Funding you earn now, next payment 23:00 UTC+0.0597%/8h= +65.3% APRnext payment +$0.75 per $10,000 · paid last 24h +0.066%
Price spread now: Backpack against Reya+0.058%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.058% dearer against Reya than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya SRUSDPERP | 0.03908 | −0.0101 | get 0.0013% / 1h | 18m 45s | $4 | — | 15x |
| Short | Backpack S_USDC_PERP | 0.03910 | 0.0495 | get 0.0062% / 1h | 18m 45s | $114K | $300K | 5x |
Reya SRUSDPERP
Backpack S_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Reya. 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
- $125.27
- Price spread: +0.058% → 0.000%
- $5.75
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $115.02
- Costs to cover
- 0.160%
- Break-even
- 0.6 days
Slippage unknown: Reya: no order-book sample; Backpack: live order book, 65 min ago. 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 Reya no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 65 min ago | 12.71 bp | 32.3 bp −$32 | doesn't fit | doesn't fit | doesn't fit |
Reya: 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_SUSD | −0.1602% | 1h | 0.03900 | −0.195% | $33K | $26K | 10x | as long as short |
| Coinbase International S-PERP-INTX | −0.1576% | 1h | 0.03826 | −2.092% | $47K | $5K | 25x | as long as short |
| Variational Omni S | −0.0870% | 4h | 0.03900 | −0.198% | $607K | $31K | — | as long as short |
| GMX S/USD [WBTC.b-USDC] | L −0.0197% / S +0.0190% | 1h | 0.03912 | +0.101% | $1K | — | 100x | as long as short |
| Reya SRUSDPERPlong | −0.0101% | 1h | 0.03908 | long leg | $4 | — | 15x | |
| 01 Exchange SUSD | −0.0056% | 1h | 0.03840 | −1.734% | $23K | $2K | 5x | as long as short |
| gTrade (Gains Network) S/USD | L +0.0001% / S +0.0006% | 1h | 0.03910 | +0.051% | $603 | — | 150x | as long as short |
| Orderly PERP_S_USDC | +0.0029% | 4h | 0.03906 | −0.045% | $99K | $344K | 10x | as long as short |
| Injective S/USDC PERP | +0.0033% | 1h | 0.04100 | +4.920% | $2K | $37K | 12x | as long as short |
| Lighter S | +0.0096% | 1h | 0.03909 | +0.032% | $164K | $223K | 5x | as long as short |
Kraken Futures PF_SUSD
Coinbase International S-PERP-INTX
Variational Omni S
GMX S/USD [WBTC.b-USDC]
01 Exchange SUSD
gTrade (Gains Network) S/USD
Orderly PERP_S_USDC
Injective S/USDC PERP
Lighter SShow all 25 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid S | +0.0100% | 1h | 0.03904 | −0.091% | $979K | $716K | 5x | as long as short |
| Aster SUSDT | +0.0100% | 4h | 0.03906 | −0.043% | $43K | $212K | 10x | as long as short |
| Binance SUSDT | +0.0100% | 4h | 0.03904 | −0.096% | $5.3M | $18.5M | 75x | as long as short |
| Bybit SUSDT | +0.0100% | 4h | 0.03896 | −0.301% | $5.6M | $5.5M | 50x | as long as short |
| OKX S-USDT-SWAP | +0.0100% | 4h | 0.03902 | −0.147% | $976K | $5.6M | 20x | as long as short |
| Gate S_USDT | +0.0100% | 4h | 0.03903 | −0.122% | $319K | $265K | 50x | as long as short |
| MEXC S_USDT | +0.0100% | 4h | 0.03903 | −0.122% | $3.5M | $2.3M | 200x | as long as short |
| KuCoin SUSDTM | +0.0100% | 4h | 0.03901 | −0.173% | $1.8M | $3.0M | 50x | as long as short |
| Bitget SUSDT | +0.0100% | 4h | 0.03907 | −0.019% | $1.2M | $2.6M | 50x | as long as short |
| BingX S-USDT | +0.0100% | 4h | 0.03901 | −0.173% | — | $6.8M | — | as long as short |
| ApeX Omni SUSDT | +0.0100% | 1h | 0.03910 | +0.058% | $25K | $460K | 50x | as long as short |
| Extended S-USD | +0.0104% | 1h | 0.03902 | −0.154% | $219K | $877K | 10x | as long as short |
| Deribit S_USDC-PERPETUAL | +0.0262% | 1h | 0.03911 | +0.083% | $66K | $10K | 10x | as long as short |
| BloFin S-USDT | +0.0340% | 4h | 0.03906 | −0.045% | $267K | $126K | 75x | as long as short |
| Backpack S_USDC_PERPshort | +0.0495% | 1h | 0.03910 | +0.058% | $114K | $300K | 5x |
Hyperliquid S
Aster SUSDT
Binance SUSDT
Bybit SUSDT
OKX S-USDT-SWAP
Gate S_USDT
MEXC S_USDT
KuCoin SUSDTM
Bitget SUSDT
BingX S-USDT
ApeX Omni SUSDT
Extended S-USD
Deribit S_USDC-PERPETUAL
BloFin S-USDT