W

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0300%/8h= −32.8% APRnext payment −$0.37 per $10,000 · paid last 24h −0.040%

Price spread now: Backpack against Coinbase International+0.051%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

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

The price spread pays, funding is against you. Backpack is 0.051% dearer against Coinbase International than usual: you sell high and buy low (spread +0.051% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International W-PERP-INTX	0.01180	0.0400	pay 0.0050% / 1h	16m 27s	$13K	$14K	50x
Short	Backpack W_USDC_PERP	0.01181	0.0100	get 0.0013% / 1h	16m 27s	$44K	$42K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$63
Price spread: +0.051% → 0.000%: $5.08
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$77.92
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Backpack: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Coinbase International and Backpack: 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	0.0000%	1h	0.01179	−0.102%	$14K	$3K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.458%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01181	+0.085%	$2.0M	$287K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01180	+0.017%	$3.0M	$5.5M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01177	−0.229%	$4.1M	$1.6M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01179	−0.102%	$1.3M	$1.6M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01176	−0.305%	$426K	$248K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01180	+0.017%	$12.3M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01179	−0.085%	$396K	$194K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01181	+0.085%	$1.3M	$582K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01179	−0.119%	—	$6.7M	—	as long as short
Backpack W_USDC_PERPshort	+0.0100%	1h	0.01181	+0.051%	$44K	$42K	15x
Variational Omni W	+0.0100%	4h	0.01175	−0.458%	$72K	$40K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01181	+0.089%	$129K	$372K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01180	−0.019%	$59K	$146K	5x	as long as short
Coinbase International W-PERP-INTXlong	+0.0400%	1h	0.01180	long leg	$13K	$14K	50x
Kraken Futures PF_WUSD	+0.1731%	1h	0.01181	+0.050%	$147K	$186K	20x	as long as short