S

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.3941%/8h= −431.5% APRnext payment −$4.93 per $10,000 · paid last 24h −0.677%

Price spread now: Kraken Futures against Backpack−0.204%51s7-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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 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 −$118 a day on $10k at the current rate, and Kraken Futures is 0.204% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.04050	0.1556	pay 0.0194% / 1h	31m 22s	$118K	$426K	5x
Short	Kraken Futures PF_SUSD	0.04042	−0.2385	pay 0.0298% / 1h	31m 22s	$35K	$16K	10x

Funding 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 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 Kraken FuturesbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$827.61
Price spread: −0.204% → 0.000%: −$20.4
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$868.01
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 12 min ago; Kraken Futures: 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, 12 min ago	12.30 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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	−0.7712%	1h	0.03940	−2.716%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSDshort	−0.2385%	1h	0.04042	−0.204%	$35K	$16K	10x
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−2.198%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04051	+0.032%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04046	−0.090%	$4	—	15x	as long as short
Variational Omni S	−0.0002%	4h	0.04030	−0.499%	$626K	$24K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04046	−0.098%	$624	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.235%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0085%	4h	0.04051	+0.025%	$100K	$577K	10x	as long as short
Lighter S	+0.0096%	1h	0.04051	+0.025%	$173K	$139K	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	0.04048	−0.049%	$1.0M	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04048	−0.052%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04049	−0.027%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04045	−0.123%	$5.8M	$4.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04048	−0.049%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04043	−0.173%	$329K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04048	−0.049%	$4.1M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04044	−0.148%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04050	0.000%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04048	−0.049%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04050	0.000%	$23K	$493K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04048	−0.043%	$233K	$595K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04030	−0.494%	$279K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0737%	1h	0.04055	+0.123%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERPlong	+0.1556%	1h	0.04050	long leg	$118K	$426K	5x