Funding you earn now, next payment 09:00 UTC+0.0734%/8h= +80.4% APRnext payment +$0.92 per $10,000 · paid last 24h +0.163%
Price spread now: Backpack against Injective+0.200%72s7-day average −0.676% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.462%+$46 on $10k
+Price spread, last 4 days (all we have)+3.796%+$380 · spread now +0.200%, 7d avg −0.676%
=Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.876% dearer against Injective than usual: you sell high and buy low: +$88 more if the spread goes back to its 7-day average of −0.676%. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.462% in total (about 24.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.92 per $10,000. 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 | Injective AERO/USDC PERP | 0.6902 | 0.0033 | pay 0.0004% / 1h | 49m 35s | $4 | $209K | 5.5x |
| Short | Backpack AERO_USDC_PERP | 0.6916 | 0.0767 | get 0.0096% / 1h | 49m 35s | $96K | $262K | 15x |
Injective AERO/USDC PERP
Backpack AERO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- $154.17
- Price spread: +0.200% → −0.676%
- $87.64
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $231.79
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Injective: no order-book sample; Backpack: live order book, 49 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 Injective no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 49 min ago | 0.07 bp | 6.3 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
Injective: 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.
AERO on 23 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International AERO-PERP-INTX | −0.0280% | 1h | 0.6927 | +0.362% | $88K | $39K | 25x | as long as short |
| Injective AERO/USDC PERPlong | +0.0033% | 1h | 0.6902 | long leg | $4 | $209K | 5.5x | |
| Aster AEROUSDT | +0.0100% | 4h | 0.6915 | +0.190% | $42K | $127K | 10x | as long as short |
| Binance AEROUSDT | +0.0100% | 4h | 0.6923 | +0.304% | $26.0M | $25.0M | 75x | as long as short |
| Bybit AEROUSDT | +0.0100% | 4h | 0.6916 | +0.203% | $22.6M | $17.9M | 25x | as long as short |
| OKX AERO-USDT-SWAP | +0.0100% | 4h | 0.6922 | +0.290% | $2.3M | $5.8M | 20x | as long as short |
| Gate AERO_USDT | +0.0100% | 4h | 0.6916 | +0.203% | $1.6M | $463K | 75x | as long as short |
| MEXC AERO_USDT | +0.0100% | 4h | 0.6923 | +0.304% | $8.5M | $1.4M | 100x | as long as short |
| KuCoin AEROUSDTM | +0.0100% | 4h | 0.6919 | +0.246% | $2.0M | $1.1M | 50x | as long as short |
| Bitget AEROUSDT | +0.0100% | 4h | 0.6917 | +0.217% | $4.0M | $1.9M | 75x | as long as short |
Coinbase International AERO-PERP-INTX
Aster AEROUSDT
Binance AEROUSDT
Bybit AEROUSDT
OKX AERO-USDT-SWAP
Gate AERO_USDT
MEXC AERO_USDT
KuCoin AEROUSDTM
Bitget AEROUSDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX AERO-USDT | +0.0100% | 4h | 0.6922 | +0.290% | — | $1.8M | — | as long as short |
| Variational Omni AERO | +0.0100% | 4h | 0.6911 | +0.136% | $2.0M | $1.2M | — | as long as short |
| Extended AERO-USD | +0.0104% | 1h | 0.6921 | +0.268% | $208K | $1.4M | 10x | as long as short |
| Aevo AERO-PERP | +0.0104% | 1h | 0.6907 | +0.072% | $46K | — | 3x | as long as short |
| Reya AERORUSDPERP | +0.0228% | 1h | 0.6911 | +0.133% | $19K | $4K | 15x | as long as short |
| BloFin AERO-USDT | +0.0340% | 4h | 0.6903 | +0.014% | $943K | $577K | 25x | as long as short |
| Deribit AERO_USDC-PERPETUAL | +0.0474% | 1h | 0.6911 | +0.130% | $55K | $11K | 10x | as long as short |
| RISEx AERO/USDC | +0.0503% | 1h | 0.6921 | +0.278% | $212K | $553K | 3x | as long as short |
| GMX AERO/USD [ETH-USDC] | L +0.0519% / S −0.0255% | 1h | 0.6905 | +0.049% | $90K | — | 100x | as long as short |
| 01 Exchange AEROUSD | +0.0640% | 1h | 0.6939 | +0.536% | $188 | $101 | 3x | as long as short |
| Backpack AERO_USDC_PERPshort | +0.0767% | 1h | 0.6916 | +0.200% | $96K | $262K | 15x | |
| Hyperliquid AERO | +0.0841% | 1h | 0.6927 | +0.369% | $22.8M | $5.4M | 3x | as long as short |
| Lighter AERO | +0.1448% | 1h | 0.6932 | +0.432% | $1.3M | $386K | 3x | as long as short |
BingX AERO-USDT
Variational Omni AERO
Extended AERO-USD
Aevo AERO-PERP
Reya AERORUSDPERP
BloFin AERO-USDT
Deribit AERO_USDC-PERPETUAL
RISEx AERO/USDC
GMX AERO/USD [ETH-USDC]
01 Exchange AEROUSD
Hyperliquid AERO
Lighter AERO