Funding arb · Price arb /

CRV

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h +0.057%

Price spread now: Backpack against KuCoin+0.138%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$730.729% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 4 days (all we have)−0.144%−$14 · spread now +0.138%, 7d avg +0.019%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.118% dearer against KuCoin than usual: you sell high and buy low (spread +0.138% now, against its 7-day average of +0.019%): +$12 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 44 hours. Mind the row above: over the last 7 days funding on this pair paid +0.091%, 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 0.091% in total (about 4.8% a year). A funding rate is set anew for every payment. 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	KuCoin CRVUSDTM	0.3553	0.0100	pay 0.0100% / 8h	2h 29m	$5.9M	$8.4M	50x
Short	Backpack CRV_USDC_PERP	0.3558	−0.0115	pay 0.0014% / 1h	29m 23s	$93K	$259K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$45.25
Price spread: +0.138% → +0.019%: $11.85
Slippage, 4 orders: −$50.92
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$106.33
Costs to cover: 0.729%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Backpack: live order book, 19 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 KuCoin live order book, 4 min ago	2.82 bp	18.1 bp −$18	107.3 bp −$1,073	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	1.25 bp	8.1 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	−0.0115%	1h	0.3558	+0.138%	$93K	$259K	10x
Reya CRVRUSDPERP	−0.0048%	1h	0.3550	−0.071%	$15	—	15x	as long as short
dYdX CRV-USD	0.0000%	1h	0.3553	+0.011%	$37K	$8K	10x	as long as short
Deribit CRV_USDC-PERPETUAL	0.0000%	1h	0.3555	+0.056%	$54K	$45K	25x	as long as short
Injective CRV/USDC PERP	+0.0033%	1h	0.3670	+3.293%	$79	$384K	12x	as long as short
Phoenix CRV	+0.0045%	1h	0.3558	+0.144%	$25K	$177K	10x	as long as short
Variational Omni CRV	+0.0085%	8h	0.3546	−0.198%	$1.1M	$94K	—	as long as short
Lighter CRV	+0.0096%	1h	0.3549	−0.101%	$376K	$702K	10x	as long as short
Hyperliquid CRV	+0.0100%	1h	0.3554	+0.025%	$20.6M	$16.2M	10x	as long as short
Aster CRVUSDT	+0.0100%	8h	0.3550	−0.071%	$112K	$193K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRV	+0.0100%	1h	0.3551	−0.047%	$360K	$198K	10x	as long as short
Binance CRVUSDT	+0.0100%	8h	0.3550	−0.093%	$24.5M	$56.4M	75x	as long as short
Bybit CRVUSDT	+0.0100%	8h	0.3548	−0.141%	$26.8M	$18.9M	75x	as long as short
OKX CRV-USDT-SWAP	+0.0100%	8h	0.3550	−0.084%	$8.7M	$20.0M	50x	as long as short
Gate CRV_USDT	+0.0100%	8h	0.3551	−0.056%	$1.8M	$1.4M	50x	as long as short
MEXC CRV_USDT	+0.0100%	8h	0.3552	−0.028%	$12.6M	$5.6M	125x	as long as short
KuCoin CRVUSDTMlong	+0.0100%	8h	0.3553	long leg	$5.9M	$8.4M	50x
Bitget CRVUSDT	+0.0100%	8h	0.3551	−0.056%	$6.6M	$5.3M	75x	as long as short
BingX CRV-USDT	+0.0100%	8h	0.3549	−0.113%	—	$23.5M	—	as long as short
edgeX CRVUSDC	+0.0100%	4h	0.3550	−0.088%	$37K	$174K	20x	as long as short
GRVT CRV_USDT_Perp	+0.0100%	8h	0.3555	+0.063%	$499K	$431K	10x	as long as short
ApeX Omni CRVUSDT	+0.0100%	1h	0.3553	0.000%	$53K	$682K	50x	as long as short
Orderly PERP_CRV_USDC	+0.0100%	8h	0.3550	−0.084%	$24K	$902	10x	as long as short
SunX CRV-USDT	+0.0100%	8h	0.3625	+2.026%	$1K	$1.3M	20x	as long as short
Extended CRV-USD	+0.0104%	1h	0.3549	−0.125%	$252K	$494K	25x	as long as short
Aevo CRV-PERP	+0.0104%	1h	0.3550	−0.071%	$13K	$6K	3x	as long as short
BloFin CRV-USDT	+0.0220%	8h	0.3553	0.000%	$1.3M	$3.9M	75x	as long as short
GMX CRV/USD [ETH-USDC]	L +0.0413% / S −0.0177%	1h	0.3551	−0.046%	$208K	—	100x	as long as short
Coinbase International CRV-PERP-INTX	+0.0432%	1h	0.3560	+0.197%	$354K	$4.2M	50x	as long as short
Kraken Futures PF_CRVUSD	+0.0683%	1h	0.3559	+0.176%	$3.0M	$2.6M	50x	as long as short