W

Alert

Funding spread now, next payment 20:00 UTC−0.0054%/8h

next payment, per $10,000−$0.07paid, last 24h−0.118%paid, last 5 days−1.067%to open and closeno order book

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack W_USDC_PERP	0.01169	0.0054	pay 0.0007% / 1h	58m 35s	$39K	$47K	15x
Short	Deribit W_USDC-PERPETUAL	0.01168	0	get 0.0000% / 1h	58m 35s	$18K	$351	10x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee DeribitbpOrdersRate

Funding earned: −$11.39
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$28.39
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Deribit: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.026%
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 no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Backpack and Deribit: 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 16 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Deribit W_USDC-PERPETUALshort	0.0000%	1h	$18K	$351	10x
Injective W/USDC PERP	+0.0033%	1h	$1K	$10K	12x	as long as short
Backpack W_USDC_PERPlong	+0.0054%	1h	$39K	$47K	15x
Hyperliquid W	+0.0100%	1h	$2.0M	$555K	5x	as long as short
Binance WUSDT	+0.0100%	4h	$2.9M	$8.1M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	$4.1M	$2.2M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	$1.3M	$2.3M	20x	as long as short
Gate W_USDT	+0.0100%	4h	$442K	$320K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	$13.0M	$1.6M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	$412K	$245K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget WUSDT	+0.0100%	4h	$1.2M	$579K	50x	as long as short
BingX W-USDT	+0.0100%	4h	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	$71K	$42K	—	as long as short
Extended W-USD	+0.0104%	1h	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0120%	1h	$14K	$20K	50x	as long as short
Kraken Futures PF_WUSD	+0.1077%	1h	$145K	$189K	20x	as long as short