M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04665	−3.910%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04671	−3.792%	$832K	$529K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04661	−3.992%	$993	$1.0M	10x	as long as short
Aftermath Perps CHIPUSD	+0.0352%	1h	0.04702	−3.151%	$133	$38K	5x	as long as short
Coinbase International CHIP-PERP-INTXlong	+0.0736%	1h	0.04855	long leg	$47K	$42K	50x