Funding you earn now, next payment 09:00 UTC−0.0469%/8h= −51.3% APRnext payment −$0.59 per $10,000 · paid last 24h −0.027%
Price spread now: Backpack against Kraken Futures+0.104%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.279%−$28 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. Backpack is 0.104% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.104% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.279% in total) that is about 2.6 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.279% in total (about -14.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.59 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_PYTHUSD | 0.06297 | 0.0468 | pay 0.0059% / 1h | 54m 54s | $382K | $303K | 25x |
| Short | Backpack PYTH_USDC_PERP | 0.06303 | −0.0001 | pay 0.0000% / 1h | 54m 54s | $35K | $61K | 10x |
Kraken Futures PF_PYTHUSD
Backpack PYTH_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
- −$98.44
- Price spread: +0.104% → 0.000%
- $10.37
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$108.06
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 43 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, 43 min ago | 21.44 bp | 28.0 bp −$28 | 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.
PYTH 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 | |
|---|---|---|---|---|---|---|---|---|
| Bybit PYTHUSDT | −0.0395% | 4h | 0.06300 | +0.053% | $7.5M | $5.0M | 50x | as long as short |
| Gate PYTH_USDT | −0.0322% | 4h | 0.06297 | +0.005% | $1.0M | $508K | 75x | as long as short |
| Deribit PYTH_USDC-PERPETUAL | −0.0227% | 1h | 0.06288 | −0.138% | $10K | $10K | 10x | as long as short |
| Backpack PYTH_USDC_PERPshort | −0.0001% | 1h | 0.06303 | +0.104% | $35K | $61K | 10x | |
| dYdX PYTH-USD | 0.0000% | 1h | 0.06289 | −0.126% | $187K | $19 | 5x | as long as short |
| Injective PYTH/USDC PERP | +0.0033% | 1h | 0.06260 | −0.582% | $553 | $220K | 5.5x | as long as short |
| BloFin PYTH-USDT | +0.0058% | 4h | 0.06283 | −0.217% | $431K | $72K | 75x | as long as short |
| Lighter PYTH | +0.0096% | 1h | 0.06300 | +0.053% | $194K | $214K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0100% | 8h | 0.06277 | −0.318% | $3K | — | 10x | as long as short |
| Hyperliquid PYTH | +0.0100% | 1h | 0.06304 | +0.113% | $2.2M | $1.9M | 5x | as long as short |
Bybit PYTHUSDT
Gate PYTH_USDT
Deribit PYTH_USDC-PERPETUAL
dYdX PYTH-USD
Injective PYTH/USDC PERP
BloFin PYTH-USDT
Lighter PYTH
Paradex PYTH-USD-PERP
Hyperliquid PYTHShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster PYTHUSDT | +0.0100% | 4h | 0.06306 | +0.147% | $21K | $47K | 10x | as long as short |
| Binance PYTHUSDT | +0.0100% | 4h | 0.06302 | +0.082% | $9.1M | $19.9M | 75x | as long as short |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06305 | +0.132% | $2.1M | $3.5M | 50x | as long as short |
| MEXC PYTH_USDT | +0.0100% | 4h | 0.06294 | −0.042% | $10.5M | $2.7M | 125x | as long as short |
| KuCoin PYTHUSDTM | +0.0100% | 4h | 0.06296 | −0.011% | $1.5M | $371K | 50x | as long as short |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06294 | −0.042% | $2.7M | $2.3M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06296 | −0.011% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06302 | +0.084% | $40K | $27K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06289 | −0.115% | $2K | $2K | 10x | as long as short |
| Aevo PYTH-PERP | +0.0104% | 1h | 0.06290 | −0.106% | $22K | — | 3x | as long as short |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06287 | −0.157% | — | — | 20x | as long as short |
| Kraken Futures PF_PYTHUSDlong | +0.0468% | 1h | 0.06297 | long leg | $382K | $303K | 25x | |
| Coinbase International PYTH-PERP-INTX | +0.0536% | 1h | 0.06427 | +2.070% | $40K | $19K | 25x | as long as short |
Aster PYTHUSDT
Binance PYTHUSDT
OKX PYTH-USDT-SWAP
MEXC PYTH_USDT
KuCoin PYTHUSDTM
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Aevo PYTH-PERP
Reya PYTHRUSDPERP
Coinbase International PYTH-PERP-INTX