Funding you earn now, next payment 09:00 UTC+0.0514%/8h= +56.3% APRnext payment +$0.64 per $10,000 · paid last 24h +0.027%
Price spread now: Kraken Futures against Backpack−0.040%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.279%+$28 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Funding pays, the price is against you. Kraken Futures is 0.040% cheaper against Backpack than usual: you would sell low and buy high (spread −0.040% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.279% in total) that is about 24 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.279% in total (about 14.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.64 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 | Backpack PYTH_USDC_PERP | 0.06308 | −0.0047 | get 0.0006% / 1h | 58m 52s | $35K | $61K | 10x |
| Short | Kraken Futures PF_PYTHUSD | 0.06306 | 0.0467 | get 0.0058% / 1h | 58m 52s | $382K | $304K | 25x |
Backpack PYTH_USDC_PERP
Kraken Futures PF_PYTHUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Backpack. 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
- $108.03
- Price spread: −0.040% → 0.000%
- −$4.05
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $83.99
- Costs to cover
- 0.200%
- Break-even
- 1.6 days
Slippage unknown: Backpack: no order-book sample; Kraken Futures: live order book, 39 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 Backpack no order-book sample | — | — | — | — | — |
| Sell Kraken Futures live order book, 39 min ago | 21.44 bp | 29.5 bp −$29 | 171.8 bp −$1,718 | doesn't fit | doesn't fit |
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.
PYTH 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 | |
|---|---|---|---|---|---|---|---|---|
| Backpack PYTH_USDC_PERPlong | −0.0047% | 1h | 0.06308 | long leg | $35K | $61K | 10x | |
| Deribit PYTH_USDC-PERPETUAL | 0.0000% | 1h | 0.06300 | −0.133% | $10K | $10K | 10x | as long as short |
| dYdX PYTH-USD | +0.0013% | 1h | 0.06310 | +0.021% | $187K | $19 | 5x | as long as short |
| Injective PYTH/USDC PERP | +0.0033% | 1h | 0.06260 | −0.767% | $553 | $220K | 5.5x | as long as short |
| BloFin PYTH-USDT | +0.0045% | 4h | 0.06304 | −0.070% | $428K | $72K | 75x | as long as short |
| Lighter PYTH | +0.0096% | 1h | 0.06309 | +0.010% | $195K | $213K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0100% | 8h | 0.06299 | −0.152% | $3K | — | 10x | as long as short |
| Hyperliquid PYTH | +0.0100% | 1h | 0.06308 | −0.013% | $2.2M | $1.9M | 5x | as long as short |
| Aster PYTHUSDT | +0.0100% | 4h | 0.06300 | −0.137% | $21K | $47K | 10x | as long as short |
| Binance PYTHUSDT | +0.0100% | 4h | 0.06306 | −0.038% | $9.1M | $19.9M | 75x | as long as short |
Deribit PYTH_USDC-PERPETUAL
dYdX PYTH-USD
Injective PYTH/USDC PERP
BloFin PYTH-USDT
Lighter PYTH
Paradex PYTH-USD-PERP
Hyperliquid PYTH
Aster PYTHUSDT
Binance PYTHUSDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit PYTHUSDT | +0.0100% | 4h | 0.06310 | +0.025% | $7.5M | $5.0M | 50x | as long as short |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06313 | +0.073% | $2.1M | $3.6M | 50x | as long as short |
| Gate PYTH_USDT | +0.0100% | 4h | 0.06298 | −0.165% | $1.0M | $508K | 75x | as long as short |
| MEXC PYTH_USDT | +0.0100% | 4h | 0.06299 | −0.149% | $10.5M | $2.7M | 125x | as long as short |
| KuCoin PYTHUSDTM | +0.0100% | 4h | 0.06305 | −0.054% | $1.5M | $371K | 50x | as long as short |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06305 | −0.054% | $2.7M | $2.3M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06303 | −0.086% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06304 | −0.067% | $40K | $27K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06300 | −0.133% | $2K | $2K | 10x | as long as short |
| Aevo PYTH-PERP | +0.0104% | 1h | 0.06300 | −0.133% | $22K | — | 3x | as long as short |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06299 | −0.143% | — | — | 20x | as long as short |
| Kraken Futures PF_PYTHUSDshort | +0.0467% | 1h | 0.06306 | −0.040% | $382K | $304K | 25x | |
| Coinbase International PYTH-PERP-INTX | +0.0536% | 1h | 0.06427 | +1.880% | $40K | $19K | 25x | as long as short |
Bybit PYTHUSDT
OKX PYTH-USDT-SWAP
Gate PYTH_USDT
MEXC PYTH_USDT
KuCoin PYTHUSDTM
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Aevo PYTH-PERP
Reya PYTHRUSDPERP
Coinbase International PYTH-PERP-INTX