CRV

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0950%/8h= −104.1% APRnext payment −$1.19 per $10,000 · paid last 24h −0.025%

Price spread now: Backpack against Kraken Futures+0.004%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$540.537% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.132%−$13 on $10k

Price spread, last 4 days (all we have)−0.430%−$43 · spread now +0.004%, 7d avg −0.037%

Together, before fees−0.562%−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.041% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.037%): +$4 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.132% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.132% in total (about -6.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.19 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	Kraken Futures PF_CRVUSD	0.3556	0.0610	pay 0.0076% / 1h	53m 39s	$3.0M	$2.5M	50x
Short	Backpack CRV_USDC_PERP	0.3556	−0.0340	pay 0.0043% / 1h	53m 39s	$90K	$252K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$199.6
Price spread: +0.004% → −0.037%: $4.09
Slippage, 4 orders: −$33.71
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$249.22
Costs to cover: 0.537%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 40 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 Kraken Futures live order book, 5 min ago	6.97 bp	18.9 bp −$19	48.7 bp −$487	doesn't fit	doesn't fit
Sell Backpack live order book, 40 min ago	1.54 bp	7.8 bp −$8	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
Backpack CRV_USDC_PERPshort	−0.0340%	1h	0.3556	+0.004%	$90K	$252K	10x
ApeX Omni CRVUSDT	−0.0335%	1h	0.3584	+0.794%	$52K	$653K	50x	as long as short
Variational Omni CRV	−0.0052%	8h	0.3574	+0.508%	$1.1M	$105K	—	as long as short
Reya CRVRUSDPERP	−0.0048%	1h	0.3550	−0.153%	$15	—	15x	as long as short
Phoenix CRV	−0.0022%	1h	0.3586	+0.839%	$26K	$176K	10x	as long as short
dYdX CRV-USD	0.0000%	1h	0.3547	−0.252%	$40K	$13K	10x	as long as short
Deribit CRV_USDC-PERPETUAL	0.0000%	1h	0.3551	−0.134%	$53K	$45K	25x	as long as short
Injective CRV/USDC PERP	+0.0033%	1h	0.3670	+3.213%	$79	$384K	12x	as long as short
Bybit CRVUSDT	+0.0051%	8h	0.3548	−0.218%	$26.6M	$18.9M	75x	as long as short
Lighter CRV	+0.0096%	1h	0.3550	−0.162%	$375K	$611K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CRVUSDT	+0.0100%	8h	0.3550	−0.159%	$133K	$206K	10x	as long as short
Pacifica CRV	+0.0100%	1h	0.3549	−0.183%	$358K	$200K	10x	as long as short
Binance CRVUSDT	+0.0100%	8h	0.3551	−0.131%	$24.6M	$55.9M	75x	as long as short
OKX CRV-USDT-SWAP	+0.0100%	8h	0.3551	−0.134%	$8.6M	$19.8M	50x	as long as short
Gate CRV_USDT	+0.0100%	8h	0.3554	−0.049%	$1.8M	$1.0M	50x	as long as short
MEXC CRV_USDT	+0.0100%	8h	0.3551	−0.134%	$12.3M	$5.3M	125x	as long as short
KuCoin CRVUSDTM	+0.0100%	8h	0.3555	−0.021%	$6.7M	$8.3M	50x	as long as short
Bitget CRVUSDT	+0.0100%	8h	0.3548	−0.218%	$6.6M	$5.1M	75x	as long as short
BingX CRV-USDC	+0.0100%	8h	0.3548	−0.218%	—	$1.6M	—	as long as short
edgeX CRVUSDC	+0.0100%	4h	0.3586	+0.848%	$37K	$174K	20x	as long as short
GRVT CRV_USDT_Perp	+0.0100%	8h	0.3590	+0.975%	$501K	$416K	10x	as long as short
Orderly PERP_CRV_USDC	+0.0100%	8h	0.3551	−0.134%	$24K	$850	10x	as long as short
SunX CRV-USDT	+0.0100%	8h	0.3615	+1.666%	$2K	$1.3M	20x	as long as short
Aevo CRV-PERP	+0.0104%	1h	0.3548	−0.229%	$13K	$6K	3x	as long as short
BloFin CRV-USDT	+0.0220%	8h	0.3554	−0.049%	$1.3M	$3.7M	75x	as long as short
Extended CRV-USD	+0.0240%	1h	0.3549	−0.191%	$252K	$510K	25x	as long as short
Hyperliquid CRV	+0.0350%	1h	0.3551	−0.131%	$20.7M	$16.8M	10x	as long as short
GMX CRV/USD [ETH-USDC]	L +0.0415% / S −0.0178%	1h	0.3563	+0.211%	$209K	—	100x	as long as short
Coinbase International CRV-PERP-INTX	+0.0432%	1h	0.3544	−0.330%	$353K	$4.2M	50x	as long as short
Kraken Futures PF_CRVUSDlong	+0.0610%	1h	0.3556	long leg	$3.0M	$2.5M	50x