Funding you earn now, next payment 02:00 UTC−0.0244%/8h= −26.7% APRnext payment −$0.30 per $10,000 · paid last 24h +0.107%
Price spread now: Backpack against Coinbase International+0.126%7-day average −0.025% · you sell dearer than you buy
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs−$31as in the Price arb table
costs, in and out, $10k−$460.456% of the position
Funding, last 7 days+0.071%+$7 on $10k
+Price spread, last 4 days (all we have)−0.088%−$9 · spread now +0.126%, 7d avg −0.025%
=The price spread pays, funding is against you. Backpack is 0.151% dearer against Coinbase International than usual: you sell high and buy low (spread +0.126% now, against its 7-day average of −0.025%): +$15 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.071%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 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 | Coinbase International CRV-PERP-INTX | 0.3653 | 0.0344 | pay 0.0043% / 1h | 35m 29s | $383K | $4.1M | 50x |
| Short | Backpack CRV_USDC_PERP | 0.3658 | 0.0100 | get 0.0013% / 1h | 35m 29s | $101K | $296K | 10x |
Coinbase International CRV-PERP-INTX
Backpack CRV_USDC_PERPFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$51.24
- Price spread: +0.126% → −0.025%
- $15.06
- Slippage, 4 orders
- −$25.56
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$81.74
- Costs to cover
- 0.456%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 3 min ago; Backpack: live order book, 28 min ago.
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 live order book, 3 min ago | 6.86 bp | 14.5 bp −$14 | 20.3 bp −$203 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 28 min ago | 0.14 bp | 7.0 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
CRV on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix CRV | −0.0065% | 1h | 0.3638 | −0.413% | $26K | $168K | 10x | as long as short |
| Reya CRVRUSDPERP | −0.0048% | 1h | 0.3661 | +0.216% | $16 | — | 15x | as long as short |
| dYdX CRV-USD | 0.0000% | 1h | 0.3652 | −0.020% | $38K | $7K | 10x | as long as short |
| Deribit CRV_USDC-PERPETUAL | 0.0000% | 1h | 0.3654 | +0.027% | $55K | $49K | 25x | as long as short |
| Injective CRV/USDC PERP | +0.0033% | 1h | 0.3670 | +0.465% | $79 | $384K | 12x | as long as short |
| Orderly PERP_CRV_USDC | +0.0095% | 8h | 0.3653 | 0.000% | $24K | $902 | 10x | as long as short |
| Lighter CRV | +0.0096% | 1h | 0.3655 | +0.055% | $385K | $705K | 10x | as long as short |
| Hyperliquid CRV | +0.0100% | 1h | 0.3658 | +0.142% | $22.1M | $15.1M | 10x | as long as short |
| Aster CRVUSDT | +0.0100% | 8h | 0.3657 | +0.113% | $130K | $180K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3657 | +0.096% | $371K | $198K | 10x | as long as short |
Phoenix CRV
Reya CRVRUSDPERP
dYdX CRV-USD
Deribit CRV_USDC-PERPETUAL
Injective CRV/USDC PERP
Orderly PERP_CRV_USDC
Lighter CRV
Hyperliquid CRV
Aster CRVUSDT
Pacifica CRVShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance CRVUSDT | +0.0100% | 8h | 0.3659 | +0.161% | $25.3M | $53.9M | 75x | as long as short |
| Bybit CRVUSDT | +0.0100% | 8h | 0.3656 | +0.082% | $27.7M | $17.6M | 75x | as long as short |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3659 | +0.164% | $8.8M | $20.5M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3658 | +0.137% | $1.9M | $1.3M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3657 | +0.109% | $14.6M | $5.3M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3658 | +0.137% | $6.3M | $8.8M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3661 | +0.219% | $6.8M | $5.2M | 75x | as long as short |
| BingX CRV-USDT | +0.0100% | 8h | 0.3656 | +0.082% | — | $23.6M | — | as long as short |
| Backpack CRV_USDC_PERPshort | +0.0100% | 1h | 0.3658 | +0.126% | $101K | $296K | 10x | |
| Variational Omni CRV | +0.0100% | 8h | 0.3650 | −0.088% | $1.1M | $101K | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3636 | −0.458% | $37K | $172K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3643 | −0.278% | $514K | $429K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3638 | −0.411% | $52K | $688K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3679 | +0.712% | $2K | $1.2M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3657 | +0.102% | $238K | $477K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3653 | +0.007% | $13K | $6K | 3x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3642 | −0.301% | $1.4M | $3.9M | 75x | as long as short |
| Coinbase International CRV-PERP-INTXlong | +0.0344% | 1h | 0.3653 | long leg | $383K | $4.1M | 50x | |
| Kraken Futures PF_CRVUSD | +0.0371% | 1h | 0.3657 | +0.119% | $3.1M | $2.6M | 50x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0435% / S −0.0190% | 1h | 0.3652 | −0.039% | $220K | — | 100x | as long as short |
Binance CRVUSDT
Bybit CRVUSDT
OKX CRV-USDT-SWAP
Gate CRV_USDT
MEXC CRV_USDT
KuCoin CRVUSDTM
Bitget CRVUSDT
BingX CRV-USDT
Variational Omni CRV
edgeX CRVUSDC
GRVT CRV_USDT_Perp
ApeX Omni CRVUSDT
SunX CRV-USDT
Extended CRV-USD
Aevo CRV-PERP
BloFin CRV-USDT
Kraken Futures PF_CRVUSD
GMX CRV/USD [ETH-USDC]