S

Alert

Funding spread now, next payment 19:00 UTC−0.1271%/8h

paid, last 24h−0.319%paid, last 3 days−0.047%to open and closeno order book

Long on Backpack Short on Variational Omni

The current rate is far above what this pair has been paying: over the last 3 days it paid -0.047% in total (about -5.5% a year). A funding rate is set anew for every payment. 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	0.03850	0.0100	pay 0.0013% / 1h	58m 36s	$116K	$241K	5x
Short	Variational Omni S	0.03839	−0.1171	pay 0.0585% / 4h	1h 58m	$598K	$117K	—

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Variational OmnibpOrdersRate

Funding earned: −$266.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$276.91
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 41 min ago; Variational Omni: RFQ quote, 42 min ago. Net counts fees only.

Price risk

price view

Price gap now: −0.289%
Avg gap 7d: −0.210%

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, 41 min ago	12.94 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 42 min ago	5.20 bp	doesn't fit	49.4 bp −$494	doesn't fit	doesn't fit

S on 25 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Kraken Futures PF_SUSD	−0.2338%	1h	$33K	$43K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1824%	1h	$47K	$10K	25x	as long as short
Variational Omni Sshort	−0.1171%	4h	$598K	$117K	—
01 Exchange SUSD	−0.0864%	1h	$23K	$3K	5x	as long as short
Hyperliquid S	−0.0427%	1h	$981K	$1.4M	5x	as long as short
Aster SUSDT	−0.0256%	4h	$41K	$258K	10x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0225% / S +0.0214%	1h	$1K	—	100x	as long as short
Orderly PERP_S_USDC	−0.0107%	4h	$101K	$324K	10x	as long as short
Reya SRUSDPERP	−0.0101%	1h	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	−0.0010%	1h	$65K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	$593	—	150x	as long as short
OKX S-USDT-SWAP	+0.0026%	4h	$960K	$11.8M	20x	as long as short
Injective S/USDC PERP	+0.0033%	1h	$2K	$88K	12x	as long as short
Lighter S	+0.0096%	1h	$161K	$304K	5x	as long as short
Binance SUSDT	+0.0100%	4h	$5.2M	$38.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	$5.5M	$9.0M	50x	as long as short
Gate S_USDT	+0.0100%	4h	$317K	$356K	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	$1.2M	$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	$116K	$241K	5x
ApeX Omni SUSDT	+0.0100%	1h	$20K	$494K	50x	as long as short
Extended S-USD	+0.0104%	1h	$216K	$944K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	$273K	$259K	75x	as long as short