W

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1134%/8h= +124.2% APRnext payment +$1.42 per $10,000 · paid last 24h +0.015%

Price spread now: Backpack against Injective−1.447%48s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Backpack

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

Funding pays, the price is against you. Backpack is 1.447% cheaper against Injective than usual: you would sell low and buy high (spread −1.447% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$145 on $10k: about 4.3 days of funding at the current rate (+$34 a day). The two prices were read 48 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	Injective W/USDC PERP	0.01209	0.0033	pay 0.0004% / 1h	59m 19s	$1K	$1K	12x
Short	Backpack W_USDC_PERP	0.01192	0.1168	get 0.0146% / 1h	59m 19s	$44K	$43K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now −1.447%Rate

Funding earned: $238.22
Price spread: −1.447% → 0.000%: −$144.75
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $83.45
Costs to cover: 0.100%
Break-even: 4.5 days

Slippage unknown: Injective: no order-book sample; Backpack: 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Injective and 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	−0.0254%	1h	0.01189	−1.671%	$15K	$3K	10x	as long as short
Injective W/USDC PERPlong	+0.0033%	1h	0.01209	long leg	$1K	$1K	12x
Hyperliquid W	+0.0100%	1h	0.01189	−1.654%	$2.0M	$332K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01190	−1.588%	$3.0M	$6.3M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01187	−1.787%	$4.2M	$1.8M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01188	−1.745%	$1.3M	$1.8M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01189	−1.654%	$450K	$210K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01190	−1.580%	$12.9M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01188	−1.737%	$377K	$211K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01189	−1.654%	$1.3M	$567K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01190	−1.572%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01188	−1.758%	$72K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01189	−1.676%	$128K	$414K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01189	−1.616%	$62K	$230K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0440%	1h	0.01195	−1.125%	$14K	$15K	50x	as long as short
Backpack W_USDC_PERPshort	+0.1168%	1h	0.01192	−1.447%	$44K	$43K	15x
Kraken Futures PF_WUSD	+0.1756%	1h	0.01192	−1.371%	$148K	$184K	20x	as long as short