Funding you earn now, next payment 21:00 UTC+0.0196%/8h= +21.5% APRnext payment +$0.24 per $10,000 · paid last 24h +0.093%
Price spread now: Coinbase International against Backpack+0.025%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 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 for this trade now. Funding pays +$6 a day on $10k at the current rate, and Coinbase International is 0.025% dearer against Backpack than usual: you sell high and buy low: +$3 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 | Backpack W_USDC_PERP | 0.01178 | 0.0100 | pay 0.0013% / 1h | 24m 14s | $44K | $47K | 15x |
| Short | Coinbase International W-PERP-INTX | 0.01178 | 0.0296 | get 0.0037% / 1h | 24m 14s | $14K | $18K | 50x |
Backpack W_USDC_PERP
Coinbase International W-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Backpack. 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
- $41.16
- Price spread: +0.025% → 0.000%
- $2.55
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $23.71
- Costs to cover
- 0.200%
- Break-even
- 3.0 days
Slippage unknown: Backpack: no order-book sample; Coinbase International: 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 no order-book sample | — | — | — | — | — |
| Sell Coinbase International no order-book sample | — | — | — | — | — |
Backpack and 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.
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.0429% | 1h | 0.01177 | −0.085% | $17K | $1K | 10x | as long as short |
| OKX W-USDT-SWAP | +0.0024% | 4h | 0.01176 | −0.127% | $1.3M | $2.1M | 20x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.658% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01177 | −0.059% | $2.0M | $455K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01176 | −0.110% | $3.0M | $7.6M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01175 | −0.246% | $4.1M | $2.0M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01179 | +0.093% | $447K | $301K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01176 | −0.127% | $12.9M | $1.7M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01175 | −0.229% | $417K | $217K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01176 | −0.144% | $1.3M | $575K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
OKX W-USDT-SWAP
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01176 | −0.136% | — | $6.9M | — | as long as short |
| Backpack W_USDC_PERPlong | +0.0100% | 1h | 0.01178 | long leg | $44K | $47K | 15x | |
| Variational Omni W | +0.0100% | 4h | 0.01173 | −0.424% | $70K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01173 | −0.386% | $123K | $409K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01176 | −0.123% | $59K | $276K | 5x | as long as short |
| Coinbase International W-PERP-INTXshort | +0.0296% | 1h | 0.01178 | +0.025% | $14K | $18K | 50x | |
| Kraken Futures PF_WUSD | +0.0618% | 1h | 0.01179 | +0.089% | $146K | $185K | 20x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Kraken Futures PF_WUSD