Funding you earn now, next payment 03:00 UTC−0.1130%/8h= −123.7% APRnext payment −$1.41 per $10,000 · paid last 24h −0.151%
Price spread now: Deribit against Backpack−0.185%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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 −$34 a day on $10k at the current rate, and Deribit is 0.185% cheaper against Backpack than usual: you would sell low and buy high (−$19 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 W_USDC_PERP | 0.01189 | 0.0453 | pay 0.0057% / 1h | 39m 49s | $44K | $46K | 15x |
| Short | Deribit W_USDC-PERPETUAL | 0.01187 | −0.0676 | pay 0.0085% / 1h | 39m 49s | $16K | $2K | 10x |
Backpack W_USDC_PERP
Deribit W_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$237.23
- Price spread: −0.185% → 0.000%
- −$18.51
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$272.74
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Deribit: 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 no order-book sample | — | — | — | — | — |
| Sell Deribit no order-book sample | — | — | — | — | — |
Backpack and Deribit: 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.
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUALshort | −0.0676% | 1h | 0.01187 | −0.185% | $16K | $2K | 10x | |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.708% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01187 | −0.143% | $2.0M | $382K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01187 | −0.168% | $3.0M | $6.6M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01185 | −0.320% | $4.1M | $1.9M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01186 | −0.236% | $1.3M | $1.9M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01187 | −0.160% | $448K | $251K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01187 | −0.177% | $12.9M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01186 | −0.227% | $387K | $211K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01186 | −0.227% | $1.3M | $567K | 50x | as long as short |
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01187 | −0.185% | — | $6.8M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01185 | −0.326% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01188 | −0.059% | $127K | $404K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01186 | −0.187% | $61K | $238K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0312% | 1h | 0.01190 | +0.093% | $14K | $15K | 50x | as long as short |
| Backpack W_USDC_PERPlong | +0.0453% | 1h | 0.01189 | long leg | $44K | $46K | 15x | |
| Kraken Futures PF_WUSD | +0.1707% | 1h | 0.01191 | +0.161% | $148K | $180K | 20x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD