Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.008%
Price spread now: Backpack against Deribit+0.108%50s7-day average −0.049% · you sell dearer than you buy
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$300.297% of the position
Funding, last 7 days−0.223%−$22 on $10k
+Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.108%, 7d avg −0.049%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.157% dearer against Deribit than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.049%. Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour. The two prices were read 50 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 | Deribit HBAR_USDC-PERPETUAL | 0.09281 | 0 | get 0.0000% / 1h | 26m 10s | $511K | $151K | 50x |
| Short | Backpack HBAR_USDC_PERP | 0.09291 | 0.0100 | get 0.0013% / 1h | 26m 10s | $34K | $102K | 15x |
Deribit HBAR_USDC-PERPETUAL
Backpack HBAR_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
- $21
- Price spread: +0.108% → −0.049%
- $15.68
- Slippage, 4 orders
- −$12.73
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $6.95
- Costs to cover
- 0.297%
- Break-even
- 4.7 days
Slippage from Deribit: live order book, 58 min ago; Backpack: live order book, 57 min ago.
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 live order book, 58 min ago | 3.24 bp | 6.7 bp −$7 | 14.3 bp −$143 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 57 min ago | 0.54 bp | 7.8 bp −$8 | 508.5 bp −$5,085 | doesn't fit | doesn't fit |
HBAR on 28 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective HBAR/USDC PERP | −0.0153% | 1h | 0.09267 | −0.151% | $1K | $112K | 12x | as long as short |
| KuCoin HBARUSDTM | −0.0018% | 8h | 0.09271 | −0.108% | $7.4M | $7.8M | 75x | as long as short |
| Gate HBAR_USDT | −0.0008% | 8h | 0.09278 | −0.032% | $2.4M | $3.6M | 75x | as long as short |
| dYdX HBAR-USD | 0.0000% | 1h | 0.09278 | −0.027% | $30K | $4K | 5x | as long as short |
| Deribit HBAR_USDC-PERPETUALlong | 0.0000% | 1h | 0.09281 | long leg | $511K | $151K | 50x | |
| gTrade (Gains Network) HBAR/USD | L +0.0007% / S −0.0014% | 1h | 0.09282 | +0.015% | $8K | — | 150x | as long as short |
| Coinbase International HBAR-PERP-INTX | +0.0064% | 1h | 0.09287 | +0.065% | $223K | $2.2M | 50x | as long as short |
| Variational Omni HBAR | +0.0072% | 8h | 0.09264 | −0.179% | $1.0M | $197K | — | as long as short |
| Orderly PERP_HBAR_USDC | +0.0077% | 8h | 0.09275 | −0.065% | $2K | $17K | 10x | as long as short |
| MEXC HBAR_USDT | +0.0095% | 8h | 0.09264 | −0.183% | $26.0M | $22.6M | 200x | as long as short |
Injective HBAR/USDC PERP
KuCoin HBARUSDTM
Gate HBAR_USDT
dYdX HBAR-USD
gTrade (Gains Network) HBAR/USD
Coinbase International HBAR-PERP-INTX
Variational Omni HBAR
Orderly PERP_HBAR_USDC
MEXC HBAR_USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter HBAR | +0.0096% | 1h | 0.09264 | −0.183% | $568K | $591K | 5x | as long as short |
| Extended HBAR-USD | +0.0096% | 1h | 0.09273 | −0.082% | $51K | $218K | 10x | as long as short |
| Binance HBARUSDT | +0.0097% | 8h | 0.09265 | −0.174% | $34.8M | $110.5M | 75x | as long as short |
| Hyperliquid HBAR | +0.0100% | 1h | 0.09294 | +0.143% | $8.9M | $2.9M | 5x | as long as short |
| Aster HBARUSDT | +0.0100% | 8h | 0.09281 | −0.005% | $212K | $429K | 50x | as long as short |
| Bybit HBARUSDT | +0.0100% | 8h | 0.09263 | −0.194% | $33.0M | $37.0M | 75x | as long as short |
| OKX HBAR-USDT-SWAP | +0.0100% | 8h | 0.09263 | −0.194% | $6.8M | $25.1M | 50x | as long as short |
| Bitget HBARUSDT | +0.0100% | 8h | 0.09263 | −0.194% | $17.1M | $14.8M | 75x | as long as short |
| BingX HBAR-USDC | +0.0100% | 8h | 0.09279 | −0.022% | — | $6.7M | — | as long as short |
| Backpack HBAR_USDC_PERPshort | +0.0100% | 1h | 0.09291 | +0.108% | $34K | $102K | 15x | |
| GRVT HBAR_USDT_Perp | +0.0100% | 8h | 0.09285 | +0.048% | $378K | $2.1M | 10x | as long as short |
| ApeX Omni HBARUSDT | +0.0100% | 1h | 0.09288 | +0.075% | $149K | $708K | 50x | as long as short |
| SoDEX HBAR-USD | +0.0100% | 1h | 0.09268 | −0.140% | $430 | $6K | 5x | as long as short |
| HTX HBAR-USDT | +0.0100% | 8h | 0.09301 | +0.215% | $73K | $53K | 20x | as long as short |
| Phemex HBARUSDT | +0.0100% | 8h | 0.09270 | −0.119% | $2.2M | $2.2M | 50x | as long as short |
| Kraken Futures PF_HBARUSD | +0.0193% | 1h | 0.09278 | −0.031% | $1.4M | $2.2M | 50x | as long as short |
| BloFin HBAR-USDT | +0.0216% | 8h | 0.09291 | +0.108% | $1.5M | $5.6M | 90x | as long as short |
| GMX HBAR/USD [WBTC.b-USDC] | L +0.0448% / S −0.0478% | 1h | 0.09282 | +0.009% | $104K | — | 100x | as long as short |
Lighter HBAR
Extended HBAR-USD
Binance HBARUSDT
Hyperliquid HBAR
Aster HBARUSDT
Bybit HBARUSDT
OKX HBAR-USDT-SWAP
Bitget HBARUSDT
BingX HBAR-USDC
GRVT HBAR_USDT_Perp
ApeX Omni HBARUSDT
SoDEX HBAR-USD
HTX HBAR-USDT
Phemex HBARUSDT
Kraken Futures PF_HBARUSD
BloFin HBAR-USDT
GMX HBAR/USD [WBTC.b-USDC]