S

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.3597%/8h= −393.9% APRnext payment −$4.50 per $10,000 · paid last 24h −0.645%

Price spread now: Coinbase International against Backpack−1.955%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$108 a day on $10k at the current rate, and Coinbase International is 1.955% cheaper against Backpack than usual: you would sell low and buy high (−$196 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.04040	0.2365	pay 0.0296% / 1h	19m 00s	$117K	$426K	5x
Short	Coinbase International S-PERP-INTX	0.03961	−0.1232	pay 0.0154% / 1h	19m 00s	$48K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. 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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now −1.955%Rate

Funding earned: −$755.35
Price spread: −1.955% → 0.000%: −$195.54
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$970.89
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 30 min ago; Coinbase International: no order-book sample. 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 live order book, 30 min ago	12.58 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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.

S on 25 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
01 Exchange SUSD	−0.9848%	1h	0.03850	−4.703%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1809%	1h	0.04020	−0.496%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1232%	1h	0.03961	−1.955%	$48K	$18K	25x
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04027	−0.314%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04026	−0.338%	$4	—	15x	as long as short
Variational Omni S	−0.0081%	4h	0.04012	−0.686%	$623K	$25K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04025	−0.361%	$620	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.485%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0084%	4h	0.04027	−0.322%	$100K	$553K	10x	as long as short
Lighter S	+0.0096%	1h	0.04030	−0.248%	$171K	$140K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04025	−0.366%	$1.0M	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04025	−0.381%	$47K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04025	−0.381%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04017	−0.569%	$5.7M	$4.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04017	−0.569%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04019	−0.520%	$327K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04022	−0.446%	$3.8M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04017	−0.569%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04022	−0.446%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04024	−0.396%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.495%	$24K	$483K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04019	−0.521%	$226K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	−0.396%	$277K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0992%	1h	0.04031	−0.223%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.2365%	1h	0.04040	long leg	$117K	$426K	5x