S

Alert

Funding spread now, next payment 17:00 UTC−0.2180%/8h

next payment, per $10,000−$2.73paid, last 24h−0.685%paid, last 5 days−0.860%to open and closeno order book

Long on Backpack Short on Coinbase International

The current rate is far above what this pair has been paying: over the last 5 days it paid -0.860% in total (about -67.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.73 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	Backpack S_USDC_PERP	0.03860	0.0100	pay 0.0013% / 1h	37m 11s	$112K	$229K	5x
Short	Coinbase International S-PERP-INTX	0.03831	−0.2080	pay 0.0260% / 1h	37m 11s	$47K	$10K	25x

Funding history

latest

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Coinbase InternationalbpOrdersRate

Funding earned: −$457.8
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$477.8
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Coinbase International: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.751%
Avg gap 7d: —

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Backpack live order book, 3 min ago	12.94 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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.

S on 25 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Coinbase International S-PERP-INTXshort	−0.2080%	1h	$47K	$10K	25x
Kraken Futures PF_SUSD	−0.1667%	1h	$33K	$43K	10x	as long as short
Variational Omni S	−0.0857%	4h	$599K	$121K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0327% / S +0.0305%	1h	$1K	—	100x	as long as short
Aster SUSDT	−0.0112%	4h	$42K	$258K	10x	as long as short
Reya SRUSDPERP	−0.0101%	1h	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0096%	4h	$102K	$326K	10x	as long as short
01 Exchange SUSD	−0.0088%	1h	$23K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	$595	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	$2K	$120K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	$162K	$309K	5x	as long as short
Hyperliquid S	+0.0100%	1h	$994K	$1.4M	5x	as long as short
Binance SUSDT	+0.0100%	4h	$5.3M	$38.5M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	$5.6M	$9.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	$973K	$11.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	$319K	$366K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	$3.5M	$3.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	$1.8M	$3.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	$1.1M	$4.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	—	$6.9M	—	as long as short
Backpack S_USDC_PERPlong	+0.0100%	1h	$112K	$229K	5x
ApeX Omni SUSDT	+0.0100%	1h	$20K	$496K	50x	as long as short
Extended S-USD	+0.0104%	1h	$216K	$946K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0269%	1h	$65K	$11K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	$278K	$257K	75x	as long as short