Funding you earn now, next payment 07:00 UTC−0.0881%/8h= −96.5% APRpaid last 24h −0.040%
Price spread now: OKX against Backpack−0.269%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 6 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 −$26 a day on $10k at the current rate, and OKX is 0.269% cheaper against Backpack than usual: you would sell low and buy high (−$27 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 | 0.01187 | 0.0981 | pay 0.0123% / 1h | 33m 26s | $44K | $39K | 15x |
| Short | OKX W-USDT-SWAP | 0.01184 | 0.0100 | get 0.0050% / 4h | 1h 33m | $1.3M | $1.6M | 20x |
Backpack W_USDC_PERP
OKX W-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$185.11
- Price spread: −0.269% → 0.000%
- −$26.95
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$232.06
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago | 3.37 bp | 32.1 bp −$32 | doesn't fit | 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.
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-PERPETUAL | −0.0003% | 1h | 0.01186 | −0.118% | $14K | $4K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.819% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01187 | −0.034% | $2.0M | $287K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01186 | −0.090% | $3.0M | $5.4M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01184 | −0.328% | $4.1M | $1.6M | 50x | as long as short |
| OKX W-USDT-SWAPshort | +0.0100% | 4h | 0.01184 | −0.269% | $1.3M | $1.6M | 20x | |
| Gate W_USDT | +0.0100% | 4h | 0.01184 | −0.320% | $429K | $234K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01186 | −0.101% | $12.4M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01186 | −0.118% | $397K | $192K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01186 | −0.118% | $1.3M | $590K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
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 | 0.01185 | −0.211% | — | $6.7M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01184 | −0.316% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01186 | −0.140% | $125K | $382K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01186 | −0.116% | $60K | $145K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0304% | 1h | 0.01196 | +0.733% | $14K | $14K | 50x | as long as short |
| Backpack W_USDC_PERPlong | +0.0981% | 1h | 0.01187 | long leg | $44K | $39K | 15x | |
| Kraken Futures PF_WUSD | +0.1548% | 1h | 0.01189 | +0.125% | $148K | $188K | 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