S

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.2172%/8h= −237.8% APRnext payment −$2.72 per $10,000 · paid last 24h −0.507%

Price spread now: Kraken Futures against Backpack−0.190%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 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 −$65 a day on $10k at the current rate, and Kraken Futures is 0.190% cheaper against Backpack than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03990	0.0144	pay 0.0018% / 1h	35m 08s	$116K	$320K	5x
Short	Kraken Futures PF_SUSD	0.03982	−0.2028	pay 0.0254% / 1h	35m 08s	$34K	$23K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$456.14
Price spread: −0.190% → 0.000%: −$18.99
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$495.13
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 38 min ago; Kraken Futures: 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 Backpack live order book, 38 min ago	12.71 bp	29.2 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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: 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
01 Exchange SUSD	−0.3800%	1h	0.03980	−0.251%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSDshort	−0.2028%	1h	0.03982	−0.190%	$34K	$23K	10x
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−4.110%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0873%	4h	0.03979	−0.279%	$618K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03987	−0.068%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03982	−0.191%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03986	−0.094%	$614	—	150x	as long as short
Orderly PERP_S_USDC	+0.0022%	4h	0.03984	−0.150%	$101K	$335K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.757%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03988	−0.050%	$163K	$191K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03987	−0.085%	$998K	$630K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03984	−0.146%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03984	−0.150%	$5.4M	$16.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03981	−0.226%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03984	−0.150%	$981K	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03979	−0.276%	$325K	$216K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03984	−0.150%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03985	−0.125%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03986	−0.100%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03983	−0.175%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	−0.251%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03983	−0.177%	$224K	$1.1M	10x	as long as short
Backpack S_USDC_PERPlong	+0.0144%	1h	0.03990	long leg	$116K	$320K	5x
Deribit S_USDC-PERPETUAL	+0.0251%	1h	0.03990	0.000%	$67K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03985	−0.125%	$269K	$126K	75x	as long as short